Minimum age
18 years
RAKBANK Islamic Current Account
RAKBANK Islamic Current Account is a Sharia-compliant everyday account based on Qard Hasan. It pays no profit and needs AED 3,000 on average.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryAED 3,000
Account access
Debit card included.
The AED 3,000 monthly salary requirement applies to salaried individuals; self-employed individuals are also eligible.
The RAKBANK Islamic Current Account is the Sharia-compliant version of the bank's everyday account. It works under Qard Hasan, which means the money you pay in is treated as a loan from you to the bank. The bank may use it at its own risk, and you receive no profit on it and carry no risk of loss. You use the account to receive a salary or business income and to pay by debit card, cheque, transfer or standing order. It is available in AED, USD, GBP and EUR. To earn profit on savings, the RAKBANK Islamic Savings Account is the companion account.
Who can open it
Minimum salary
AED 3,000/month
Salary transfer
Not required
Salaried or self-employed
With a legitimate source of income from salary or business
Fees and balance
The bank charges AED 26.25 for a month in which your average balance is below AED 3,000. You avoid the charge by keeping that average, by subscribing to an Everyday Banking Package, by being a RAKislamic Elite or Select customer, or by having your salary paid regularly into a RAKmore or RAKempower current account. Everyday Banking Packages come in three levels, Ultra, Premium and Ultimate, each with its own monthly fee, and are for new customers who open an AED Islamic account in their sole name through the RAKBANK app. You pay in AED 3,000 as an initial deposit when the account opens. Closing it within 6 months costs AED 105, with no closure fee if you cancel within 5 working days of opening.
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 exemptionsNot charged with an Everyday Banking Package subscription, or for Elite and Select customers, or with a regular salary transfer on a RAKmore or RAKempower current account
Minimum opening amount
AED 3,000
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
- Opening amount and minimum balance
- The opening amount (AED 3,000) is what you pay in to start the account. The minimum balance is what you keep in it afterwards. More on this
Benefits
Free Debit Card
One free debit card on request for AED accounts
Cheque Book
A cheque book for AED accounts if required
Four Account Currencies
Available in AED, USD, GBP and EUR
Transfers to 170+ Countries
Send money within the UAE and to more than 170 countries
Free Monthly Statement
One free statement a month listing every transaction
Shariah-compliant
Banking model
How to open
Before you apply
1.The AED 3,000 monthly salary requirement applies to salaried individuals; self-employed individuals are also eligible.
2.Minimum salary: AED 3,000/month.
3.Salary transfer is not required.
4.Minimum balance: AED 3,000.
5.Minimum opening amount: AED 3,000.
6.Debit card included.
Application steps
1.Choose the account currency. Only an AED account comes with a debit card and cheque book.
2.Complete the application form and submit the required documents. The account opens within 2 business days.
3.Pay in the initial deposit of AED 3,000, or the same value in the account's currency.
4.Request the debit card and cheque book if you want them.
Good to know
Good option for
Salaried or self-employed customers who want a Sharia-compliant account for daily payments, with a cheque book, and who do not expect a return on the balance.
Consider another account if
You want your balance to earn profit, or your average will stay under AED 3,000 with none of the waivers. Compare other Islamic accounts.
Accounts in foreign currencies
A USD, GBP or EUR account has no debit card or cheque book. Digital banking needs a debit card, so you can only reach a foreign currency account online if you also hold another transactional account that has one.
If a cheque is returned
If a cheque you issue is returned unpaid, the bank may report the account to the credit bureau (AECB) and may close it. The person you paid can ask the bank for partial payment, and getting financing or a credit card from RAKBANK or another bank can become harder.
Frequently asked questions
Get answers to common questions about the RAKBANK Islamic Current Account