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Features*
The campaign anticipated profit rate of up to 5% per year is valid only on new funds for individual customers from 1 May 2023 to 31 January 2025
There is no minimum balance requirement. However, 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
The campaign anticipated profit rate of up to of 3.75% per year is valid on new funds for individual customers from 1 July 2022 until 30 April 2023
Elite Islamic Savings Accounts are offered based on the Shariah principle of Mudarabah
Get a free Elite Islamic World Mastercard debit card with a host of great features**
Get airport lounge access across the region (no prior booking required, simply show your Elite Islamic World Mastercard debit card at reception)**
Eligibility
Requirements include 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 finances above AED 5 million- UAE Nationals, GCC Nationals and resident and non-resident expatriates are eligible
OR
OR
- 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
OR
OR
OR
Note: Additional documents may be required on a case-by-case basis.
Your Elite Islamic Savings Account comes with a free Elite Islamic World Mastercard debit card, which provides easy access to your money.
- Free cash withdrawals from any ATM in the UAE
- Four free cash withdrawals per month from any ATM outside the UAE
- Access to exclusive benefits and preferential treatment, allowing World Mastercard cardholders to move seamlessly across the world to experience the best it has to offer**
OR
OR
OR
- ATM cash withdrawal limit – AED 40,000
- Retail purchase transaction limit – AED 75,000
OR
OR
Elite Islamic Savings Account profit rates
Historical profit rates distribution:
| Islamic account type & CCY |
Profit Rate Distributed (May’22) |
Profit Rate Distributed (Jun’22) |
Profit Rate Distributed (Jul’22) |
|---|---|---|---|
|
Elite Islamic Savings – AED |
0.50% |
0.50% |
0.50% |
|
Elite Islamic Savings – USD |
0.50% |
0.50% |
0.50% |
|
Elite Islamic Savings – EUR |
0.50% |
0.50% |
0.50% |
- The above are the actual profit distribution rates and are indicative of rates for the current month. Profit distribution rates in future months, if any, may vary
- Currently available for an AED currency account only, a special anticipated profit rate of up to 5.25% per year for fresh funds from 1 May 2023 to 30 November 2024
- The anticipated profit is distributed on a monthly basis
- To view the historical profit rate distribution for previous years, click here
*General Terms & Conditions and Islamic Investment & Savings Account Schedule apply.
**These features are provided by Mastercard. Please visit the Mastercard website for details.
Features and eligibility are subject to change from time to time at the Bank’s sole discretion.
Find out more about our Fees, Terms & Conditions
Click here to view all the Islamic banking fees and charges
PDF
Terms and Conditions – Salary Transfer Cashback Campaign
PDF
Terms and Conditions – Islamic Savings Account Campaign
PDF
Mudarabah Islamic Savings Account and Investment Deposits Financial Disclosures
PDF
The Shariah rulings (‘Fatwa’) issued by FAB ISSC for Islamic Savings Account (Mudarabah)
PDF
SCAN TO DOWNLOAD
Open an Elite Islamic Savings Account instantly on the FAB Mobile app
FAB Mobile puts the power of the bank in your hands
- Get your FAB account and Islamic cards instantly. Zero paperwork
- Open an account and get an Islamic card, with just your Emirates ID
- Use your FAB Rewards to pay your bills anytime, anywhere
- Check your balance, send money and earn rewards in a few taps
Ready to apply?
Get in touch
Need more help?
Contact us anytime for further assistance or check out our FAQ page for more information.
| FAB Islamic | International | ||
|---|---|---|---|
 |
800 2200 Lines Open 24/7 |
|
+971 2 499 6299 |
| Email Us | |
|---|---|
 |
islamiccustomercare@bankfab.com |