Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Emirates Islamic - Personal Finance Emirates Islamic - Personal Finance Minimum Salary: AED 10,000 Salary Transfer: Yes Islamic Finance: Yes Maximum Term: 4 Years Flat Rate: 3.99% Reducing Rate: 7.34%

For those who are looking for personal finance in UAE, Emirates Islamic Bank presents you with the opportunity to enjoy more from life with our personal finance solutions. Now, you don't need to wait to sort your personal finances. Avail our offering and make your dreams come true. 

Personal Finance is based on a Murabaha arrangement through trading of Shari'a compliant instruments like Shares or Wakala Certificates. Murabaha is a form of Shari'a compliant sales contract whereby Emirates Islamic (as a seller) sells Nasdaq Certificates to the customer for a price equal to the Murabaha Cost (the finance amount) plus the Murabaha Profit.

Emirates Islamic Personal Finance will get you:

  • Financing available to salaried customers
  • Exclusive policy terms on Personal Finance transfer from other banks
  • Very competitive profit rates
  • Pre-approved Credit Card
Features
  • High finance amount of up to 2 million for Expats and 4 million for UAE Nationals
  • Low profit rate
  • Flexible, extended repayment periods of up to 4 years
  • Simple, quick approval process
  • Cheaper than Credit Cards
  • Can be used to consolidate all debts into an easy payment plan involving the same instalment every month
  • External credit cards can be paid off for a lower monthly payment
  • No over limit fees or additional charges with a lower profit rate
  • Nominal processing fees
  • Murabaha structure followed
  • Shari'a based product
Documents Required
  • Completed application form
  • Copy of valid passport with valid UAE residence visa for expatriates (original required for verification)
  • Last three months bank statements
  • Salary transfer letter / salary certificate (for salaried customers only)
  • Account opening forms for shares trading
  • Liability letter (for buyout cases only)
  • Trade license (for self employed customers)
Eligibility
  • Minimum monthly salary of AED 5,000
  • Length of service - Minimum one month/first salary credit into Emirates Islamic account
  • Minimum age of 21 years
  • Maximum age of 65 for UAE Nationals and 60 for Expatriates at the time of maturity
  • Tenure - 48 months (Standard debt settlement) and 300 months (Special debt settlement)
Additional Information

** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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.
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