Minimum salary
No minimum
RAKBANK Islamic Savings Account
RAKBANK Islamic Savings Account is a Mudaraba account with an expected profit of 0.25% a year, paid quarterly. No minimum balance for 3 months.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
Account access
Debit card included.
App opening is available for AED accounts; visit a RAKBANK branch for non-AED accounts.
Open in the app.
The RAKBANK Islamic Savings Account lets you save under Mudaraba, a Sharia structure in which you supply the money and the bank invests it for you. The bank pools your savings with other depositors' funds, invests them, keeps an agreed share of the profit for its work, and distributes the rest to depositors. That is why the bank quotes an expected profit rate and not a fixed one. If the pool makes a loss, depositors bear it in proportion to their share, unless the bank was negligent or broke the contract. The account is open to all ages, and a parent or guardian runs it for a child. It is held in AED, USD, GBP or EUR, with a debit card for AED accounts and holders over 18.
Who can open it
Open to all ages
A minor's account is opened by the father or a legally appointed guardian
Fees and balance
You can open the account with any amount, because no minimum balance applies for the first 3 months. After that the bank checks your average balance for each month, and a month below AED 3,000 costs AED 26.25. The charge is not applied to customers with an Everyday Banking Package or to RAKislamic Elite and Select customers. Leaving within 6 months of opening costs AED 105. You have 5 working days from opening to cancel without that fee, as long as you settle anything owed on the account.
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. No minimum balance is required for the first 3 months after opening.
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
How profit works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Expected bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. Requires first salary transfer within 60 days, with no earlier RAKBANK salary transfer, or Elite classification. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How profit works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Expected bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. For customers without qualifying salary transfer or Elite classification. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How profit works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Expected bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. Requires first salary transfer within 60 days, with no earlier RAKBANK salary transfer, or Elite classification. Also requires a single settled, unreversed investment of AED 250,000 in an eligible bank-distributed investment product. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How profit works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Expected bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. For customers without qualifying salary transfer or Elite classification. Also requires a single settled, unreversed investment of AED 250,000 in an eligible bank-distributed investment product. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
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
- Bonus rate
- A rate paid on top of the account's standard rate when you meet its condition. The two are added together for the profit you earn. 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
Bonus you qualify for
No bonus
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 25
profit over 1 year
0.25%
a year
profit earned over time
Profit is based on the profit the pool realised. Before distributing, the bank may set part of the profit aside in reserves kept for the benefit of depositors, under its Profit Distribution Policy. The expected bonus profit is paid on top of the standard rate.
Benefits
Quarterly Profit Payouts
Profit is distributed every quarter on the average quarterly balance
Debit Card for AED Accounts
Issued with AED accounts to holders over 18
Four Account Currencies
Available in AED, USD, GBP and EUR
Accounts for Minors
A father or legal guardian can open and run the account for a child
Free Monthly Statement
One free statement a month listing every transaction
Shariah-compliant
Banking model
Fully digital, no branch visit
Account opening
How to open
Before you apply
1.App opening is available for AED accounts; visit a RAKBANK branch for non-AED accounts.
2.Open in the app.
3.No minimum salary.
4.Minimum balance: AED 3,000.
5.Debit card included.
Application steps
1.Open an AED account in the RAKBANK app, or visit a branch for USD, GBP or EUR.
2.Complete the application form and submit your documents. The account opens within 2 business days.
3.For a child, the father or legal guardian opens and administers the account.
4.Deposit any amount. The balance requirement starts after the first 3 months.
Good to know
Good option for
Savers of any age who want a Sharia-compliant account with free access to their money, and who can hold AED 3,000 on average once the first 3 months are over.
Consider another account if
You will hold less than AED 3,000 after the first 3 months, or you can commit money for a set term. The Fawrun Term Deposit pays its expected profit upfront on AED 15,000 or more.
Frequently asked questions
Get answers to common questions about the RAKBANK Islamic Savings Account