Minimum salary
No minimum
FAB Islamic Savings Account
FAB Islamic Savings Account shares profit monthly under Mudarabah and includes a free Islamic debit card. 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 Islamic Savings Account is a Sharia-compliant savings account that pays profit and still gives you a free Islamic debit card for daily use. You can deposit and withdraw whenever you like.
It works on Mudarabah, a profit-sharing arrangement. You provide the money, the bank pools it with other funds and invests it in Sharia-compliant activities, and any profit is split between you and the bank at an agreed ratio. Because the return comes from how those investments perform, the bank does not guarantee the profit or the funds deposited. If a guaranteed balance matters more to you than profit, the FAB Islamic Current Account offers that. The account is open to UAE and GCC nationals and to expatriates living in or outside the UAE.
Who can open it
Salary transfer
Not required
Who can apply
UAE nationals, GCC nationals, and resident and non-resident expatriates.
Minors
Opened and operated on the instruction of the father or a court appointed guardian.
Fees and balance
AED 3,000 does two jobs on this account. First, it is the minimum daily balance: a month in which the balance goes below it, or below the equivalent in a foreign currency account, costs AED 26.25. Second, it is the threshold for profit: profit is distributed only to accounts whose average balance for the month is at least AED 3,000. So a low balance can cost you a fee and that month's profit together.
An account closed within six months of opening is charged 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 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
How profit works
Calculated onAverage monthly balance
Eligible fundsNew-to-bank funds
Offer periodFrom 1 September 2026 to 31 December 2026
- Expected
- New external fresh funds above the August 31, 2026 customer-level base balance, capped at AED 100 million. Expected rate includes 3.25% annual profit paid monthly and 2.35% within 30 days after December 31, 2026; no campaign profit if average balance falls below the base balance.
How profit works
Calculated onAverage monthly balance
Eligible fundsNew-to-bank funds
Offer periodFrom 1 September 2026 to 31 December 2026
- Expected
- Previously identified fresh funds received May 1, 2023–August 31, 2026 above the April 30, 2023 customer-level base balance. Expected rate includes 3.25% annual profit paid monthly and 0.75% within 30 days after December 31, 2026. Average balance must stay above the base balance.
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
- Which balance counts
- The return is worked out on your average balance across the month, so money held for only part of the month counts in proportion. More on this
- New funds
- Money you add on top of what you already held with the bank. A rate marked for new funds is paid on that added amount only, not on your existing balance. More on this
- Conditional rate
- A rate that applies only while you meet the condition listed beside it. When the condition is not met, that rate is not paid. More on this
What your money earns here
Which rate applies to you
New money offer
Held for
1 year
New external fresh funds above the August 31, 2026 customer-level base balance, capped at AED 100 million. Expected rate includes 3.25% annual profit paid monthly and 2.35% within 30 days after December 31, 2026; no campaign profit if average balance falls below the base balance. Offer runs to 31 December 2026.
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 123
profit over 1 year
5.6%
a year at the top rate, for the first 3 months
profit earned over time
New funds are money brought in from outside FAB that lifts your total balance above its level on the day before the campaign opened. The campaign rates are expected rates: they are what the bank anticipates from the investments. They are not a promise.
Benefits
Free Islamic Mastercard Debit Card
Dirham accounts come with a free Islamic debit card for purchases and cash withdrawals.
Four Account Currencies
The account is available in AED, USD, EUR and GBP.
Emirati Al Awwal Draw Entries
For UAE nationals, every AED 25,000 of monthly average balance gives a chance in the Emirati Al Awwal draw.
Accounts for Minors
A minor's account is opened and operated on the instruction of the father or a court appointed guardian.
Shariah-compliant
Banking model
How to open
Before you apply
1.No minimum salary.
2.Salary transfer is not required.
3.Minimum balance: AED 3,000.
4.Debit card included.
Application steps
1.Start the application on the FAB Mobile app.
2.Prepare a valid passport, residence visa and Emirates ID, with the originals available.
3.If you are salaried, provide a salary certificate addressed to FAB issued within the last 30 days.
4.If you are not salaried, provide other proof of income.
5.Keep an average of at least AED 3,000 so the account qualifies for profit.
Good to know
Good option for
Savers who want a Sharia-compliant account that shares profit monthly and can still be used with a debit card, including expatriates who live outside the UAE.
Consider another account if
You need the balance itself to be guaranteed, or you cannot keep an average of AED 3,000, since below that the account distributes no profit. You can look at other Islamic accounts to compare.
Frequently asked questions
Get answers to common questions about the FAB Islamic Savings Account