Are you looking for an Islamic bank account to manage your finances? With a number of banks offering Shariah compliant products in the UAE, you can choose from a wide range of Islamic bank accounts such as savings, current and deposit accounts. The process of applying for an account may differ across banks. Here’s how you can apply for bank accounts from Dubai Islamic Bank.
Which account should I open?
Different accounts serve different needs and purposes. While a current account is good for your daily transactions, saving accounts lets you earn profit. Deposit accounts is another option where you can earn profit depending on how long (tenors) you deposit your money for. Dubai Islamic Bank offers a range of accounts such as the Dubai Islamic Bank Al Islami Savings Account, Dubai Islamic Bank Al Islami Current Account and Dubai Islamic Bank Al Islami Investment Deposit Account.
There are also accounts specially designed for children such as the Dubai Islamic Bank Shatir Savings Account. Along with receiving a free gift when opening the account, children also have access to informative videos where they can learn about savings on the shatir website. Another DIB account is the Dubai Islamic Bank Al Islami 2 in 1 account which is a combination of both savings and current account. With this account you can make withdrawals while still earning profit on your account balance.
What is the eligibility criteria?
Have you compared all your options and selected a bank account to suit your needs? Next step is to check the eligibility requirements for the account. Dubai Islamic Bank requires the applicant to be 18 years or above to open a savings account. For a current account the applicant must be 21 or above. If you want to open a deposit account, an applicant must have a current or savings account with the bank.
How to open the account?
You can visit any Dubai Islamic Bank branch and submit an application. You will be required to submit the necessary documents such as copy of the Emirates ID, visa and passport copies along with the originals. A recent salary certificate from your employer is also needed. You can also use phone banking or live chat if you have any queries and need assistance before visiting the branch.
Ask all the important questions
Don’t forget to ask about all the account features and fees and charges before opening the account. Dubai Islamic Bank has a minimum balance requirement for most of its accounts and a fee is applicable if it’s not maintained. Make sure to check if the account can be opened in the currency of your choice. On successful opening of the account, you will receive an account number, IBAN number, debit card and a cheque book depending on the account you applied for.