Emirates Islamic Personal Finance for Expats

Emirates Islamic presents you with the opportunity to enjoy more from life with their personal finance solutions. Personal Finance is based on a Murabaha arrangement through trading of Shari'a compliant instruments like Shares or Wakala Certificates.

Major Advantage: Low salary requirement

Points to Consider: There is a processing fees

Major Feature:

• Pre-approved credit card
• Annual fee waived of for first year
• Choice of immediate or deferred sale of shares or certificates

Profit Rates & Charges:

Reducing Rate (as advertised): Starting from 3.94% p.a.

Flat Rate: 2.06% p.a.* (as per 4 years calculation)

Processing Fees: 0.75% of the finance amount (Min AED 500, Max AED 2,500)

Early Settlement Fees: 1% of outstanding amount; The Bank has the discretion to waive off any or full outstanding profit.

Requirements:

Minimum Salary Requirement:

• AED 5,000 If you are transferring your salary
• AED 12,000 If you are not transferring your salary

Salary Transfer: Not Compulsory

Minimum Length of Service: 6 Months for salaried, 2 years for self-employed

Key Details:

Maximum Finance Amount: AED 1,000,000

Islamic Finance: Yes

Maximum Term: 48 Months

Takaful: 0.75% of the finance amount

Holiday Period: No

Salaried/Self Employed: Both salaried and self-employed clients can apply

• Valid Passport, Visa and Emirates ID copy.
• Last 3 months Salary bank statements.
• Completed application form.
• Rental & Additional Income Document (If any).
• Liability letter (for buyout cases only).
• Account opening forms for shares trading.
• Salary transfer letter in favor of Emirates Islamic Bank. (for salaried clients).
• Trade license copy. (for self-employed clients).
• MOA copy. (for self-employed clients). 

• All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
• Rates mentioned above are starting rate and it can vary with the profile of the client and the employer.
• Flat rate is converted into Reducing rate as per 4 years calculation.
• Trading commission as applied by the broker will be charged to the customer. Emirates Islamic Terms and Conditions Apply.