| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
FAB - Non-salary Transfer Islamic Personal Finance
|
Minimum Salary: AED 15,000 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 4 Years | Flat Rate: 5.72% | Reducing Rate: 10.49% |
Whether it is for a new home, travel abroad or a wedding, our personal finance offers you great deals that meet your financial needs. Our non-salary transfer personal finance means you do not need to transfer your salary to a FAB account to get personal finance.
Limited time offer
For UAE Nationals
- High finance amounts of up to AED 1.2 million with flexible payment terms of up to 48 months (or up to 60 months for Ministry of Defence employees)
- Best-in-class profit rates starting from 5.72%* per year (equivalent to a reducing balance rate of 10.49%* per year)
For Expats
- High finance amounts of up to AED 800,000 with flexible payment terms of up to 48 months
- Best-in-class profit rates starting from 8.70%* per year (equivalent to a reducing balance rate of 15.49%* per year)
Features
- A salary transfer to a FAB account is not required, and you can pay your instalments from the bank account into which you receive your salary each month
- Personal finance is available even if your employer is not on FAB Islamic’s Approved List of Employers
- Comprehensive life Takaful coverage
Eligibility
- Minimum monthly income of AED 15,000
- Minimum of 18 months service with current employer
- Applicant should be 21 years of age or older
- Acceptable Credit Bureau Score
Required documents
- Copy of a valid passport/Emirates ID (originals must also be presented)
- Bank statements for the last six months showing salary credits (if salary is not credited to a FAB account)
- Salary certificate addressed to FAB
- Murabaha Request form
One-time upfront processing fee of 1.05% will apply on the finance amount (minimum AED 525 and maximum AED 2,625). A life Takaful contribution may apply. For further information on fees and charges, please refer to the service and price guide.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
