Are you looking for ethical banking in the UAE? Sharia-compliant banking is different from regular banking. Emirates Islamic Bank, a key player in UAE banking since 2004, has many Islamic finance options.
The bank was named ‘Best Overall Islamic Bank’ at the Islamic Finance News Awards 2024. This shows it’s a top choice for ethical banking in the UAE.
Learn how Emirates Islamic Bank mixes old traditions with new finance ideas.
Overview of Emirates Islamic Bank’s Financial Services
Emirates Islamic Bank is a big name in Islamic banking in the UAE. It has over 650,000 customers and is celebrating 20 years. The bank is proud to have 36% Emiratis working there, helping to grow local talent.
Licensed Banking Operations in UAE
Emirates Islamic is part of the Emirates NBD Group. It follows strict rules from the Central Bank of the United Arab Emirates. The bank offers many services, like personal and business accounts, all based on Islamic finance.
Sharia-Compliant Banking Principles
Emirates Islamic Bank sticks to Sharia rules for all its services. This means no interest, ethical investments, and sharing profits. Islamic banks buy assets for customers and sell them for a profit, not like regular banks.
Central Bank UAE Regulations Compliance
The bank follows all Central Bank UAE rules, keeping high standards in banking. Emirates Islamic helps small and medium businesses grow. It also leads in using new tech, like Apple Pay and WhatsApp Banking.
| Feature | Description |
|---|---|
| Customer Base | Over 650,000 |
| Emiratisation Level | 36% |
| Digital Wallets | Apple Pay, Google Pay, Samsung Pay |
| Unique Service | First Islamic bank with WhatsApp Banking |
| Focus Areas | SME development, Digital transformation, ESG values |
Personal Banking Solutions and Accounts
Emirates Islamic personal banking has many services for different needs in the UAE. It helps with everyday money tasks and saving for the future. The bank has options for everyone.
Current Account Options
Emirates Islamic’s current accounts are for daily banking. They are flexible for money moves. You can use online banking, debit cards, and set up automatic payments.
Customers can manage their accounts in many ways. This includes the EI + Mobile Banking app and WhatsApp Banking.
Savings Account Features
The bank’s savings accounts help grow your money. They have good profit rates and are part of Emirates Islamic savings plans. You get e-statements, SMS alerts, and can open accounts in different currencies.
Fixed Deposit Accounts
Emirates Islamic has fixed deposit accounts for safe investments. They offer good returns and come in various lengths to fit your goals.
| Account Type | Key Features | Access |
|---|---|---|
| Current Account | Flexible transactions, debit card | Online, Mobile, ATM |
| Savings Account | Profit rates, multiple currencies | Online, Mobile, Branch |
| Fixed Deposit | Secure returns, various tenures | Branch, Online |
Emirates Islamic also has business accounts for companies. Their personal banking solutions aim to make life easier and safer for UAE residents.
Digital Banking and Technology Integration
Emirates Islamic Bank is all about the digital world. It has a top-notch online banking and mobile app. These tools let customers check their accounts anytime, anywhere.
The online banking system has a Payments Suite. It helps with single, bulk, and basket payments. You can also set up automatic payments to avoid missing them.
The bank’s virtual accounts make managing money easier. They work with different currencies and countries. This helps with cash flow and work efficiency.
Businesses get special help from Emirates Islamic Bank. They can deposit and print cheques remotely. This means faster access to money.
The Emirates Islamic mobile app is great for smartphone users. It lets people easily manage their accounts. Users can send money, check balances, and more with just a few taps.
- SWIFT partnership for faster, more transparent cross-border payments
- Payment Gateway Service for streamlined payment collection
- UAE DDS Direct Debit service for automated recurring payments
- Multi-currency capabilities for flexible international transactions
Emirates Islamic Bank is all about making banking easy and safe. It uses the latest technology to improve customer service. This keeps the bank ahead in the changing world of finance.
Islamic Credit and Debit Card Services
Emirates Islamic Bank has many Sharia-compliant payment solutions. They offer Emirates Islamic credit cards and debit cards. They also have special cards for businesses and people who want to control their spending.
Credit Card Types and Benefits
The bank has many credit cards for different needs. The Cashback Plus Credit Card has an annual fee of AED 313.95. It gives cashback rewards.
The Skywards Black Credit Card is for frequent flyers. It has premium benefits at an annual fee of AED 4,000 plus a AED 1,000 joining fee.
The RTA credit card offers 5,000 cashback. The Emarati Credit Card is free for UAE nationals. It has benefits tailored to their lifestyle.
Debit Card Features
Emirates Islamic debit cards let you use your account money easily. They are Sharia-compliant. This makes shopping and ATM use easy for customers.
Corporate Card Solutions
Businesses get corporate credit cards from Emirates Islamic Bank. These cards help manage expenses. They offer benefits tailored for companies.
Prepaid Card Options
Prepaid cards help with budget control. You can load them with a certain amount. This way, you can spend without worrying about going over budget.
| Card Type | Annual Fee (AED) | Key Feature |
|---|---|---|
| Cashback Plus Credit Card | 313.95 | Attractive cashback rewards |
| Skywards Black Credit Card | 4,000 + 1,000 joining fee | Premium travel benefits |
| RTA Credit Card | Varies | 5,000 cashback offer |
| Emarati Credit Card | Free for life | Exclusive benefits for UAE nationals |
Sharia-Compliant Financing Options
Emirates Islamic Bank has many Sharia-compliant financing options. They offer personal, auto, and home finance services. These services follow Islamic principles.
Personal Finance Solutions
Emirates Islamic loans have flexible terms and good profit rates. They help with debt, big purchases, and more. You need at least 3000 AED in your account to use these services.
Auto Finance Programs
Emirates Islamic has auto finance plans for buying cars. These plans are Sharia-compliant. They offer good rates and flexible terms to fit your budget.
Home Finance Services
Emirates Islamic helps you buy property with Islamic financing. Their home finance services are clear and fair. They help you reach your dream of owning a home with good rates and flexible terms.
| Financing Type | Minimum Balance | Key Features |
|---|---|---|
| Personal Finance | 3000 AED | Flexible terms, competitive profit rates |
| Auto Finance | Varies | Tailored repayment plans, Sharia-compliant |
| Home Finance | Varies | Transparent structure, ethical investment |
Emirates Islamic Bank’s financing is clear, fair, and follows Islamic rules. They have options for personal needs, cars, and homes. These solutions meet both personal and investment needs, showing the bank’s dedication to financial services.
Investment and Wealth Management Services
Emirates Islamic offers many ways to manage your wealth. You can start investing with just USD 100.
Sukuk Investment Opportunities
Check out over 120 Sukuk options with daily prices. It’s a safe, Islamic way to earn money.
Global Funds and Structured Products
Expand your investment with our global funds and products. They fit your ethical standards and reach international markets.
Shariah-Compliant Equity Trading
Trade without commissions until March 31, 2024. Use our digital platform for UAE and global markets. Get charts, analyst views, and market data to guide your choices.
Gold Certificate Programs
Invest in gold certificates for a secure option. It’s a way to include precious metals in your portfolio, following Islamic banking rules.
| Feature | Details |
|---|---|
| Minimum Investment | USD 100 |
| Account Opening | Instant via Emirates Islamic App |
| Global Equities Trading | Minimum USD 1 funding |
| Withdrawals | Minimum USD 1 |
| Trading Tools | Charts, analysis, stock screening |
Emirates Islamic’s services let you manage your wealth well. You can make watchlists and use stock screening tools. Try our EI+ app today for a wide range of Shariah-compliant financial options.
International Banking and Remittance Services
Emirates Islamic Bank offers great international banking and money transfer services. It serves the UAE well as a global financial center. The bank is in 13 countries and has over 9 million customers.
Its QuickRemit service lets you send money fast and safely to places like India, Pakistan, the UK, and Egypt. This meets the UAE’s need for quick money transfers. Emirates Islamic also helps with exchanging foreign currencies, supporting 100 currencies in 190+ countries.
The bank is all about digital banking. A huge 97% of all transactions happen online, not in branches. This makes it easy for customers to handle their global money needs from anywhere.
