Key Fact Statement (KFS) – Credit Cards

Important Terms and Charges

Minimum Payments

You must pay the Minimum Payment Due by the Payment Due date each month. Minimum payment is 5% of the closing balance outstanding, or AED 100, whichever is higher. If the closing balance is less than AED 100, it must be paid in full.

1 Annualized Percentage

Rate (APR) for Purchase

Skywards Black & Business Credit Card

Emarati Credit Card

All other Credit Cards

Corporate Credit Cards

39%

43.08%

44.28%

23.88%

If we receive payment of the statement balance in full on or before the payment due date, you do not have to pay any Billed Profit on the statement balance. This is at the sole discretion of Emirates Islamic Bank (P.J.S.C) (the “Bank”).

If you do not pay the statement balance in full on or before the payment due date, we may charge, without prior notice, Billed Profit even if you have paid the minimum payment due in full.

Billed Profit will be applicable on the Total Retail & Cash Amount Due as noted in the previous month’s Statement of Account as well as on all new transactions (from the respective transaction date) till such time as the total outstanding amounts are paid in full.

Annualized Percentage

Rate(APR) for Cash Advance

Skywards Black & Business Credit Card

Emarati Credit Card

All other Credit Cards

39%

43.08%

44.28%

This facility will be reviewed from time to time.

• Cash Advance transactions include ATM, Over-the-Counter, Returned Payment and Cash Equivalent (money orders, foreign currency, travelers checks from a non-financial institution, person-to-person money transfers, Quasi Cash and Crypto Currency Exchanges as defined by VISA and Mastercard).

• Billed Profit will be charged on the amount of cash advance from the date of the transaction until the payment is made in full.

Cash Advance Fee

3.15% of cash advance amount or AED 103.95 whichever is higher will be charged for each Cash Advance transaction Maximum cash advance per transaction 10,000 or up to 50% of the card limit whichever is lower.

Profit -free period

Up to 55 days for Retail Purchases together with any related fees and charges, and any profit or fees that are not related to a specific balance type.
For example, profit free period does not apply for Cash Advances, Balance Transfers, special promotions, and any profit or fees related to these balance types.

Late Payment Fee

AED 131.25 per month will be charged to the Card Account if the Minimum Payment Due is not received by the Payment Due Date (the Bank shall pay any such amounts on behalf of the Customer to a charity approved by the Bank’s Internal Shariah Supervision Committee, after deducting the actual expenses).

Direct Debit return fee

AED 105 surcharge will be levied towards handling charge on Dishonored Direct Debit.

Over Limit Fee

AED 261.45 per month will be charged to the Card Account, if at any time during the billing cycle, the Current Balance in the Card Account exceeds the Credit Limit assigned. Such fee will be charged once during the billing cycle.

Supplementary Card Fee

NA (One-time joining fee of AED 525 will be charged for Skywards Black Metal Supplementary cards only).

Replacement Card Fee

Skywards Black Credit Card

Emarati Credit Card

All other Credit Cards

AED 420

AED 210

AED 78.75

Replacement Card Fee will apply for all replacement/reissuance request(s) by customers for their Credit Card.

No Liability/ Liability

AED 52.5 will be charged upon request for No Liability/Liability letter from Emirates Islamic.

Foreign currency transaction fee

Emarati/Skywards Black Credit Card

All other Credit Cards

1.84%

2.34%

This fee is charged on all foreign currency transactions on the Credit Card.
This fee is charged in addition to the standard processing fee charged by Mastercard International or Visa International and is applicable to transactions performed outside UAE (approximately 1.15%).

Foreign currency transaction in UAE dirhams

1.99% currency conversion fee is charged for transactions where customers may sometimes be offered the option to settle foreign currency transaction in UAE dirhams at the point of sale overseas. Such option is a direct arrangement offered by the overseas merchants and not the Bank (card issuer). This fee is charged in addition to the standard processing fee charged by Mastercard International or Visa International and is applicable to transactions performed outside UAE (approximately 1.15%).

Duplicate Statement Copy

AED 26.25 or AED 47.25 (for Statement over 3 months old)

Shariah based Murabaha

All our Credit Cards are based on a Shariah compliant structure of Murabaha. Murabaha is a form of contract of sale whereby the Bank sells Wakala Certificates which are being purchased and in the possession of the Bank against a price which is equal to cost of acquisition and a defined profit.