Monthly fee
Free
FAB Emirati Al Awwal Savings Certificate
FAB Emirati Al Awwal is a Sharia-compliant savings certificate for UAE nationals. Each AED 1,000 certificate earns 0.5% expected profit and a draw entry.
At a glance
Account access
Exclusively for UAE nationals; certificates can be subscribed on behalf of a minor.
Emirati Al Awwal is a savings certificate, not a bank account you spend from. You buy certificates of AED 1,000 each at a FAB branch, and you can cash them in, partly or fully, at a branch as well. It is offered only to UAE nationals and only in dirhams.
Each certificate does two things. It earns an anticipated profit under Mudarabah, where the bank invests the pooled money in Sharia-compliant activities and shares the profit. And it gives you one entry into the bank's regular prize draws. The more certificates you hold, the more entries you have. For a Sharia-compliant account with a debit card and monthly profit, see the FAB Islamic Savings Account.
Fees and balance
Profit
How profit works
- Anticipated
- Each AED 1,000 certificate earns one draw entry. Holding period is 30 days for quarterly draws or 90 days for half-yearly and annual draws; encashment before the draw removes the certificate. Profit is paid yearly; deposited funds are not guaranteed.
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
Anticipated.
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 50
profit over 1 year
0.5%
a year
profit earned over time
The profit is calculated on the value of the certificates you hold and paid into your linked account. Anticipated means it is the return the bank expects from the investment. The funds are invested under Mudarabah.
The draws are the larger part of what this product offers. Every certificate carries one entry, winners are picked at random by a computerised system, and the draws take place under the supervision of the Department of Economic Development in Abu Dhabi. Winning once does not stop you winning again in later draws.
Benefits
Regular Prize Draws
Each certificate gives one entry into the regular draws, including an annual prize of AED 1 million.
Certificates for Minors
Certificates can be bought on behalf of a minor.
Shariah-compliant
Banking model
How to open
Before you apply
1.Exclusively for UAE nationals; certificates can be subscribed on behalf of a minor.
Application steps
1.Visit a FAB branch. Certificates are bought and redeemed through branches.
2.Complete the Emirati Al Awwal application form, which carries the detailed terms.
3.Choose how many AED 1,000 certificates to buy, for yourself or on behalf of a minor.
4.Hold each certificate for 30 days to enter quarterly draws, or 90 days for the larger draws.
Good to know
Good option for
UAE nationals who want a Sharia-compliant place to hold savings in units of AED 1,000 and like the idea of prize draws alongside a modest yearly profit.
Consider another account if
You are not a UAE national, or steady profit matters more to you than a chance of a prize. At 0.5% a year the certificate is not designed for the return alone. You can compare Islamic accounts that pay profit monthly.
When a certificate qualifies for a draw
A certificate must be held for a minimum period before it counts: 30 days for the quarterly draws and 90 days for the half-yearly and annual draws. If you cash in a certificate before a draw date, its number is removed from the draws that follow. A prize won by a customer who is in default with the bank is cancelled.
Frequently asked questions
Get answers to common questions about the FAB Emirati Al Awwal Savings Certificate