Key Fact Statement (KFS) – Current and Savings Accounts

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Key Fact Statement (KFS) – Current and Savings Accounts

This Product is a bank account for your transactions and saving needs with Emirates Islamic Bank PJSC (the “Bank”). This KFS provides key features, indicative information about the profit, fee, and charges of each Product.

Product Information
Product description	Current Account Based on Shariah concept of Qard Hasan, an interest free loan given by you to the Bank and is available for withdrawal at all times. This account will not earn any profit to you.	Savings Account A profit-sharing partnership contract between, you as a capital provider (Rab-ul-Mal), and the Bank as a fund manager (Mudareb).
Shariah basis	Qard Hasan	Mudaraba
Eligibility	All entities licensed to operate in the UAE	Non residents and all entities licensed to operate in the UAE
Cheque book	Offered only on AED and USD accounts	Not offered
Account currency	AED, USD, GBP and other major currencies	AED and USD (other major currencies may be offered without profits)
Debit Card*	Offered only on AED accounts	Offered only on AED accounts
Minimum average monthly balance required	As per the specified package	As per the specified package

*Offered for Sole/FZE and LLC entities with single signing authority

Applicable Profit rates
	Product	Expected Profit rate per annum	Basis of profit calculation	Profit payout frequency
Current Account (Qard Hasan)	Current Account	Not applicable	Not applicable	Not applicable
Savings Account (Mudaraba)	Investment Savings	0.35%*	Minimum Monthly Balance	Profit on Investment Term Deposits and Savings Accounts will be paid latest by 28th of the month following each quarter or after approval from the Emirates Islamic ALCO.
*Profit rates are indicative and reflective of the declared previous rates. Profit rates published for previous quarters are not guaranteed. Profit rates (where applicable) are subject to change. Please refer to the website for the declared profit rateshttps://https://www.emiratesislamic.ae/en/personal-banking/accounts/profit-rates/ Minimum balance of Saving Accounts participating in the Common Mudaraba Pool must be AED 5,000 or its equivalent in US Dollars. Please refer to the following link for details on participating factors on Common Mudaraba Pool: https://www.emiratesislamic.ae/-/media/ei/pdfs/general/ei_mudaraba_pool.pdf

Package for entities
	Business Banking E-Trader/Tajer	Emarati Absher Business Account	Business Banking Premium	Business Banking Gold	Business Banking Platinum	Business Banking Digital	Business Banking Businesswomen Account	Business Banking Diamond
Package Eligibilty
Minimum monthly average relationship balances	AED 3,000 (13th month onwards)	AED 5,000 (7th month onwards)	AED 50,000	AED 150,000	AED 400,000	AED 10,000	AED 10,000	AED 3,500,000
Fees and Charges (inclusive of VAT)
Fee for non- maintenance of balance (if monthly average balance falls below minimum monthly relationship balance requirement)	AED 315 per month	AED 52.50 per month (7th month onwards)	AED 315 per month	AED 446.25 per month	AED 682.5 per month	AED 52.5 per month	AED 315 per month (13th month onwards)	AED 2,100 per month
Relationship Fee	Nil	AED 105 per month	AED 131.25 per month	Nil	Nil	AED 236.25 per month	AED 105 per month	Nil
Account opening fee	Free
Account closure fee (within 6 months of opening)	210
Cheque book charge*	AED 26.25	AED 52.50	AED 52.50	Free		AED 52.50		Free
Cheque Book - Processing Fee (Manual Request)	AED 52.50 per request
*As per the mandate from the Central Bank of the UAE, cheque books issued during the first 6 months of opening the account could be limited to 10 leaves depending on the entity’s rating with the credit bureau (AECB). Each banking package has specific fees and charges applicable. Please refer to the website for full and updated fees and charges https://www.emiratesislamic.ae/en/soc/business-banking/
Cheque/DDA returned charges	315
Business Online Subscription Fees	Free

Additional Information
Emirates Islamic Bank PJSC (the “Bank”), without referring to you, may debit your accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions.
Emirates Islamic Bank PJSC (the “Bank”) may, from time to time, and at its sole discretion make Permissible changes to the Terms and Conditions pertaining to these Products. Such changes will be communicated to you with a 60-day prior notice by the Bank.
Profit calculation methodology and frequency of payment varies depending on the product selected.
The customer is required to keep his/her Cheque books and debit cards including PIN and online banking credentials safe at all times to avoid any misuse or fraudulent actions by others
Important link
For more details on Banking Packages, Fees and Charges and Terms and Conditions please refer to (https://www.emiratesislamic.ae/en/key-information/)

Warning
Not maintaining the required minimum balance in the bank accounts could lead to fee being levied by the Bank. The Bank reserves the right to downgrade the package, if the Minimum Average Balance requirement is not met for three consecutive months.
The customer is required to provide the Bank with copies of his/her updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.); as not providing these documents to the Bank might result in the charges, transactions being restricted, account being blocked, or account being closed by the Bank.
The Bank may close the account if account conduct is found to be unsatisfactory as per Bank’s Compliance policy and in line with the Central Bank of the UAE regulations.
According to the instructions of the Central Bank of the UAE, the Customer’s account will be closed and added to the blacklist in case 4 Cheques are returned unpaid within one year due to insufficient account balance.
In the event of the customer fails to comply with the Products' terms and conditions before and during his/her relationship with the Bank, there will be consequences which may include restriction, blockage or closure of the account by the Bank.

Key Fact Statement (KFS) – Current and Savings Accounts

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