RAKBANK Islamic Current Account is a Sharia Compliant Account that can be opened in multiple currencies. The account is available for both individuals and companies.
Fee for using the ATM outside UAE and GCC = AED 20
Interest Rates
Not Applicable
Documents Required
Duly filled and signed current account application form.
Copy of passport and resident visa.
Eligibility
Individuals above 21 years of age.
Must be a resident of UAE.
A sole proprietorship, L.L.C. company based or a Free Zone establishment or a general partnership or a public or private shareholding or a limited partnership or club, association or society.
All the above establishments must be based in UAE
A minimum monthly average balance of AED 3,000
Addition Information
Based on the Sharia concept of Qard Hassan
A minimum monthly average balance of AED 3,000 needs to be maintained for personal accounts.
A minimum monthly average balance of AED 20,000 needs to be maintained for company accounts
Cheque books for company accounts will be issued at a nominal fee of AED 25 per book
The current account can also be opened in other currencies on special request.
A ledger fee of AED 25 per month will be charged if the monthly balance falls below the minimum average for personal accounts
A ledger fee of AED 50 per month will be charged if the monthly balance falls below the minimum average for company accounts
