Minimum age
21 years
RAKBANK Islamic Call Investment Deposit
RAKBANK Islamic Call Investment Deposit is a Mudaraba account with expected profit of 0.1% a year, paid quarterly. Withdrawals need 2 working days' notice.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Account TypeSavings
The RAKBANK Islamic Call Investment Deposit is a notice account run on Sharia lines. You place money with the bank under Mudaraba, the bank invests it and shares the profit, and when you want funds back you give written instructions 2 working days ahead. It has no debit card and no cheque book, and you only get digital banking if you hold another transactional account that has a debit card. UAE and GCC nationals and expatriates can apply from age 21, whether they live in the UAE or abroad. If you would rather withdraw without notice, the RAKBANK Islamic Savings Account works that way.
Who can open it
Residents and non-residents
Open to UAE nationals, GCC nationals and expatriates
Fees and balance
Individuals need an average balance of AED 3,000 across each month, and a month below that costs AED 26.25. For an account in a foreign currency the bank uses its exchange rate to test the balance, so the amount required in your currency shifts from one month to the next. Closing within 6 months of opening costs AED 105, and the bank waives it during the 5 working days after opening. One statement a month is free. Having the bank hold your mail is a service with its own charge.
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 balanceAverage monthly balance of AED 3,000 or more
- Other exemptionsCharged below AED 3,000 average monthly balance.
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
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 average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. 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. Closing within the first 5 working days carries no charge either. More on this
Profit
How profit works
PayoutQuarterly
Calculated onQuarterly average balance
- Expected
- Withdrawals require 2 working days of notice.
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 quarter, so money held for only part of the quarter counts in proportion. More on this
What your money earns here
Held for
1 year
Expected.
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 10
profit over 1 year
0.1%
a year
profit earned over time
Under Mudaraba the bank cannot promise a fixed rate, so the rate shown is what it expects the investment pool to produce. Profit is paid after the bank announces the profit for each quarter. The bank takes an agreed share of the pool's net profit for managing the money. If the pool makes a loss, depositors carry it in proportion to their share, except where the bank was negligent or breached the contract, in which case the bank carries it.
Benefits
Quarterly Profit Payouts
Profit is paid quarterly on the average quarterly balance
Free Monthly Statement
One free statement a month listing every transaction
Hold Mail Facility
The bank can hold your mail for a charge
Shariah-compliant
Banking model
How to open
Before you apply
1.Minimum balance: AED 3,000.
2.No debit card included.
Good to know
Good option for
Residents and non-residents who want a Sharia-compliant place to hold money they do not need at short notice, and who can do without a card or cheques.
Consider another account if
You need money the same day, want a debit card or digital banking from this account alone, or are under 21.
Holding the account in a foreign currency
A foreign currency account can carry a foreign currency service charge. The bank debits it from your available balance, so the balance can go down in a month when you made no withdrawal.
Frequently asked questions
Get answers to common questions about the RAKBANK Islamic Call Investment Deposit