Frequently Asked Questions
Current Account
1. What is an Islamic Current Account?
An Islamic Current Account is a non-profit paying checking account with a Debit Card and cheque book facilities.
2. What am I offered when I open a RAKislamic Current Account?
You will be issued a FREE Debit card, which can be used at all RAKBANK and UAE SWITCH ATMs and a personalised cheque book, if required, can be issued at a nominal charge of AED 25 (first cheque book of 25 leaves free for individual accounts).
3. Who can open this type of account?
Individuals above 21 years of age who are residents in the UAE. Non-resident individuals cannot open a Current Account.
A UAE company registered as a sole proprietorship, L.L.C. Free Zone establishment, general partnership, public or private shareholding, limited partnership or club, association or society.
4. Do I receive profit on my Current Account?
A RAKislamic Current Account is Sharia Compliant Current Account product managed under the Islamic principle of “Qard-Hasan”. Under the concept, the depositor is not eligible for any profit pay out. However, if you wish to enjoy profit on your account balance, you can open an Advantage account (for individuals only).
5. What currencies can the Current Account be opened in?
Current Accounts are available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies. Other currencies are available on special request, subject to the Bank’s approval.
6. When are statements issued?
Statements are issued on a monthly or quarterly basis as per your requirements.
7. When will ledger fees be charged?
If the average monthly balance falls below the minimum average balance, a ledger fee will be charged as per the Bank’s published tariff.
8. What facilities does a Current Account give me?
A Current Account allows you to apply for a Credit Card and Finance (subject to the Bank’s approval).
9. Can a cheque book be issued to a customer who does not maintain the minimum balance requirement?
Yes, we can issue a cheque book to customers who do not maintain the minimum balance requirement, as long as any issued cheques are covered by the account balance and cheque book charges maintained.
10. What currencies are cheque books issued in?
As per standard, our cheque book will be issued in AED currency.