| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Emirates Islamic E-Savings Account
|
Minimum Balance Required: AED 3,000 | Annual Return: 2% | Features: Sharia Compliant, Online Banking |
*There are no limits to transactions made on the account. In case of a withdrawal from your e-Savings Account during any month, profit will be paid on the basis of the prevalent Savings Account rate of that particular month.
Features
- Shari'a compliant Wakala based profit bearing Account.
- Earn up to 2% p.a. expected profit rate for AED Currency and up to 1.25% p.a. expected profit rate for USD Currency, as per the deposit slab.
- Enjoy 2% p.a expected profit rate across all slabs for three months on AED and 1.25% on USD for new customers.
- Account holders can enjoy a range of benefits, including online transfers and bill payments.
- There are no limits to transactions made on the account, however the transactions will impact calculation of profits.*
Eligibility
- Quick and easy self-opening account through Online Banking
- Convenience of online transfers
- No limit on number of withdrawals, however withdrawals impacts profit balance calculation*
- Available in AED and USD
- Required Online Banking access
- Available for Individuals
- No minimum balance requirement
- *Please refer to our FAQs
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual profit 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 profit 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 profit rates and fee structures.
