How to open an account with FAB Islamic Bank, Dubai?

Types and procedures to open an Account with FAB Islamic Bank in Dubai

1 Islamic Current Account

Features

  • Free Islamic debit card
  • Free cheque book (First)
  • Free statement of account every month
  • Available in AED and other major currencies
  • Cash withdrawals from any ATM displaying the UAE/GCC Switch logos throughout the GCC and at ATMs worldwide displaying Mastercard/Cirrus logo
  • Airport lounge access

Eligibility (to open an Account with FAB in Dubai)

  • For individuals above 21 years of age
  • Salaried, self-employed and non-salaried customers are eligible
  • Open to UAE nationals, GCC nationals and resident expatriates.

Documents required

  • Original passport and Emirates ID
    Valid UAE residence Visa (for expatriates)
    Account opening form completed and signed by the customer
    Any other documents deemed necessary

2 Islamic Savings Account

Features 

  • Islamic Savings Accounts are offered based on the Shariah principle of Mudarabah
  • Minimum required balance is AED 3000. Profit distribution will only be paid for accounts with a minimum average balance of AED 3,000 (or its equivalent in the relevant currency) every month
  • This account is available in AED and other major currencies
    access for FAB Platinum Mastercard debit cardholders at select airports is complimentary.

Eligibility 

  • UAE Nationals, GCC Nationals and resident and non-resident expatriates are eligible
  • Salaried, self-employed and non-salaried customers are eligible

Documents required

  • The completed account opening form
  • A copy of a valid passport/residence visa/Emirates ID (originals must also be presented)
  • A salary certificate addressed to FAB (issued within the last 30 days) or other proof of income for a non-salaried applicant

Minimum balance to maintain

  • Minimum required balance is AED 3000.

3.Islamic Investment Deposit Account

Features 

  • Shariah compliant Investment Deposits are structured based on the Shariah concepts of Wakalah (Islamic Term Deposit (Wakalah)) or Mudarabah (Islamic Term Deposit (Mudarabah))
  • The Islamic Term Deposit account is a profit-bearing investment account and the funds deposited into the Islamic Term Deposit are not guaranteed by the bank.
  • Islamic Term Deposit (Wakalah) – Profit is paid based on an agreed anticipated profit rates, subject to the performance of the investment
  • Islamic Term Deposit (Mudarabah) – Profit is distributed based on an agreed profit-sharing ratio and subject to the performance of the investment
  • Investment periods ranging from 1 to 12 months

Eligibility 

  • Minimum deposit for Wakalah deposit is AED 500,000 and for Mudarabah deposit is AED 10,000
  • Available for UAE nationals and residents

Documents required

  • Valid passport and Emirates ID  copy (originals must also be presented)
  • Valid UAE residence visa copy (for expatriates, original must also be presented)

Procedure to fill the online form (to open an Account with FAB Islamic in Dubai)

  • To apply for an account, you can click here.
  • Enter the details like your name, Company name, phone number, and Email address;
  • You have to fill incomplete details of your salary and emirates you want to choose.
  • After completing the details submit the application
  • A representative will contact you within 24 hours of receiving your application.

List of Banks in Dubai (UAE)

View the List of Banks in Dubai, address, phone number, email, website, service through the above link

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