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RAKislamic Savings Account

RAKislamic now offers you the Sharia compliant Savings Account that conveniently helps you save for your future needs, combined with the award-winning service from RAKBANK.

Earn profit and save
The Savings Account is based on the Islamic principle of ‘Mudaraba’ which means you can earn profit on your savings. The profit is declared and credited to your account on a quarterly basis.

Your Savings Account can be opened in multiple currencies. The low minimum average balance makes opening and maintaining your Savings Account easy and convenient. You also get Monthly Statements / E-Statements.

A minimum average monthly balance of AED 3,000 is required to maintain a RAKBANK Savings Account. If this is not maintained, the following fees in the currency of the Savings Account will be incurred:


Currency Minimum Average Monthly Balance Fee
AED 3,000 25 AED
USD 3,000** 25 AED
GBP 3,000** 25 AED
Euro N/A N/A

**Amount is in AED.

Foreign Currency Services

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

Accounts in these currencies are based on Qard Hassan and not part of Mudaraba
Foreign currency services is accrued daily and applied monthly.
Note: Above rates effective 1st  July, 2020.

Our free online, SMS, phone and mobile banking services give you simple and secure banking on the go:

1. Click and Easy banking with Online Banking (register now at www.rakbank.ae)

2. RAKdirect Number 600 54 0044

3. SMS alerts through your mobile phone

4. Mobile banking

* No minimum balance is required for the first 3 months on Savings Accounts.

Minimum balance required for a Private Banking relationship is AED 3,500,000 or USD 1,000,000

Minimum balance required for Premium Banking relationship is AED 250,000
(For additional details on eligibility criteria please call 04 2130000 or visit www.rakbank.ae)

Minimum balance required for RAKprime banking relationship is AED 50,000 or USD 15,000


*Note: Verification Image text is case sensitive

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