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Based on the Sharia concept of Qard Hassan, RAKislamic now offers you the Business Current Account that helps you manage all your day-to-day banking needs with ease, backed by RAKBANK’s award winning service. The benefits include:

  • Accounts denominated in Dirham*, US Dollar, Pound Sterling or Euro
  • Cheque book facility offered for AED Accounts
  • Monthly current account statements detailing all transactions
  • Business Online Banking platform which allows you to manage your account at the click of a mouse
  • Phone Banking Services

You are required to maintain a minimum average monthly balance in your Current Account failing which a fee as detailed below is applicable.

 

Currency Minimum Average Monthly Balance Fee
AED 25,000 50 AED
USD 10,000 25 USD
EUR 10,000 25 EUR
GBP 10,000 25 GBP

 

Foreign Currency Services

Currency % p.a.
JPY -0.60
Euro -1.00
CHF -2.00

Foreign currency services is accrued daily and applied monthly.
Note: Above rates effective 1st  July, 2020.

  • Cheque book/Debit Card is issued only for AED denominated Account.
  • If a cheque issued on the Account is returned, the following may apply:
  • Reporting your Account to AECB.
  • Account closure.
  • Difficulty in availing Loans or Credit Card from RAKBANK and other banks.
  • The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.

You are required to:

  • Review this document and all other terms & conditions set out in the Account opening application form in detail;
  • Regularly check our website www.rakbank.ae for updates;
  • Notify the Bank in writing if there is a change in your contact details, business ownerships, residence status, identification details, financial details or any other material information as declared in the application form; and
  • Always safeguard sensitive banking details such as Account number, cheque book, debit card, login ID, passwords, pin number etc.
     
  • The Bank may amend the features, fees, charges, terms & conditions of the Account on 60 days’ notice to you in advance.
  • The Bank may amend the interest rates for the Account on 30 days’ notice to you in advance.
  • If the Account is not used for a period of 1 year, it will be designated as inactive and you will not be able to transact unless activated again.
  • If the Account balance is not sufficient to settle outstanding dues, these will be recovered as and when the Account is funded or alternatively from any other a/c held by the customer with the Bank.

 


Warnings

  • Current Accounts in AED and USD are interest bearing, & in GBP is non-interest bearing; while JPY (Japanese Yen), CHF (Swiss Franc), and EURO (Euro) are impacted by the market rates and are subject to negative interest charges that are fixed.
  • The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory /judiciary entities.

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