| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
ENBD Mudaraba Savings Account
|
Minimum Balance Required: AED 5,000 | Annual Return: 1.35% | Features: Multiple Currencies, Islamic Banking |
Mudaraba is a profit-sharing partnership contract between a capital provider (Rab-ul-Mal) and a Mudareb (Fund Manager) in a joint investment. This investment can be a transaction, a project or a fund to generate healthy profits.
Interest Rates:
Profit can be gained if minimum balance is maintained:
0.59% - minimum 1 month 0.88% - 3 months 1.003% - 6 months 1.06% - 9 months 1.18% - 12 months 1.35% - 24 months
Interest Rates:
Profit can be gained if minimum balance is maintained:
0.59% - minimum 1 month 0.88% - 3 months 1.003% - 6 months 1.06% - 9 months 1.18% - 12 months 1.35% - 24 months
Features:
Documents Required:
- Attractive profit rates.
- Available in two currencies: AED and USD.
- Minimum balance of AED 3,000 to be maintained in the account.
- Minimum tenor of 30 days to avail profit.
- Available to Individuals only.
- Quarterly profit distribution to the account.
- No Cheque Book
- Initial Balance - Not required
- Minimum Balance - AED 3000
- AED 25 for not maintaining the required balance
- Minimum Salary - Not required
- CIF (One time only, New to Bank customers).
- Know Your Customer Form.
- Complete “ACCOUNT OPENING FORM - INDIVIDUAL(S) - AL WATANI AL ISLAMI” or “NEW ACCOUNT RELATIONSHIP FORM – BUSINESS ACCOUNT - AL WATANI AL ISLAMI”.
- AWAI General Terms and Conditions (One time only).
- AWAI Account Opening Mandate, in addition to the following supporting documents.
