Residents, non-residents & minors
Open to UAE residents, non-residents, and minors
Emirates Islamic Investment Savings Account
A Shariah-compliant savings account that shares profit with you each quarter, held in AED or USD, with a free debit card on dirham accounts.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Annual Rate
0.35% profit
Minimum BalanceAED 3,000
The Emirates Islamic Investment Savings Account is a savings account that pays profit, not a fixed return. It works as Mudaraba: you put in the money, the bank invests it in Shariah-approved activities, and the profit is shared between you and the bank.
You can hold it in dirhams or US dollars and withdraw without a penalty. Dirham accounts come with a debit card. Residents and non-residents can open one, and a guardian can open one for a minor. To manage savings fully online with no balance requirement, compare the e-Savings Account.
Who can open it
Individuals & businesses
Available to individuals, joint accounts, sole proprietorships, partnerships, and legal entities
Fees and balance
There are two thresholds on this account and they do different jobs. Keep an average of AED 3,000 across the month and the bank does not charge its AED 26.25 monthly fee. Keep an average of AED 5,000 and the balance also qualifies for profit. A balance between the two avoids the fee but earns nothing.
The fee is also waived on accounts held for minors, for customers whose salary is paid to Emirates Islamic, and while you hold an active finance from the bank. Closing within 6 months of opening costs AED 105.
Minimum balance
AED 3,000
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceAverage monthly balance of AED 3,000 or more
- Minor accountThe account is held by a minor
- Transfer your salaryYour salary is transferred to this account
- Hold active financeYou hold an active finance with Emirates Islamic
- Salary transfer packageYou meet your salary transfer package's criteria
Account closure within 6 months of opening
AED 105
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. It is not charged in a month when you stay at or above that amount. More on this
Profit
How profit works
PayoutQuarterly
Eligible balanceFrom AED 5,000
- On an average monthly balance of AED 5,000+
- Profit is declared quarterly by the Emirates Islamic ALCO.
In plain words
- Profit rate
- An Islamic account does not pay interest. It pays you a share of what the bank earns on your money. The profit rate is that share as a yearly percentage of your balance. More on this
What your money earns here
Held for
1 year
On an average monthly balance of AED 5,000+.
The amount and the rate stay the same for the whole period, and the profit is paid out, not added to the balance. Try other rates
AED 35
profit over 1 year
0.35%
a year
profit earned over time
The expected profit rate is 0.35% a year. Expected means the rate reflects what the bank declared for earlier quarters, and the profit actually paid is confirmed each quarter by the bank's Asset Liabilities Committee.
Two balance rules decide what you receive. You need an average monthly balance of AED 5,000 or more to qualify for profit at all. The profit is then worked out on your minimum monthly balance, the lowest amount the account held during the month, so a brief dip counts for the whole month.
Benefits
Quarterly Profit Payouts
Earn quarterly indicative profit on your savings balance
Dual-Currency Account
Save in AED or USD
Free Debit Card
Complimentary internationally recognised debit card
Shariah-compliant
Banking model
How to open
Before you apply
1.Minimum balance: AED 3,000.
2.Debit card included.
Application steps
1.Apply online via Online Banking or the mobile app
2.Provide the required KYC documentation
3.Complete the account opening form electronically
4.Fund the account with a minimum of AED 3,000
5.Activate the account
Documents and terms
Good to know
Good option for
Savers who want a Shariah-compliant account with card access and can keep AED 5,000 or more in it, including parents saving in a child's name.
Consider another account if
Your balance will sit under AED 5,000, since it would earn no profit here, or you want profit paid every month, which the e-Savings Account does.
Frequently asked questions
Get answers to common questions about the Emirates Islamic Investment Savings Account
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