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Frequently Asked Questions

Personal Finance

Personal Finance is a Sharia compliant finance facility granted to individuals and is based on the Salam structure. This finance is provided to salaried individuals whose salaries are credited to RAKBANK. The maximum amount granted is based on the salary and ranges from 15-20 times the salary. The finance is provided for personal use and is to be repaid by deductions from the salary of the customer.

Personal Finance is based on the Salam structure. As per the Salam structure, the Bank pays a purchase price to the customer for an upfront purchase of a fungible commodity which will be delivered on a deferred basis by the customer.  The commodity that is to be delivered to the Bank will be purchased by customer through a commodity broker and the Bank in turn, will assign another commodity broker to sell the commodity.

The Bank will act as your agent, and based on your instructions, the commodity broker will be requested to sell the required commodities on a monthly basis. The pre-agreed cost of the commodity will be deducted from your account and paid to the broker

The Bank will instruct its brokers to sell the commodity and credit the accounts of the Bank.

Whilst applying for Personal Finance, the Bank representative will guide you with details of commodities.


The minimum age requirements for UAE nationals are 20 years and 6 months, and 21 years for expatriates.

UAE Nationals: 65 years or retirement age, whichever is earlier
Expatriates: 60 years or retirement age, whichever is earlier.

Takaful is available at a nominal cost. This is to protect your family in event of any unforeseen circumstances such as death, permanent disability.

Terms and conditions of the bank apply and will be shared with you at the time of your application.

Yes, subject to a confirmation of your employment by your employer and subject to the Bank's approval of your request for finance.