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Frequently Asked Questions

Jood Savings Account

The Jood Savings Account is a profit bearing non cheque book savings account.

Yes, Jood Savings Account is a Sharia Compliant Savings account which is managed under the Islamic principle of “Mudaraba”. Under the concept, the depositor is eligible for a profit pay out.

Yes, you are issued a free Debit Card, which can be used at all RAKBANK and UAE SWITCH ATMs (issued in AED currency only). A quarterly statement is issued to customers who are issued with a passbook.

Any resident or non-resident individual, including minors can open a Jood Savings Account.

No, a company is not eligible to open this Account. However, companies are permitted to open Current or Business Finance company account.

Yes, a minor can open and operate this account through legal guardian. For further details, please contact RAKdirect on 04 213 0000.

Jood Savings Accounts are available in UAE DIRHAMS.

Statements are issued on a quarterly basis.

Yes, Jood savings account will contribute in the Mudaraba pool as the depositor’s funds. The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a quarterly basis and credited into the account.

The minimum average monthly balance for Jood Savings Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee will be charged as per the Bank’s published Service and Price Guide.