Opening an account

An Emirates Islamic Current Account is a transaction account, which comes with a checking option for the accountholder. An Emirates Islamic Current Account comes with cheque book, Debit Card facilities, and a range of other banking benefits.

An Emirates Islamic Current Account can be opened by visiting any Emirates Islamic branch. Opening a current account will involve filling out an account opening form and providing the required documents.

If you are looking for a comfortable and convenient transaction account option, you can open a current account with Emirates Islamic. Proprietorships, Partnerships, Joint Stock and Limited Liability companies are also eligible for an Emirates Islamic Current Account.

Yes, opening an Emirates Islamic joint Account is possible. The account can be operated independently or jointly. For specific tasks (like the opening/closing of the account), joint authorisation will have to be provided. A joint account can’t be opened if one of the respective individuals is a minor.

An Emirates Islamic Current Account can be opened for several major currencies, including AED, USD*, GBP, Euro, Yen, Canadian Dollar, Saudi Riyal, Kuwaiti Dinar, Qatari Riyal, Bahraini Dinar and Omani Riyal.

*Foreign Currency Current Accounts do not offer a debit card and cheque book facility.

No, an Emirates Islamic Current Account does not pay out any profits.

An Emirates Islamic Current Account offers the following facilities:

• Free Debit Card
• Cheque Book
• Phone Banking
• Online Banking
• Mobile Banking App
• SMS Alerts
• Availability in Foreign Currency

No, you cannot open an Emirates Islamic Current Account for a minor less than 21 years of age.

The minimum balance requirement is to maintain a minimum of AED 3,000 in the account. Where the salary is transferred to the account, the minimum balance requirement is waived.

You can view your Emirates Islamic Current Account Balance and Statements through Online Banking and SMS Alerts. This information can also be accessed through ATMs and IVR.

No, you cannot open a current account online.

A fee of AED 25 per month (plus applicable VAT) will be charged for not maintaining the required balance.

Yes, it is mandatory for salaried individuals.

You will be subscribed to e-Statement which will be sent to your registered email ID on a monthly basis.

• Conventional Bank is a financial body which receives money from the depositors against fixed rate of interest and it offers liquidity to borrowers against higher interest. And it is governed by conventional banking laws
• Islamic Bank is a financial body which executes commercial contracts like sale & purchase, leasing, or construction and are governed by Islamic banking laws which allow financial bodies to carry on commercial activities for profitable purposes

• Interest is any increment earned over and above the loan amount which is not permissible as per Shariah
• Profit is any additional revenue generated through various trade activities. Earning profit is permissible as per Shariah

Islamic Banks do not earn any interest on their financings, rather they generate profits through entering various commercial activities like sale & purchase, leasing, construction etc.

• As per Loan arrangement, the borrower needs to return money to the exact lender from whom he borrowed
• However, Financing is a commercial contract based on sale & purchase, leasing, or construction
• All banking products offered by Islamic Banks are based on financing

• Borrower is a person (or entity) who borrows money from someone else
• Financee is a person (or entity) who agrees to settle a deferred price payable upon execution of a sale & purchase, leasing, or construction contract

• Installments paid by a Borrower in a Conventional Bank represents repayment of a previously taken loan
• However, installments paid by the Finance Customer in an Islamic Bank represents payment of the sale price, lease rentals or service charges

• Borrower in a Conventional Bank undertakes to pay a penalty in case he delays in settling installments on due dates. These amounts are taken as additional profits for the Bank
• Financee in an Islamic Bank undertakes to pay a penalty which will be donated to charity and the Bank does not benefit from these amounts

• Islamic Banks offer liquidity - in a Shariah compliant way - by trading Shares, Commodities or Certificates which can help the Customer to settle his outstanding debt with another bank
• However, Conventional Banks buyout the loan without any Shariah arrangement

• All profits claimed by Islamic Banks on its financings are based on the concept of risk bearing, where the Bank as seller or lessor has to bear the risk of the underlying asset at the time of executing the financing contract with the customer