Minimum age
18 years
Mashreq Islamic Current Account
Mashreq Al Islami Current Account is a Sharia-compliant AED current account on a Qard basis, with a Visa debit card and chequebook. It pays no profit.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Account TypeCurrent
Holding CurrencyAED
Account access
Debit card included.
Applicants must be at least 18 years old with a valid Emirates ID.
The Mashreq Al Islami Current Account is the Sharia-compliant counterpart of the bank's NEO current account. It is an everyday AED account for your salary, bills, transfers and cheques, with a Visa debit card. It is built on a Qard contract. In plain terms, the money you deposit is treated as a loan from you to the bank, which the bank must repay in full. Because it is a loan and not an investment, you get no share of profit on the balance and you bear no loss either. The account is run from the Mashreq Mobile App and Mashreq ATMs, with no branch counter transactions. If you want profit on your balance, look at the Mashreq Al Islami savings accounts.
Who can open it
Residency
UAE resident
Fees and balance
Two charges are worth knowing before you open the account. The first is the fall-below fee of AED 26.25 a month. Mashreq applies it once per customer, at relationship level, meaning it looks at the combined balance of all your accounts with Mashreq and Mashreq Al Islami together. If that combined figure is below AED 3,000 on any day in a calendar month, the fee is debited the next month. A salary of AED 5,000 or more credited by your UAE employer cancels it, as does a personal, home or auto finance or an overdraft facility from the bank. The second charge is for leaving early: closing the account within 180 days of opening it costs AED 105. After 180 days closure is free.
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 at relationship level if the combined daily balance across Mashreq accounts is below AED 3,000, unless a monthly salary of at least AED 5,000 is transferred.
Account closure fee
AED 105
Charged only within 180 days 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 180 days of opening it. Closing it later costs nothing. More on this
Benefits
Free Visa Debit Card
A Mashreq Al Islami debit card arrives within 2 working days of opening the account.
Free First Chequebook
The first chequebook is free and is requested through Mashreq Mobile.
Salary Transfer Cashback
Cashback set by the monthly salary you transfer, from AED 100 to AED 2,500, paid in 12 monthly instalments.
Shariah-compliant
Banking model
How to open
Before you apply
1.Applicants must be at least 18 years old with a valid Emirates ID.
2.Debit card included.
Application steps
1.Have your valid passport and Emirates ID ready.
2.Start the online application with Mashreq Al Islami.
3.Fund the account. Mashreq's product page asks for an initial balance of AED 3,000 to set it up.
4.Wait for your debit card, which arrives within 2 working days.
5.Log in to Mashreq Mobile to request a chequebook if you need one.
Good to know
Good option for
Customers who want their everyday banking kept Sharia-compliant, need a chequebook, and either receive a salary of AED 5,000 or more or can hold AED 3,000 with the bank each day.
Consider another account if
You only need an account for a few months, since closing within 180 days costs AED 105, or you expect your balance to earn profit, which the Wakala Convenience Account pays monthly.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic Current Account