RAKBANK Islamic Advantage Account is a sharia-compliant current account that allows customers to earn profits on their deposits. Unlike the regular current accounts, the Advantage account provides interest while operating as a flexible current account.
Fee for using the ATM outside UAE and GCC = AED 20
Interest Rates
10% to 0.35% of the deposit amount.
Documents Required
Duly filled and signed current account application form.
Copy of passport and resident visa.
Eligibility
Applicant must be an individual residing in UAE and GCC nationals.
Businesses are not eligible.
A minimum monthly average balance of AED 3,000
Addition Information
Accounts opened in US dollars do not qualify for a free cheque book.
The bank issues monthly statements.
The Advantage account can be opened online or by visiting RAKBank branches.
To calculate the profit rate, the funds in the account are contributed to the Mudaraba pool and the Profit Distribution Module (PDM) will be executed to find the rate.
A minimum monthly average balance of AED 3,000 needs to be maintained for personal accounts.
A ledger fee of AED 25 per month will be charged if the monthly balance falls below the minimum average for personal accounts.
No profit will be paid if the profit accrued is less than AED 10.
Six free ATM withdrawals per month. AED 10 per transaction will be charged from the 7th withdrawal.
