Islamic Bank Accounts

FAB Islamic Current Accounts

The FAB Islamic Current Account and Elite Account are Shariah-compliant products used to pay bills, credit salary, deposit funds and withdraw cash. Features include cheque books, free debit cards and internet/mobile banking facilities.

The product is structured based on the Shariah concept of Qard Hasan, as the lender deposits the balance in the current account as a benevolent loan granted to the bank. The current account is non-profit bearing, and FAB guarantees the funds deposited.

FAB Islamic Savings Accounts

The FAB Islamic Savings Account and Elite Savings Account are anticipated profit-based Shariah-compliant products designed with features such as a free Islamic debit card to meet daily transaction requirements.

This product is structured based on the Shariah concept of Mudarabah, whereby the customer (as Rab Al Mal) may deposit funds into and demand, withdraw or use the deposited funds from the savings account at any time through the bank’s cash deposit/withdrawal and payment or delivery channels.

FAB Islamic Investment Deposit Accounts

Term Deposit “ Wakalah”: The FAB Islamic Term Deposit (Wakalah) is an anticipated profit-bearing investment account, with the funds deposited not guaranteed by the bank. The customer (as Muwakkil) may place funds with the bank (as Wakeel) for an agreed anticipated profit rate and for an agreed duration of time.

The Wakalah funds are pooled into FAB’s Islamic funds pool and commingled with other deposits, investments funds and shareholder’s funds.

Term Deposit “Mudaraba”: The FAB Islamic Term Deposit (Mudarabah) is an anticipated profit-bearing investment account, with the funds deposited not guaranteed by the bank. The customer (as Rab Al Mal) may place funds with the bank (as Mudareb) for an agreed duration of time.

The Mudarabah funds are pooled into FAB’s Islamic funds pool and commingled with other deposits, investments funds and shareholder’s funds.

A minimum balance of AED 3000 or the equivalent amount in foreign currency should be maintained for FAB Islamic Current and Savings Accounts, while no minimum balance is required for FAB Elite Islamic Current and Savings Accounts.

The FAB Islamic Term Deposit account (Wakalah) requires a minimum balance of AED 500,000, and AED 10,000 is required for the FAB Islamic Term Deposit account (Mudarabah).

FAB Islamic Current Account

• 21 years minimum
• Salaried, self-employed and non-salaried customers
• Open to UAE Nationals, GCC nationals and resident expatriates

FAB Elite Islamic Current Account

• 21 years minimum
• Salaried and non-salaried customers
• Monthly salary transfer of AED 50,000 or an initial deposit of minimum AED 100,000 (the balance in the account will have to be increased to AED 500,000 within the first six months) or a portfolio of property finance above AED 5 million
• Applicant must be a UAE resident

FAB Islamic Savings Account

• 18 years minimum
• Minors are eligible, but a deposit account must be opened and operated on the instruction of the minor’s father or court-appointed guardian
• Salaried, self-employed, and non-salaried customers
• Open to UAE Nationals, GCC nationals, and resident and non-resident expatriates

FAB Elite Islamic Savings Account

• 18 years minimum
• Minors are eligible, but a deposit account must be opened and operated on the instruction of the minor’s father or court-appointed guardian
• Salaried, self-employed, and non-salaried customers
• Open to UAE Nationals, GCC nationals, and resident and non-resident expatriates
• A minimum monthly salary transfer of AED 50,000 or an initial deposit of AED 100,000 minimum (the balance in the account will have to be increased to AED 500,000 within the first six months) or a portfolio of mortgage finance above AED 5 million

FAB Islamic Term Deposit account (Wakalah and Mudarabah)

• No restriction on age
• Available to UAE Nationals and residents