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Frequently Asked Questions

Advantage Account

Advantage Account is a unique profit paying Sharia Compliant transactional account managed under the Islamic principle of “Mudaraba” with the flexibility of a current account.

Advantage Accounts are offered in AED and USD currencies only.

The minimum monthly average balance you need to maintain in your Advantage Account is AED 3,000.

Yes, the Advantage Account provides you with the facility of a free personalized cheque book and Debit Card, which can be used across the RAKBANK and UAE SWITCH ATM network.

Individuals residing in the UAE and GCC nationals are eligible to open an Advantage Account. Unfortunately an Advantage Account is not intended for use by businesses. For profit paying company current accounts we offer the Business Finance account in AED and USD currencies.

Statements are issued on a monthly basis.

If the minimum monthly average balance falls below AED 3,000 a ledger fee will apply as per the published Service & Price guide.

The depositor’s funds in the Advantage account are contributed into the  Mudaraba pool. The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a quarterly basis and credited into the account.