Minimum age
18 years
FAB Amana Islamic Account
FAB Amana Islamic Account combines a cheque book and Islamic debit card with monthly Mudarabah profit. Keep AED 3,000 to earn profit and avoid a fee.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
The FAB Amana Islamic Account sits between a current account and a savings account. You use it like a current account, with a free Islamic debit card, a cheque book and deposits and withdrawals at any time. Unlike a typical current account, it also shares profit with you every month.
The profit comes from Mudarabah. Your balance is pooled with other funds, the bank invests the pool in Sharia-compliant activities, and any profit is divided between you and the bank at an agreed ratio. This is the key point to understand before opening: the money is invested, not held in safekeeping, so the bank does not guarantee the funds deposited. FAB's Islamic Current Account is the one that guarantees your deposit, and it pays no profit.
Who can open it
Minimum salary
No minimum
Salary transfer
Not required
Who can apply
UAE nationals, GCC nationals and resident expatriates. Non-residents are not eligible.
Fees and balance
Keep AED 3,000 in the account, or the equivalent in each foreign currency you hold, as a minimum daily balance. If the balance breaches that minimum, the bank charges AED 26.25 for the month. The minimum applies separately to each currency, so a healthy dirham balance does not cover a low balance in a dollar account.
Closing the account within six months of opening costs AED 105. The first cheque book for a new customer, up to 10 leaves, is free. After that a book costs AED 21 for 10 leaves or AED 26.25 for 25 leaves.
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 balanceBalance of AED 3,000 or more
- Other exemptionsCharged below AED 3,000 minimum daily balance.
Account closure fee
AED 105
Charged only within 6 months of opening.
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 balance is under AED 3,000. It is not charged in a month when you stay at or above that amount. More on this
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. More on this
Profit
Profit is calculated on average monthly balance and paid monthly. No profit is distributed below the required minimum monthly average balance. Deposited funds are not guaranteed.
How your profit is worked out
There is no fixed rate on this account. Each month the bank distributes a share of the profit the investment pool actually made, based on your average monthly balance. The average is each day's closing balance added up and divided by the days in the month. A stronger month for the pool means more profit, and a weak month means less.
One condition decides whether you receive anything. If your average monthly balance is below the required minimum, no profit is distributed to you for that month.
Benefits
Free Islamic Debit Card
A free Islamic debit card is issued on dirham accounts.
Four Account Currencies
The account is available in AED, USD, EUR and GBP.
Account Opening on FAB Mobile
The account can be opened on the FAB Mobile app with an Emirates ID.
Shariah-compliant
Banking model
How to open
Before you apply
1.Open in the app.
2.No minimum salary.
3.Salary transfer is not required.
4.Minimum balance: AED 3,000.
5.Debit card included.
Application steps
1.Download the FAB Mobile app and start an Amana Islamic Account application.
2.Verify yourself with your Emirates ID.
3.Supply any additional document the bank requests.
4.To apply manually instead, bring your original passport and Emirates ID, and your UAE residence visa if you are an expatriate.
5.Complete and sign the account opening form.
Good to know
Good option for
Residents who want one Sharia-compliant account for salary, cheques and card spending, and who would like that everyday balance to share in profit.
Consider another account if
You want the bank to guarantee your balance, you live outside the UAE, or your balance is often under AED 3,000. In that last case you would pay the monthly fee and receive no profit. Compare other Islamic accounts.
Cheques on this account
Returned cheques are reported to the Al Etihad Credit Bureau and affect your credit rating. If four or more cheques are returned for insufficient funds, the bank may close the account.
Frequently asked questions
Get answers to common questions about the FAB Amana Islamic Account