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.

As disclosed by the Bank on a quarterly basis. It is based on the 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 90% and Customer’s Share 10%.

An Easy Saver Account can be opened in AED (Dirhams), USD (US Dollars) or GBP (British Pounds) only.