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Frequently Asked Questions
Savings Account
1. What is the Islamic Savings Account?
The Islamic Savings Account is a Profit paying Sharia Compliant Savings Account product managed under the Islamic principle of “Mudaraba”. Under the concept, the depositor is eligible for a profit pay out. 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 given a passbook.
2. Who can open this account?
Any resident or non-resident individual, including minors can open a Savings Account.
3. Is a company eligible to open this account?
No, a company is not eligible to open this Account. Companies are permitted to open a Current Account or a Business Finance company account.
4. Can a minor open and operate this account?
Yes, a minor can open and operate this account. For further details, please contact RAKdirect on 04 213 0000.
5. In what currencies can I open a Savings Account?
Savings Accounts are available in UAE DIRHAMS, USD, and GBP currencies. Euro and other currencies are subject to the Bank’s approval.
6. When are statements issued?
Account statements are issued on a quarterly basis.
7. How is profit calculated?
The depositor’s funds in the savings 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.
8. Do I receive a cheque book?
No, cheque books are not issued on Savings Accounts.
9. Are there any ledger fees or a minimum balance requirement?
The minimum average monthly balance for the Savings Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee will be charged as per the published tariff.