Personal Finance

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Key Benefits

High finance amount and low profit rate

High finance amount of up to 2 million for Expats and up to 4 million for UAE Nationals.

Payment period

Flexible, extended repayment periods of up to 4 years.

Easy payment

Can be used to consolidate all debts into an easy payment plan involving the same instalment every month.

No charges

No over limit fees or additional charges with a lower profit rate.

Benefits

Be it house rent, school fees assistance, funds for a vacation, home renovation or making a personal purchase, Emirates Islamic Bank's personal finance solution will help you fulfil your personal finances. Avail our personal finance in Dubai, Abu Dhabi or wherever you are based in UAE.

High finance amount of up to 2 million for Expats and up to 4 million for UAE Nationals
Low profit rate
Flexible, extended repayment periods of up to 4 years
Simple, quick approval process
Cheaper than Credit Cards
Can be used to consolidate all debts into an easy payment plan involving the same instalment every month
External credit cards can be paid off for a lower monthly payment
No over limit fees or additional charges with a lower profit rate
Nominal processing fees
Murabaha structure followed
Shari'a based product

Eligibility

Minimum monthly salary of AED 5,000
Length of service - Minimum one month/first salary credit into Emirates Islamic account
Minimum age of 21 years
Maximum age of 65 for UAE Nationals and 60 for Expatriates at the time of maturity
Tenure - 48 months (Standard debt settlement) and 300 months (Special debt settlement)

Terms and conditions apply and are subject to change solely at the Bank's discretion. Trading commission as applied by the broker will be levied to the Customer.

Click here to calculate your eligibility.

Documents Required

In order to apply for Emirates Islamic Bank's personal finance solution, you will need the following documents:

Completed application form
Copy of valid passport with valid UAE residence visa for expatriates (original required for verification)
Last three months bank statements
Salary transfer letter / salary certificate (for salaried customers only)
Account opening forms for shares trading
Liability letter (for buyout cases only)
Trade license (for self employed customers)

Personal Finance Calculator

Here's a quick and easy way to calculate your monthly repayment amount. Simply adjust the criteria in our personal finance calculator and you can see the amount that you would have to pay.

Finance Amount

AED

Months

Profit rate:

Monthly Payment

AED

* Terms and conditions apply
Profit rates vary by Tenure & subject to bank policy

Frequently Asked Questions

The Personal Finance product by Emirates Islamic is a Shari'a compliant solution which is based on the purchase and sale of Nasdaq Certificates.

Nasdaq Certificates are Shari'a compliant electronic certificates listed in the Nasdaq Dubai exchange. The value of each certificate is USD 10/-.Nasdaq Certificates represent a common share in Shari'a compliant assets, e.g. sukuks, equity, real-estate assets etc.

Murabaha is a form of Shari'a compliant sale contract whereby EI (as a seller) sells Nasdaq Certificates to the customer for a price equal to the Murabaha Cost (the finance amount) plus the Murabaha Profit.

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

Option 1: Advise us of your custody account number with EIFB to which the Financing Asset will be transferred upon completion of the Murabaha Contract; or
Option 2: To authorize EIFB 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 any of the options are not chosen by the customer, trading will be cancelled and funds will be disbursed.
Note: In order to get the funds, Customer has to opt for option 2.