Accounts Key Facts ( Download)
A full range of account products and services that cater to customer needs. Sharjah Islamic Bank offers to its customers a host of accounts which are customized to meet their daily and long-term needs, with commitment in delivering progressive Islamic Banking solutions. Type of Accounts: With Sharjah Islamic Bank; a selection of accounts that suit customer needs. We provide multiple options for customers to choose from that suits their needs - Digital account - Current account - Saving account - WATANI ACCOUNT - HASSALATI - KIDS ACCOUNT Digital Account: Our Mudaraba-based account offers customers a valuable opportunity to earn expected profit on their precious savings and also have a cheque book for the account. Mudarababased Deposits: which is a partnership investment contract between the customer as Rubul Mal (Investors) and the bank as Mudarib, governed by the relevant CBUAE’s HSA Resolutions, AAOIFI Sharia Standards and ISSC Guidliness. Sharjah Islamic Bank, being an Islamic Financial Institution, will utilize deposits funds in its Shari’ah compliant finance and investment activities to generate expected profit. Such profit, after being ascertained, will be shared between the Bank and the Investors as per pre-agreed percentages set for distributing the ascertained profits. How it Works: We invest our customer’s funds in Bank’s common investment pools such as Shari’ah compliant finance and Investment activities where expected profits are determined and ascertained on monthly constructive evaluations, while profits are shared with and given to depositors (if any) on the payout frequency as agreed upon between the Bank and the investor. Key Features & Benefits: - Attractive expected profit rates - Currency AED only - Free debit card - Cheque Book available for eligible customers (subject to AECB report) - Bill payment facilities - Online & Mobile Banking services - 24-hour call center - SMS Notifications - Free e-statement service Eligibility and Required documents: -No minimum balance requirements - Applicable for UAE residents - Salaried and Non-salaried applicants - Completed digital onboarding through SIB Digital Mobile application - Source of Funds and Proof of Income such as Salary Certificate or other source of income - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Copy of valid Trade License for Non-Salaried applicants - Note: Additional documents may be required on a case-by-case basis Cooling-off Period: The cooling-off period allows you to cancel the product within five (5) business days from the date of signing the order. The bank will not proceed with the process until this period has passed, unless you choose to waive this right. To cancel within this period, you must submit an official notification to the bank. Due to the immediate nature of this product, you hereby agree to waive the cooling-off period . Profit Payout and Calculation: - The profit on the SIB digital Account is paid on a monthly basis - No profit is calculated for a month, if the minimum balance during the month drops below AED 3,000 - The profit payout will be calculated on the lowest balance in the savings account (applicable only on the account where balance is maintained AED 3,000 and above) Key Terms and Conditions: - Customer acknowledges and agrees that his/ her funds will be invested on the basis of unrestricted Mudaraba. The Customer undertakes to adhere to and comply with the Principles of Shari’ha at all times during the term of the Agreement - - Profit rate quoted at the time of booking is indicative / expected and subject to change based on the actual performance of the investment - - Customer shall bear all the risks associated with the Investment (which shall include, for the avoidance of doubt, the risk of the partial or total loss of the Investment Amount) except those risks and actual losses (limited to capital amount only and not to include any opportunity losses or funding costs) resulting from the Bank’s willful misconduct or gross negligence or breach of its obligation under the Agreement Notes: 1. To be eligible to earn and receive profit on the Digital Account, an account balance of AED 3,000 and above needs to be maintained at all times 2. If the account balance falls below AED 3,000 at any time during the period of profit payout calculation, no profit will be calculated and paid accordingly 3. In case of any loss in profit, the depositor (Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba 4. Customers are eligible to request a Cheque book for their AED Current Account. The initial cheque book will contain ten (10) leaves and will be free of charge. Subsequent cheque books will contain twenty-five (25) leaves. Cheque books issuance is subject to the satisfactory conduct of the account. 5. If four or more checks are returned within a year due to insufficient funds, it may result in the closure of your account and/or a negative report to the Credit Bureau. Warnings: 1. To be eligible to earn and receive profit on the savings Account, an account balance of AED 3,000 and above needs to be maintained at all times 2. If the account balance falls below AED 3,000 at any time during the period of profit payout calculation, no profit will be calculated and paid accordingly 3. In case of any loss in profit, the depositor (Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba CURRENT ACCOUNT: Reliable banking for all day-to-day needs Provide flexibility to manage financials easily and securely. Take advantage of the many convenient benefits of our current account, including unlimited withdrawals and deposits. Structure of Sharjah Islamic Bank’s Current Account: Current Account is a call deposit account based on the principles of Qard-Hassan (benevolent loan) where an Account Holder is able to deposit or withdraw funds with the Bank on an on-going basis. The subject product is governed by the principles of a profit-free Qard with the balance guaranteed and payable by the Bank on demand by the depositor. The amount deposited by the Account Holder with the Bank under this product is not entitled to any investment profit nor bears any risk whatsoever. The Bank, being a risk bearer, shall have the right to utilize these funds at its own risk without any return to the Account Holder. Sharjah Islamic Bank Current Account is a transaction account, which comes with cheque book, Debit card facilities and range of other banking benefits. Key Features & Benefits: - Choice of currency AED, USD, GBP, EURO - No minimum balance charges; if salary is regularly transferred - Free debit card* - Bill payment facilities - Online & Mobile Banking services - 24-hour call center - SMS Notifications - Free monthly e-statement service *Debit cards are issued only for AED accounts Eligibility and Required documents: - Minimum balance requirements of AED 3,000, if salary is not regularly transferred - Applicable for UAE residents - Salaried and Non-salaried applicants - Completed account opening application form - Source of Funds and Proof of Income such as Salary Certificate or any other source of income - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Copy of valid Trade License for Non-Salaried applicants - Note: Additional documents may be required on a case-by-case basis Cooling-off Period: The cooling-off period allows you to cancel the product within five (5) business days from the date of signing the order. The bank will not proceed with the process until this period has passed, unless you choose to waive this right. To cancel within this period, you must submit an official notification to the bank. Due to the immediate nature of this product, you agree to waive the cooling-off period. Key Terms and Conditions: - Customers may apply for a twenty five (25) leaves cheque book facility with an AED Current account subject to a successful Al Etihad Credit Bureau (AECB) check. The 1st cheque book provided after account opening will be complimentary - Customers are eligible for exemption of the minimum balance maintenance fee; in case of: a) An active finance facility with Sharjah Islamic Bank. The payment/settlement account is eligible for the minimum balance maintenance fee waiver b) An active product of Wakala/Mudarabah –based Investment Account (Fixed Deposit) with Sharjah Islamic Bank. The account linked to deposit is eligible for the minimum balance maintenance fee waiver Notes: 1. Please ensure to write cheques with utmost prudence and care since dishonor of a cheque (with a bad faith) is an offence in the UAE 2. Four (4) or more returned cheques in a year, due to insufficient funds, can lead to account closure and/or a negative report to Al Etihad Credit Bureau (AECB) Mudarababased Deposits; which is a partnership investment contract between the customer as Rubul Mal (Investors) and the bank as Mudarib, governed by the relevant CBUAE’s HSA Resolutions, AAOIFI Shari’ah Standards and ISSC Guidliness. Sharjah Islamic Bank, being an Islamic Financial Institution, will utilize deposits / funds in its Shari’ah compliant finance and investment activities to generate expected profit. Such profit, after being ascertained, will be shared between the Bank and the Investors as per pre-agreed percentages set for distributing the ascertained profits, between the IAHs the bank. How it Works: We invest our customer’s funds in Bank’s common investment pools such as Shari’ah compliant finance and Investment activities where expected profits are determined and ascertained on monthly constructive evaluations, while profits are shared with and given to depositors (if any) on the payout frequency as agreed upon between the bank and the investor. Key Features & Benefits: - Attractive expected profit rates - Choice of currency AED & USD - Free debit card* - Bill payment facilities - Online & Mobile Banking services - 24-hour call center - SMS Notifications - Free e-statement service - Can be opened for minors *Debit cards are issued only for AED accounts Eligibility and Required documents: - Minimum balance requirements of AED 3,000 - Applicable for UAE residents and Non-Residents of UAE - Salaried and Non-salaried applicants - Completed account opening application form - Source of Funds and Proof of Income such as Salary Certificate or other source of income - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Copy of valid Trade License for Non-Salaried applicants - Note: Additional documents may be required on a case-by-case basis Cooling-off Period: The cooling-off period allows you to cancel the product within five (5) business days from the date of signing the order. The bank will not proceed with the process until this period has passed, unless you choose to waive this right. To cancel within this period, you must submit an official notification to the bank. Due to the immediate nature of this product, you agree to waive the cooling-off period. Profit Payout and Calculation: - The profit on the SIB Savings Account is paid on a monthly basis - No profit is calculated for a month, if the minimum balance during the month drops below AED 3,000 - The profit payout will be calculated on the lowest balance in the savings account (applicable only on the account where balance is maintained AED 3,000 and above) Key Terms and Conditions: - Customer acknowledges and agrees that his/ her funds will be invested on the basis of unrestricted Mudaraba. The Customer undertakes to adhere to and comply with the Principles of Shari’ah at all times during the term of the Agreement - Profit rate quoted at the time of booking is indicative / expected and subject to change based on the actual performance of the investment - Customer shall bear all the risks associated with the Investment (which shall include, for the avoidance of doubt, the risk of the partial or total loss of the Investment Amount) except those risks and actual losses (limited to capital amount only and not to include any opportunity losses or funding costs) resulting from the Bank’s willful misconduct or gross negligence or breach of its obligation under the agreement. Warnings: 1. To be eligible to earn and receive profit on the savings Account, an account balance of AED 3,000 and above needs to be maintained at all times 2. If the account balance falls below AED 3,000 at any time during the period of profit payout calculation, no profit will be calculated and paid accordingly 3. In case of any loss in profit, the depositor (Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba WATANI ACCOUNT: Provides flexibility to “Earn every day” Our Watani Account is a product specifically tailored for high-income earners and businesses. A Mudaraba-based account offers customers a valuable opportunity to earn profit on their precious savings. Mudarababased Deposits:which is a partnership investment contract between the customer as Rubul Mal (Investors) and the bank as Mudarib, governed by the relevant CBUAE’s HSA Resolutions, AAOIFI Shari’ah Standards and ISSC Guidliness. Sharjah Islamic Bank being an Islamic Financial Institution will utilize deposits / funds in its Sharia compliant finance and investment activities to generate expected profit, such profit, after being ascertained will be shared between the Bank and the Investors at the pre-agreed upon percentages set for distributing the ascertained profits, between the IAHs the bank. How it Works: SIB invests customer’s funds in Bank’s common investment pools such as Shari’ah compliant finance and investment activities where expected profits are determined and ascertained on monthly constructive evaluations, while profits are shared with and given to depositors (if any) on the payout frequency as agreed upon between the bank and the depositor. Key Features & Benefits: - Higher withdrawal limits and dedicated relationship managers - Unlimited deposits and withdrawals at 100+ ATMs across UAE - Exclusive preferential rates on foreign exchange and other services - Attractive expected profit rates - Fast-track decisions on all finances - Choice of currency AED & USD - Free debit card* - Bill payment facilities - Online & Mobile Banking services - 24-hour call center - SMS Notifications - Free e-statement service *Debit cards are issued only for AED account Eligibility and Required documents: - Minimum balance requirements of AED 100,000 - Applicable for UAE residents and Non-Residents of UAE Salaried and Non-salaried applicants - Completed account opening application form - Source of Funds and Proof of Income such as Salary Certificate or any other source of income - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Copy of valid Trade License for Non-Salaried applicants - Note: Additional documents may be required on a case-by-case basis Cooling-off Period: The cooling-off period allows you to cancel the product within five (5) business days from the date of signing the order. The bank will not proceed with the process until this period has passed, unless you choose to waive this right. To cancel within this period, you must submit an official notification to the bank. Due to the immediate nature of this product, you agree to waive the cooling-off period. Profit Payout and Calculation: - The profit on the SIB Watani Account is paid monthly - Profit is calculated on minimum daily available credit balance and paid at the end of each month HASSALATI - KIDS ACCOUNT:Encouraging responsible saving from an early age Teach the benefits of saving from the very beginning to your young ones. With the Hassalati account, little ones can start saving from birth until their 18th birthday. A Mudaraba-based account offers customers a valuable opportunity to earn expected profit on their precious savings. Mudarababased Deposits; which is a partnership investment contract between the customer as Rubul Mal (Investors) and the bank as Mudarib, governed by the relevant CBUAE’s HSA Resolutions, AAOIFI Shari’ah Standards and ISSC Guidliness. Sharjah Islamic Bank being an Islamic Financial Institution will utilize deposits / funds in its Sharia compliant finance and investment activities to generate expected profit, such profit, after being ascertained will be shared between the Bank and the Investors at the pre-agreed upon percentages set for distributing the ascertained profits, between the IAHs the bank. How it Works: SIB invests customer’s funds in Bank’s common investment pools such as Shari’ah compliant finance activities where expected profits are determined and ascertained on monthly constructive evaluations, while profits are shared with and given to depositors (if any) on the payout frequency as agreed upon between the bank and the depositor. Key Features & Benefits: - Attractive expected profit rates - Free standing order from parents’ account - Monthly profits on savings - 24-hour call center - SMS Notifications - Free e-statement service Eligibility and Required documents - Minimum balance requirements of AED 500 - Applicable for UAE residents - Applicant should be under 18 years of age - Completed account opening application form - Copy of a valid passport/resident visa/Emirates ID for Guardian and Child (originals must also be presented) - Child birth certificate - Note: Additional documents may be required on a case-by-case basis Cooling-off Period: The cooling-off period allows you to cancel the product within five (5) business days from the date of signing the order. The bank will not proceed with the process until this period has passed, unless you choose to waive this right. To cancel within this period, you must submit an official notification to the bank. Due to the immediate nature of this product, you agree to waive the cooling-off period. Warnings: 1. To be eligible to earn and receive profit on the savings Account, abalance of AED 500 and above needs to be maintained at alltimes 2. If the account balance falls below AED 500 at any time during theperiod of profit payout calculation, no profit will be calculatedand paid accordingly 4. In case of any loss in profit, the depositor (Rab Al Mal) shall beara loss pro-rated against its share in the Mudaraba pool. General Fees and Charges - Applicable on SIB Accounts: Available on the Bank’s website at the following link: (www.sib.ae/tariff) General Terms and Conditions: 1. The Bank reserves the right to close the account(s) in its best interest and in line with the regulations and notifications issued by the Central Bank of the UAE. 2. Account closure shall be carried out in accordance with the UAE Central Bank's regulations, any guidelines issued from time to time, and/or any other applicable laws in the UAE. 3. For customer-initiated account closures, customers are required to visit any Sharjah Islamic Bank branch with a valid original identification document. The Bank will conduct mandatory checks prior to closure. All products, services, or facilities linked to the account will be automatically cancelled/deactivated prior to closure. 4. If the Current Account is closed within six (6) months of its opening date, an early closure fee will apply as mandated by the Central Bank of the UAE. 5. To ensure uninterrupted service, it is the customer’s responsibility to keep their personal details updated, such as contact information, address, ID documents, and visa/residency renewals. Updates can be made at SIB branches or via Online/Mobile Banking. 6. The Bank may refuse to honor cheques drawn on the customer’s account if there are insufficient funds, regardless of the credit balances in other accounts, unless the customer has provided written authorization for the Bank to cover such amounts from their other current or savings accounts. 7. In the event of a customer’s death, their account will be frozen. No funds shall be disbursed to heirs or legal representatives unless an official request is received from the competent court. The Bank shall not freeze the account before receiving formal written notification of death and will not be held responsible for authorized withdrawals prior to that. 8. If there are insufficient funds in the account, outstanding fees and actual charges (excluding opportunity loss and funding costs) will be recorded as "Track Receivable" and recovered once the account is funded. 9. Governing Law and Jurisdiction: These terms are governed by the federal laws of the UAE as applied by the competent court, provided they do not contradict Shari’ah principles. 10. Customers are responsible for safeguarding access tools such as debit cards, PINs, T-PINs, cheques, online/mobile banking credentials, and other sensitive information. The Bank shall not be liable for any breaches due to customer negligence. 11. Neither the Central Bank of the UAE nor Sharjah Islamic Bank will ever request confidential banking information via call, SMS, email, or mail. Sharing such information may result in financial fraud. Customers should be cautious of phishing attempts asking them to click links or change their passwords. 12. Detailed Terms & Conditions are available on the Bank’s website (General Terms and Conditions | Sharjah Islamic Bank). 13. The Bank reserves the right to update these terms with prior notice. 14. Non-compliance with the Bank’s Terms & Conditions may lead to account closure. 15. For minimum balance requirements of non-AED accounts, please refer to the fees and charges section on the Bank’s website (General Terms and Conditions | Sharjah Islamic Bank). 16. To know your debit card limit, please visit: Debit Card | Sharjah Islamic Bank 17. Customers may request a cheque book (25 leaves) for their applicable AED account upon successful completion of the Etihad Credit Bureau check. The first cheque book (10 leaves) is provided free of charge upon account opening. 18. Write cheques with caution. Bouncing a cheque in bad faith is a criminal offense in the UAE. Warning: Four (4) or more bounced cheques within one year due to insufficient funds may result in account closure and/or a negative report to AECB. 19. Account statements are available via online banking, ATMs, smart devices, phone banking, call center, and branches. Disclaimers: - This document is provided for information and illustration purpose only based on customer’s request. All account products are granted at sole discretion of SIB - SIB reserves the right to amend any of the above outlined key facts and we may also at our absolute discretion amend/modify any of the terms and conditions of the agreement at any time by giving you 60 days prior notice. We may give notice of amendment/modification by any means available, including but not limited to email and secure e-message service and by publication on our website (www.sib.ae) - This product has been approved by the Bank’s Internal Shari’ah Supervision Committee By signing this document, I/We acknowledge that I/We have read, understood, and agree to all of the above terms and product facts outlined which have been explained to me/us |
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