Savings Account

Savings made easy

with great returns

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Based on the Islamic Structure

Mudarabah

Instant Visa Debit Card

worldwide acceptance

Quarterly profit payouts

Based on Mudarabah pool rates

The easiest way to earn great returns on your savings

The Basic Savings Account from Mashreq Al Islami gives you the freedom to make your banking transactions at no cost, while earning profit on your account balance.
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Eligibility

Minimum monthly income AED 5,000
Visa UAE residence visa holders & Non-residents on a visit or transit visa
Age Must be 18 years old and above. A minor (below the age of 18) can apply along with a guardian
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Free online, mobile & telemarketing access and up to 6 manned transactions per month

Your Debit Card is convenient and easy to use.
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Easy account set-up

You need an initial balance of AED 3,000 to set up your account. Then withdraw cash at more than 1.8 million ATMs in over 200 countries with ease.
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Free Visa Debit Card
Once you open your account, you will receive your Mashreq Al Islami Debit card within 2 working days so you have access to your funds.
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Instant account opening
It's easy to open your account. Simply download the Mashreq Mobile app to apply Click here
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You will need

Valid passport with residence visa page for expatriates
A valid Emirates ID or last two months' bank statement from your country of residence (if you are a non-resident)
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Are you ready to apply?

Profit Equalisation Reserve The Bank maintains a Profit Equalisation Reserve (PER) for the purpose of smoothening the returns to the Mudarabah account holders. The PER is deducted from Mudarabah income before deduction of the Bank’s share. Investment Risk Reserve The Bank maintains an Investment Risk Reserve (IRR) for the purpose of protecting the Mudarabah account holders from any investment losses in the future. The IRR is deducted from Mudarabah income after deduction of the Bank’s share.

Still got questions?

If the combined minimum average balance on your accounts falls below AED 3,000 or equivalent in other currencies i.e. “monthly minimum balance”, you will be charged a “fall below fee”. Click here to know more on how to avoid getting charged.
A manned transaction refers to a transaction made in the branch of the bank. It does not include transactions made on an ATM/CCDM.
Yes, a non-resident may open a Savings account with the bank. In addition to a valid passport, you will be required to provide a 2-month bank statement from the country of your residence.
This will be as disclosed by the Bank on a quarterly basis and based on Mudarabah Pool rates. To view our historic Mudarabah profit rates, click here. Important Notes:

Profit Equalisation Reserve
The Bank maintains a Profit Equalisation Reserve (PER) for the purpose of smoothening the returns to the Mudarabah account holders. The PER is deducted from Mudarabah income before deduction of the Bank’s share.

Investment Risk Reserve
The Bank maintains an Investment Risk Reserve (IRR) for the purpose of protecting the Mudarabah account holders from any investment losses in the future. The IRR is deducted from Mudarabah income after deduction of the Bank’s share.

Mudarabah Contract is a profit sharing arrangement wherein capital provider (Rabb-ul-Maal) bears the risk and the Manager of funds (Mudarib) contributes expertise and management skills to employ the funds in Shariah Compliant activities and obtain a rate of return.
The profit share allocation for Savings Account based on the Mudarabah Contract is Mudarib’s (Bank) Share 70% and Customer’s Share 30%.

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