| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
ENBD Mudaraba Savings Account
|
Minimum Balance Required: AED 3,000 | Annual Return: 1.35% | Features: Islamic Banking, Multiple Currencies |
Features
- Available in AED and USD
- Minimum balance of AED 3,000
- Shariah Compliant
- For individuals only
Key features:
- A savings account in AED or USD
- Profit rate of 0.09% p.a.
- Profit rates are indicative and based on the previous rates declared
- E-statements
- Profit payout quarterly, based on the Mudaraba pool performance
- Minimum tenure of 30 days to avail profit
** 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.
