Emirates Islamic operations will be under supervision of Shariah board comprising of key Islamic scholars conversant with the Islamic Shariah and under independent management.

Murabaha is the sale of goods as ordered by the buyer/ customer with a price consisting of cost plus promised profit margin paid on deferred installment payment.

Emirates Islamic welcomes & will provide products & services to customers irrespective of religious affiliations.

Shariah is the revealed principles represented in Quran & Sunna (Prophet Mohammed 's (PBUH) traditions) to govern & control all aspects of Muslim society.

Under the interest-based system deposits are taken as loan from customers to the bank & a fixed return is guaranteed to depositors regardless of the performance of the institution. Islamic bank receives deposits to invest them on behalf of depositors & shareholders and the profit is shared between depositors & shareholders.

Conventional banks give loans at a fixed rate without any risk on their part while under Islamic banking system, the bank shares the profits & losses from investment and bears the risk of investment.

Emirates Islamic shall be offering savings / Term deposits accounts in AED & USD only. However, current account will be offered in all major currencies.

When the Murabaha is approved, an Emirates Islamic current account will be automatically opened for you.

Murabaha: When the Murabaha is approved, an Emirates Islamic current account will be automatically opened for you.

Yes, you can open a joint Emirates Islamic account. Each of you will be able to operate the account independently or jointly. However, for some functions, you will have to give joint authorizations such as opening/closing of accounts. You cannot open a joint account with an individual who is less than 18 years of age.

Yes, an Emirates Islamic account can be opened for a minor who is less than 18 years of age, without a Cheque Book facility. The account will be opened and operated by the Guardian.

Current account will be offered in all major currencies.

You can open a savings account in AED and United States Dollars (USD).

There is no restriction on the number of withdrawals or deposits. However, cash withdrawals in foreign currencies, are subject to availability and charges. In addition, cash deposits in foreign currencies are subject to charges.

How can I apply for an Investment Time Deposit account? Time Deposit is an off-line request and you can apply for it through 'New accounts' function. The application received by the bank one hour before the end of banking hours will be processed on the same day and applications received after that shall be processed on the next working day.

In case of joint account holding the application can be processed only after authorization of application by second party (joint holder).

You can give withdrawal instruction through 'Request/FD Instruction' option. In case of joint accounts, the instructions will be processed only after authorization of the same by second party (joint holder). Request sent by the originator will automatically be forwarded to the joint account holder (second party) for approval.

The joint account holder will then have to login and click the same option as requested by the originator and approve the instructions pending approval. On approval of request by the joint account holder, the application will be forwarded to the bank for processing. If the application is rejected by the joint account holder then the intimation will be sent to the originator and the request will not be processed by the bank.

No, Emirates Islamic does not charge customers any profit on accrued profit on any finance facilities granted to customers.

Emirates Islamic Credit Card is a credit card, which is fully and truly compliant with Shariah principles. No interest is charged on the outstanding amount of the credit card. The card retains the flexibility and convenience associated with normal credit card.

The card is based on Isaiah or service charge. In this case, a yearly service charge is levied depending on the credit card type.

The card works similar to conventional credit cards; however, Emirates Islamic credit card is a Shariah compliant card (no interest, no hidden cost). The card only charges an annual fee which is payable on a monthly basis.

Emirates Islamic credit card is NOT the same as charge card. The card allows customer to pay a minimum monthly amount of the outstanding balance or AED100 (whichever is higher) as opposed to charge card where full amount is payable on payment due date.

• Allows minimum payment of the amount outstanding.
• In harmony with the principles of Shariah which gives the client peace of mind
• Effective financial planning as the customers know the true cost of using the credit card
• Transparent pricing and no hidden charges

• Worldwide acceptance at over 30 Million establishments
• Free supplementary Cards
• Cash Advance Facility
• Up to 55 days grace period
• Free access to online banking
• Utility bill payments
• 24 hours assistance through a dedicated call centre
• Free card delivery
• ettlement by cash/cheque or direct debit to your Emirates Islamic account

For the monthly payment of your Emirates Islamic Credit Card bill (which can be as the minimum monthly amount of the outstanding), you can simply use any of the following payment channels:

Cheque Payments: through the Drop Box, which is, available at all designated branches. Please remember to write your name and Credit Card number at the back of the cheque. Payment by cheque is first sent for clearing and only after funds are received, payment is posted to your account. This procedure takes approximately 3 to 5 working days.

Pay Bills Online: As an Emirates Islamic account holder, you can pay your monthly Credit Card bills online. Just visit www.emiratesislamicbank.ae and log into your online banking. If your Credit Card account is not linked, then simply call our Customer Service Centre on 600 599995 for assistance.

Auto Payment Facility: Online Schedule your monthly bill payment through BankNet (online banking) by using the Auto Payment Transfer facility. If you hold an Emirates Islamic account you can arrange for your monthly bill to be automatically deducted from your account - all at the click of a button.

Cash at Counter:
You can make cash payment at all Emirates Islamic branches during banking hours.

Cash Deposit Machines: You can make your Credit Card payment through our Cash Deposit Machines even if you don't have the physical Card with you. All you need is your card number.

A fee of AED 90 per transaction will be levied for cash advance; cash advance per transaction is limited to AED 3000 for all credit card types.

Yes, there is a fee of AED100 for card replacement irrespective of credit card type.

Infinite cards: "Minimum income is AED 25,000 for all segments"

• Passport copy (along with visa page for expats) and Emirates ID copy
• Previous bank statements (only for those who don't have an account with Emirates Islamic)
• Employment Information (I.e. Salary Certificate, trade license and financials etc.)
• Undated Security Cheque for full credit limit plus 20%

A fee of AED25 will be levied per monthly statement provided the requested statement is less than 3 months. For any request of statement copy, which is more than 3 months, a fee of AED100 per copy will be levied irrespective of the card type.

A late payment fee of AED 180 will be levied if minimum payment due is not made on or before the due date.

No, Emirates Islamic does not charge customers any profit on accrued profit on any finance facilities granted to customers.

The Personal Finance product by Emirates Islamic is a Shariah compliant solution which is based on the purchase and sale of certificates called EI Funding Certificates ("Certificates").

The Certificates are Shariah compliant Certificates deposited in Nasdaq Dubai. The value of each certificate is USD 10.00-. The Certificates represent a common share in Shariah compliant assets such as e.g. Sukuks, equity, real-estate assets etc.

Murabaha is a form of Shariah compliant sale contract whereby Emirates Islamic (as a seller) sells the Certificates to the customer for a price equal to the Certificate Cost (the finance amount) plus the Murabaha Profit.

The Murabaha offer for Personal Finance is valid for three (3) hours from the time you receive the email.
On expiry of the cut-off time, if we do not receive a response from you, Emirates Islamic will consider the Murabaha offer for Personal Finance is accepted by you.

Once the Murabaha Sale is executed the Customer then has 2 options:

• Option 1: Advise us of your custody account number with Emirates Islamic Financial Brokerage L.L.C. to which the Financing Asset will be transferred upon completion of the Murabaha Contract; or
• Option 2: To authorize Emirates Islamic Financial Brokerage L.L.C. to sell the Financing Asset to a third party on your behalf and transfer the sale proceeds thereof into your account with EI.

The Customer has full liberty to choose any of the above 2 options to complete the trading process.

If you have not chosen any of the above options by the Cut-off Time, then Emirates Islamic through Emirates Islamic Financial Brokerage L.L.C. will sell the Certificates owned by the Customer to another party and transfer the sale proceeds to your Emirates Islamic account.

Note: In order to get the funds, Customer has to opt for option 2.

• A Personal Loan is money you borrow and pay back with low interest or high interest over multiple years.
• However Personal Finance is a Shariah Compliant contract based product, where the bank sells an asset at a profit, as Islamic Banks are prohibited from charging interest. So this product is Riba free.

• An Islamic Bank offers liquidity - in a Shariah compliant way - to the customer, which can help him settle his outstanding debt with another bank.
• However Conventional Banks buyout the loan without any Shariah arrangement.

As per Shariah, it is impermissible to buy a loan at discount or at premium.

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

• As per Loan arrangement, the borrower needs to return to the lender exactly from whom they borrowed.
• However Financing is a commercial contract based on sale, 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 who agrees to settle a deferred price payable upon execution of a sale or leasing contract.

• Interest is any increment earned over and above the repayment of 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.

An Islamic Bank does not earn any interest on its financings, rather it generates profits through entering into various commercial activities like sale & purchase, leasing, construction etc.

• 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 that undertakes to pay an extra amount which goes for charitable purpose and the Bank does not benefit from these amounts.

• Installments paid by the Finance Customer in an Islamic Bank represents payment of the sale price, lease rentals or service charges.

However, installments paid by a Borrower in a Conventional Bank represents repayment of a previously taken loan.

No, Emirates Islamic does not charge customers any profit on accrued profit on any finance facilities granted to customers.

Murabaha is the sale of goods ordered by the buyer/ customer with a price consisting of cost plus promised profit margin paid on deferred installment payment.

You can apply for Emirates Islamic Murabaha products through any of the Emirates Islamic branches.

No, you can apply for a Vehicle Murabaha even if you do not have an account with Emirates Islamic.

No, you do not have to transfer your salary to Emirates Islamic to get Vehicle Murabaha.

Yes, you can view your Murabaha account statements online. Click on Accounts "Account Statements" select the Murabaha account number from the drop down list. Click OK.

No, Emirates Islamic does not charge customers any profit on accrued profit on any finance facilities granted to customers.

EIBOR refers to the Emirates Interbank Offered Rate which is set by the Central Bank of UAE and is the benchmark for your Home Finance profit rates. Click here to learn more about EIBOR Rates.

The installments for your Home Finance facility are be calculated by referring to this variable benchmark. The profit rate is updated with the applicable prevailing EIBOR for the renewed Lease Period for frequency of months agreed under the Home Finance agreement.

Refer below illustration for the EMI changes:

There are several key differences. With a conventional mortgage, you borrow money to buy a house and then pay the money back over a number of years. You are charged interest on the money you borrow, which is in contravention of Shariah principles.

In Islamic Home Financing, you will identify the property that you wish to buy and the bank will purchase it on your behalf from the seller. The bank will then resell the same property back to you (inclusive of bank's profit margin) with a deferred payment plan i.e. you pay the bank in equal monthly installments over the agreed tenure.

The same as the question above, the Bank will purchase the property from the seller. Instead of selling the property to you, the Bank will lease it to you for an agreed period. At the same time, the Bank undertakes to provide the property as a gift to you as long you fulfill all the terms and conditions spelt out in the lease agreement.

The distinguishing feature of this mode is that the assets remain the property of the bank. Over the term of the finance, the bank becomes the landlord and you assume the role of a tenant. During this period you make monthly payments, which consist of a contribution towards the purchase price of the property (capital) and rental payments. When you have made enough 'capital' contributions to match the original purchase price, we transfer the property to you.

You can choose from the following:

• SmartHome - Based on Murabaha
• HomeLease - Based on Isaiah
• Home Invest - Based on Musharaka Isaiah

Each customer has his/her own preference. Murabaha is best suited for a customer who wants to have a fixed cash outflow throughout the financing tenure. The monthly installment for Murabaha will be fixed up front and you will know the amount of your commitment from the very first day. In short you can budget your finances better, since you will know exactly how much you will have to pay each month.

As for Isaiah, the monthly payment i.e. rental may differ each month. The reason for this is that the monthly rental charges will be pegged against a moving EIBOR, which may change on a daily basis. Therefore, there might be fluctuations in a customer's financial planning.

In Murabaha you own the property but it is mortgaged under the Bank's name till you finish paying the complete price of the house through installments.

All our products are Shariah complaint and are free from "riba" and "gharar". The contracts prepared are all vetted by our Shariah Board accordingly.

Yes, you can refinance the existing Islamic Home finance facility with other banks so long you meet our terms and conditions.

Yes, you can refinance the existing Islamic Home finance facility with other banks.

All our Shariah compliant products are open to anyone so long they meet and fulfill our eligibility requirements.

If you settle the facility early, you will need to pay the outstanding selling price. There will be administrative charge applied as well.

Yes this facility is available under Murabaha financing.

For Murabaha the financing can be up to 10 years and for Isaiah up to 25 years.

Customer needs to take a Life insurance policy for the financed value and a property insurance to cover the property against fire and other perils.

If your existing life insurance policy is approved by the bank, you can assign the same to Emirates Islamic. Otherwise, Emirates Islamic will help arrange Life Takaful Amman Insurance.

No, only the insurance companies in the approved list are accepted by the bank. No, only those policies that the bank evaluates and approves will be accepted by the bank.

Takaful is Islamic insurance, which works on the concept of donation. The policy owners mutually agree to help each other should anything untoward happen to any other policy owner. The major difference between Takaful and conventional insurance is that Takaful products have been certified as Shariah compliant and they conform to the teachings of Islam.

Currently we will finance the properties only in Dubai & Sharjah.

The minimum finance amount is AED 200,000 and the maximum finance amount is AED 5 million.

The land will be registered under your name and will be mortgaged to the bank.

Our Real Estate department will assist in the registration process.

To safeguard your interest, the evaluation will be carried out by our independent agent.

Yes, you can still get the financing from the bank. All formalities will be handled by our expert mortgage advisors who will guide you throughout the home finance application process.

The bank has made an arrangement to process the property insurance through Amaan Insurance

Once the registration is complete, you can move into the property immediately.

Yes, the terms and conditions, and the documentation for Islamic finance differ from conventional loans. Our trained Home Finance Executive will be more than happy to assist you in detail.

You can either settle your existing finance facility by paying the outstanding finance amount or you may sell your house to a third party.

Minimum age required for finance is 21 yrs & maximum age on maturity can be up to 65 years.

You may go to our Home Finance Centre which is located in the Sunshine Building (behind Al Tayer Showroom) in Al-Garhoud or walk into any of our conveniently located branches.

Alternatively, you can call our 24 hour information center on 600 599995 for further information.

You will know the result of your Home Finance application within 48 hours after we have received all the required documentation.

Yes, you can meet our branch representatives or the Home Finance Executive to check on your eligibility.

For Murabaha, the profit rates are as follows:

For Isaiah, the rental rate is: 3 month EIBOR + 2.50%

Note: These rates are subject to change, please check with our representatives for the current rates.

Yes it is compulsory. The insurance premium is calculated based on the cost of the property. A premium amount will be debited every year from your account & the policy shall be assigned to the bank.

At the moment, we do not have a specific product for financing property under construction. We will let you know once we are ready to offer such financing.

You will be required to start paying your installment 30 days after payment to the seller has been done.

One undated cheque covering the entire finance amount and three undated cheques for the installment payments.

No. Salary transfer and assignment are not mandatory.

Our Real Estate department offers financing for commercial properties. You may contact them at 600 599995.

Yes, it is important for all co-owners of the property to be co-applicants.

Yes, the bank can consider this. However, all the individuals whose income will be considered will have to be co-applicants to the finance.

The following are required for the Bank to start processing your application:

• Latest Salary Certificate
• 6 months latest bank statements
• Valid passport with a legitimate UAE Residence Visa for expatriates/Copy of National ID Card for UAE Nationals
• Copy of property Title Deed and Site Plan
• Quotation from Seller

You can make requests for a series of services under "Services" Tab, where we have included standard requests like subscribing to SMS Banking, ordering of Cheque books, Demand Draft, Managers Cheque and setting of standing orders.

You can nominate a sub-user to operate your account. To do this you may go to "Profile Information" and then select "Sub-user". However, if you have a joint, minor or non-resident Emirates Islamic account, you cannot appoint a "sub-user". In addition, if you have a joint, minor or non-resident Emirates Islamic account, you will not be able to link account.

Please use the latest version of Internet Explorer (7.0 and higher).

You can call our Phone Banking on 600 599995 (within United Arab Emirates). Alternatively, you can contact us by clicking here

You will have to follow the following steps:

• Ensure that you are inputting the correct USER ID. If not, try to login again with your correct user ID.
• If the user ID is correct, and you have forgotten your password, go to 'Forgot Password' function and change your password.

There are two reasons for which you might get this message:

• Either, you might not be eligible for that particular function as your Emirates Islamic account is joint, minor, and non-resident or you are a sub-user.
• Or you might have not activated the particular function, which you can do by clicking on "Services" under the "Access Management" Tab.

Yes. You can take printouts of your account balance or statements provided a printer is attached to your PC.

You can visit our login page (https://login.banknetpower.net/islamicbank/login.jsp) and choose the "Forgot User ID" or "Forgot Password" options and follow the easy steps.

To change your password online, simply follow the steps below:

1. Log in to Emirates Islamic
2. Choose "Profile Information" from the left menu
3. Choose "Change Password" option
4. Type the old password
5. Type the new password
6. To confirm, re-enter the new password
7. Press on the "Confirm"
8. A confirmation message will displayed indicating that your password has been changed
9. The new password cannot be the same as the old password. The password should be alphanumeric with 8 to 14 characters. Spaces and special characters are not allowed.

Please Note: Always try and use an Alphanumeric password, which is easy for you to remember and hard for others to guess.

There is a list of secret questions provided in a drop down box. You can choose any three secret questions from the list. These questions are an additional security layer that we have added in Emirates Islamic. You will need the answers to these questions later on within Emirates Islamic to access the functions within your "Profile Information". Therefore, you must remember the answers correctly. The secret questions are used as an extra security feature that backs up the password.

You can visit our login page (https://login.banknetpower.net/islamicbank/login.jsp) and choose the "Forgot Password" option, with-in this option you can choose your secret questions again.

The password lets you access your Internet Banking service. It is always important to remember the password. Things to remember about your password:

• The password is case sensitive
• The password cannot be less than 8 and more than 14 characters
• The password cannot be same as the user ID
• It is always preferable to use an alphanumeric password
• Do not share your password with anyone
• Choose a password that you can only know and no one can guess

Please note: If you have forgotten the password, the Bank will not be able to give you the same password. The bank keeps no record of customer passwords.

You can call our Phone Banking on 600 599995 or you can visit your nearest branch and the customer service officers will assist you.

If you are facing problems logging in and cannot solve them yourself. Please call our Phone Banking on 600 599995.

Emirates Islamic uses a 128-bit encryption level.

Every time you access Emirates Islamic. Look for a lock at the bottom right side of the screen. The lock will only be there when you are on a secure site.

All customers are requested to change the password as frequently as possible. The Change Password function is a free service and there is not limit on the number of times you can use the function.

Upon approval of your Emirates Islamic application, you will receive an e-mail from the bank with a link. You click on this link, enter your user ID, answer your secret questions (which you have specified in your Emirates Islamic account application) and then set a password. After setting the password, you will be able to log into Emirates Islamic.

Yes. Just go to www.emiratesislamicbank.ae and you can login to the Internet Banking.

Use the "Forgot Password" function on the Login page to reset your password.

You must immediately change your password. Please remember that when you change your password, avoid using any recently used passwords.

Both password and secret questions are encrypted. Therefore nobody can know your password.

UAEFTS stands for UAE Funds Transfer System. It is the new UAE Central Bank portal to be used for execution of all Inward and Outward AED payments within UAE.

The system functions as Real Time Gross Settlement System which enables execution of transactions much faster as compared to the current system.

A new TT application form has been introduced to include all the requirements as mandated by UAE Central Bank.

A new TT application form is designed for AED payments within UAE. However, for non-AED payments existing form can be used.

As mandated by UAE Central Bank all local AED transfers will be credited to beneficiary solely on the basis of IBAN. Beneficiary name / other details will not be validated. You are requested to provide correct IBAN of the beneficiary on the application.

Yes, IBAN is mandatory for all Inward and Outward AED payments within UAE from 14th April 2012, including late submissions done on 12th April 2012, except for credit card payments. You are requested to ensure that a 23 digit beneficiary's IBAN starting with "AE" is mandatorily mentioned in the application.

If you have standing order for effecting payments from your account to beneficiary accounts held in banks within UAE, then you need to advise the bank of the correct equivalent IBAN for the beneficiary account, in absence of which the standing orders will fail to get executed. Similarly, if you are receiving funds through Standing Instructions from any of the banks in UAE, please advise your IBAN to the remitter.

As mandated by UAE CENTRAL BANK, remitter should provide the "TRANSACTION TYPE" along with the "REF" of remittance (Details/Purpose of remittance such as Payment against Invoice No, Salary for the month, etc.) as additional details. In the absence of these details CENTRAL BANK will not accept transfer instructions.

UAE Central Bank has mandated usage of following set of "TRANSACTION TYPE", one of which needs to be selected along with the related "REF" depending on the nature of your transfer if the remittance is originating from Individual accounts:

UAE Central Bank has mandated usage of following set of "TRANSACTION TYPE", one of which needs to be selected along with the related "REF" depending on the nature of your transfer if the remittance is originating from Business accounts:

Post 14th April 2012 (including late submissions of 12th April), omission of the details with respect to TRANSACTION TYPE will lead to rejection of messages by Central Bank.

Yes, letter head of company can be used for execution of transfers; however you need to ensure to mention the TRANSACTIPN TYPE and REFERENCE NO for processing the request as these are mandatory fields. Applications without this information will not be processed and would be returned.