current-savings-account

Learn more about current and savings accounts

Broadly speaking, a savings account is one you use to deposit your savings in and earn profit, while a current account is used to carry out multiple daily transactions and enables the cheque book facility.

The difference between a current and a savings account

Current accounts are usually opened for salary transfer purpose, and it comes with cheque book and debit card facilities free of charge on first issuance.

Here’s how a current account differs from a savings account:

Transactions

Current accounts are meant for multiple daily transactions, but not all savings accounts are meant for this.

Cheque Book

Current accounts provide you with a cheque book facility, but savings accounts do not.

Profit

Savings accounts earn you profit, but current accounts do not.

Emirates Islamic Current Account and Savings Accounts offer you a host of benefits you will enjoy.

Eligibility for a Current Account

Account Type

Eligibility

Current Account

(Can be opened as a joint account)

· UAE Residents

· Companies*

*Sole Proprietorships, Partnership Companies, Joint Stock Companies and Limited Liability Companies.

Eligibility for a Savings Account

Account Type

Eligibility

Investment Savings Account

(Can be opened as a joint or minor account)

· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents

· Companies*

Kunooz Savings Account

(Can be opened for minors)

· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents

· Emirates Islamic and ENBD Group employees & their family are not eligible for the draw

Super Savings Skywards Account

(Can be opened for minors)

· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents

· Valid Skywards Membership number

Super Savings Etihad Guest Account

(Can be opened for minors)

· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents

· Valid Etihad Guest Miles Membership number

e-Savings Account

· Existing Emirates Islamic account holders who are UAE Residents or Non-Residents

Child Savings Account (Minor)

· Separate account for children with no fall below service charges & minimum balance requirements

Emartai Family Savings Account

· New and existing Emirates Islamic account holders for UAE Nationals only (Primary holder)

*Sole Proprietorships, Partnership Companies, Joint Stock Companies and Limited Liability Companies.

FAQs

Yes, you can hold multiple Current or Savings Accounts at once.

You can close your Account by visiting any of the Emirates Islamic branches.

 

You cannot convert your Current Account to a Savings Account. However, you can open a new Savings Account and transfer the balance of your Current Account to it.

No, you cannot convert an existing Current Account to any other current account. The same applies for Savings Accounts as well.

If your salary is being transferred to Emirates Islamic, you will not be required to maintain a minimum monthly average balance. If this is not the case, or if you are holding a company account, you will be required to maintain a minimum monthly average balance based on your Banking Package in the absence of which you may be charged a fee.

We only issue cheque books in AED currency. To issue a cheque in a different currency you can apply for a demand draft.

  • In Conventional Banking, Savings Account and Fixed Deposit (FD) are a special type of Savings Account that pays a predetermined interest over a predetermined period. The depositors from conventional banks receive Interest from their investments in the form of predetermined interest rates irrespective of the bank’s performance
  • In Islamic Banking, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the Financee. As such, Islamic Banks declare their profits on monthly basis as part of their risk sharing scheme “Mudaraba Scheme”
  • Interest is certain amount of return from specific sum of money invested over a predetermined period. This is not permissible as per Shariah
  • Profit is an undetermined return from specific sum of money invested over a predetermined period and it may vary from month to month, directly depending on how the bank performs. This is permissible as per Shariah