Minimum balance
None
Mashreq Islamic Multi Currency Account
Mashreq Al Islami Multi Currency Account is a Wakala savings account in ten foreign currencies, one per currency, with an expected 0.01% yearly profit.
An existing account with Mashreq is required, such as Mashreq Islamic Current Account.
At a glance
Key facts
Minimum BalanceNo minimum balance
Account TypeSavings
Holding CurrencyMulti-currency
Account access
No debit card included.
An existing account with the bank is required.
The Mashreq Al Islami Multi Currency Account, listed in the bank's documents as the Foreign Currency Savings Account, lets you hold money in a currency other than the dirham under a Sharia-compliant Wakala contract. You open a separate account for each currency you need, one per currency, from a choice of US dollars, euros, pounds sterling, Canadian dollars, Swiss francs, Australian dollars, Singapore dollars, Saudi riyals, Qatari riyals and Omani rials. It cannot be opened in AED. You must already hold an active current or savings account with Mashreq, such as the Mashreq Al Islami Current Account. There is no debit card and no chequebook.
Fees and balance
Fall-below fee
Free
Account closure fee
Free
Profit
How profit works
PayoutMonthly
Calculated onEnd-of-day balance
- Anticipated
- Foreign-currency Wakala accounts are offered in USD, EUR, GBP, CAD, CHF, AUD, SGD, SAR, QAR and OMR. AED is not offered. The anticipated 0.01% annual profit applies to all deposit currencies.
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 each day on what is in the account at the end of that day, so money counts from the day it arrives until the day it leaves. More on this
How your profit is worked out
The expected profit is 0.01% a year, the same in every currency, and it is paid monthly. That is a token return. The purpose of this account is to hold and move foreign currency in a Sharia-compliant way, not to grow savings. It carries no minimum balance, no fall-below fee and no charge for closing it, so an account you use only now and then costs nothing to keep. The profit is expected, not fixed, because under Wakala the bank invests the balance as your agent.
Benefits
Ten Foreign Currencies
Available in USD, EUR, GBP, CAD, CHF, AUD, SGD, SAR, QAR and OMR.
Instant IBAN
The IBAN and account number are generated instantly and sent to your registered email address.
Shariah-compliant
Banking model
How to open
Before you apply
1.An existing account with the bank is required.
2.No minimum balance.
3.No debit card included.
Application steps
1.Hold an active Current or Savings Account with Mashreq.
2.Log in to Mashreq Online.
3.Select Multi Currency Account under New Account Opening.
4.Choose the currency you want the account in.
5.Check your registered email for the IBAN and account number, which are generated instantly.
Good to know
Good option for
Mashreq customers who receive or need to keep money in one of the ten currencies and want it held under a Sharia-compliant contract.
Consider another account if
You want a return on foreign currency savings. A Wakala Deposit can be booked in USD, EUR or GBP as well as AED.
Cash at branches
This account allows cash to be deposited and withdrawn at the bank's local branches, and charges apply to those transactions. You can also follow the account in Mashreq Online and Mashreq Mobile, with a monthly e-statement by email.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic Multi Currency Account