Minimum age
18 years
FAB Islamic Current Account
FAB Islamic Current Account is a Sharia-compliant everyday account with a free debit card and cheque book. AED 3,000 daily minimum, or AED 26.25 a month.
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 Islamic Current Account is a Sharia-compliant account for daily banking: receiving your salary, paying bills, depositing and withdrawing cash. It comes with a free Islamic debit card, a cheque book and online and mobile banking.
It is built on Qard Hasan, which means the money you deposit is treated as a benevolent loan from you to the bank. Two things follow from that. The account pays no profit, and the bank guarantees the funds you deposit. That guarantee is what distinguishes it from FAB's profit-paying Islamic accounts, such as the FAB Amana Islamic Account, where deposits are invested and are not guaranteed. There is no minimum salary and no salary transfer condition.
Who can open it
Minimum salary
No minimum
Salary transfer
Not required
Who can apply
UAE nationals, GCC nationals and resident expatriates.
Fees and balance
The bank expects AED 3,000, or the equivalent in a foreign currency account, to stay in the account as a minimum daily balance. A month in which the balance breaches that minimum is charged AED 26.25. Since it is the daily balance that is measured, keeping a cushion above AED 3,000 is the practical way to stay clear of the fee.
If you close the account within six months of opening, the bank charges AED 105. New customers receive a first cheque book of up to 10 leaves free. Further cheque books cost 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
Benefits
Free Islamic Debit Card
A free Islamic debit card comes with dirham accounts, with free cash withdrawals at FAB ATMs.
Eight Account Currencies
Hold the account in dirhams or in a foreign currency.
Account Opening on FAB Mobile
The account can be opened on the FAB Mobile app.
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.Open the account on the FAB Mobile app.
2.Or apply with a completed and signed account opening form.
3.Present your original passport and Emirates ID.
4.Expatriates also need a valid UAE residence visa.
5.Provide any other document the bank considers necessary.
Good to know
Good option for
People living in the UAE who want a Sharia-compliant main account with a cheque book and debit card, and who value having their deposit guaranteed by the bank.
Consider another account if
You want your balance to earn profit, or you often hold less than AED 3,000. FAB's Amana account adds profit sharing to a similar set of everyday features. You can also compare other Islamic accounts.
Returned cheques
Cheques returned for insufficient funds are charged under the bank's schedule of charges and appear on your Al Etihad Credit Bureau report, which affects your credit rating and your access to financing later. Four or more returned cheques may lead to the account being closed.
Frequently asked questions
Get answers to common questions about the FAB Islamic Current Account