Universal Key Facts

Universal Account Key Facts ( Download)

Thank you for applying for Sharjah Islamic Bank Universal Account. To ensure transparency of the bank offer, please go through the declaration below and sign to indicate your acceptance.

Should you require any further information, please contact our 24-hour Call Centre team on 600-SIB (742), visit our website www.sib.ae or [email protected]
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SIB Universal Account is a Current account (without cheque book) in UAE Dirhams (AED) with a unique IBAN that can be accessed digitally or using linked Debit Card. It is designed for individuals earning AED 5,000 or less per month as a total monthly income, enabling them to receive salaries/income and perform essential banking transactions such as payments, purchases, withdrawals, and transfers without the requirement of maintaining a minimum balance.

Universal Account Offerings and Schedule of Charges

Product Offerings

1.      No minimum balance required
2.      Applicable for UAE Nationals & UAE residents
3.      Currency: AED Only.
4.      Free Debit Card for everyday transactions such as bill payments, shop online and in-store in addition to cash withdrawal through ATM.
5.      Profit: 0% (non-profit bearing current account)
6.      SIB ATM Transactions:
-          Cash Withdrawal or Deposit: 4 free Transactions per month, applicable bank charges shall apply for any additional transactions.
-          Balance Enquiry: Free
7.      Account with unique IBAN and a linked Debit Card.
8.      Fund Transfer: Domestic & International allowed.
9.      Bill payment service
10.    Access to mobile banking services through SIB Digital App.
11.    24-hour call center Free e-statement service
12.    No Cheque Book.

Schedule of Charges
Card Issuance Fee	AED 35
Card Replacement Fee	AED 25
Card Renewal Fee	Free
PIN replacement Fee	AED 25
ATM Withdrawal/Deposit- SIB ATM	Free (Up to 4 Total Transactions per month), a charge of AED 2 shall apply to any additional transaction.
ATM Withdrawal – Non-SIB ATM	AED 2 per transaction
ATM Balance Inquiry - SIB ATM	Free
ATM Balance Inquiry – Non-SIB ATM	AED 1 per enquiry
ATM Withdrawal – GCC Switch	AED 6 per transaction
ATM Balance Inquiry – GCC Switch	AED 3 per enquiry
Cash withdrawal outside UAE	As per host country system
Administration fee for non-AED transactions	2%*
Declined Transaction – Non-SIB ATM	AED 1 per transaction
Account Maintenance Fee	AED 2 per month
Account Closure Fee (if closed within 6 months)	AED 35
Salary Loading Fees	AED 10 per Account
Outward Transfer Fee	2free Outward Transfer per month, Outward Transfer charges shall apply any additional transfers.

* In addition to the spot exchange rate for the market foreign exchange of foreign currency transactions determined and applied by Mastercard or Visa on the exchange date, plus the standard fee charged by Mastercard Worldwide or Visa International.

Universal Account Limits
Minimum monthly Account Balance	Zero Balance
Daily POS Purchase Limit	AED 15,000
Daily e-Com Purchase Limit	AED 15,000
Daily ATM Cash Withdrawal Limit (SIB)/(Non-SIB)	AED 10,000
Cheque Deposit/Transfer (EOSnd f only from Employer)	AED 50,000
Monthly Maximum Inward Transfer Limit including salary/income	AED 15,000
Monthly Outward Fund Transfer: Domestic or International	AED 15,000
Monthly Bill Payments	AED 10,000
Wallet Purchase Limits (Apple Pay, Samsung Pay, etc.)	POS, e-Com purchase limits will apply)

Eligibility:

1.      Minimum age of the consumer to be 18 years.
2.      UAE Resident
3.      Income: Up to AED 5,000 as total monthly income.
4.      Customer should not hold any Current or Savings Account (CASA) relationship across the UAE (self-declared).

Required Documents:

1.      Valid Emirates ID
2.      Proof of Income such as salary certificate or other source of income.
3.      Additional documents may be required on a case-to-case basis.

Key Disclosure & Terms and Conditions applicable on Using Universal Account

1. SIB Universal Account terms and conditions shall apply which prohibit, amongst others, using SIB Universal Account and its linked debit card for any non-Shari’a complaint products/services as determined by the Internal Shari’a Supervision Committee (ISSC) of SIB including but not limited to, alcohol, pork products, gambling, tobacco, casinos, bars, etc.

2. The Debit Card validity is 5 years from date of issuance.

3. Card usage will be limited to retail purchases, cash withdrawals, internet transactions or any transactions compliant with Shari’a principles and permitted by the Bank.

4. The account balance will be debited with the value of each purchase on the transaction date.

5. No transaction can be stopped once authorized through any Point of Sale (POS) terminal.

6. The debit card will not work after its expiry date.

7. The account and its linked debit card must not be used for any illegal.

8. Account balance inquiry can be done through the Bank’s Internet Banking or Mobile Banking. , or via ATMs

9. There is no profit payable by the Bank on the account balance.

10.The Applicant must present all necessary documents requested by the Bank in order to process the account application including, but not limited to, proper identification of the Applicant along with the income proof.

11.Foreign currency transactions will be converted into AED at the prevailing Spot Rate on the date of exchange determined on the date of the transaction.

12.Customer to ensure to have zero balance on the Universal Account prior placing the account closure request.

13.The bank may request the card return, cancellation, and / or end the agreement of the account if:
-          Any of the terms and conditions governing the account and its linked debit card is violated by the Applicant.
-          The Account/Card is misused.
-          False information was given to the Bank at the time of applying for the account.
-          the customer opens another CASA relationship with the bank or move the relationship to other bank.

14.The Bank reserves the rights to change/adjust/cancel any of the terms and conditions governing the relationship of the account and its linked debit card with prior notice of 60 days except where CBUAE or International regulations necessitate. Continued use of the account/card following the effective date of any such changes shall constitute the customer’s acceptance of the revised terms.

15.This Card is the property of the Bank and the Bank may request the Applicant / Cardholder to return it.

16.The debit card is linked to the customer’s Universal Account is not a covered card, none of the covered card provisions will apply to, and the usage of the card is subject to the account’s available balance. The card can only be used only up to its linked Universal account balance amount.

17.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.

18.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.

19.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 upon closure.

20.If the 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.

21.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 via Online/Mobile Banking.

22.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.

23.If there are insufficient funds in the account, outstanding fees and actual charges (excluding opportunity costs, loss, and funding costs of any kind) will be recorded as "Track Receivable" and recovered once the account is funded.

24.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 with the Shari’ah principles.

25.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.

26.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.

27.In addition to the terms and conditions listed here, detailed General Terms & Conditions are available on the Bank’s website (General Terms and Conditions | Sharjah Islamic Bank).

28.Non-compliance with the Bank’s Terms & Conditions may lead to account closure.

29.To know your account and debit card limits, please visit: www.sib.ae/en/universalaccount

30.Account statements are available via online banking, ATMs, smart devices, phone banking, call center, and branches.

31.To register a complaint, kindly access the secured SIB Digital Mobile Banking App or Online Banking, or SIB website https://www.sib.ae/contact-us Or, Email us: [email protected]

Sharia Structure

Current Account is an account based on the principles of Qard-Hassan (interest free loan) from the account holder to the bank, where the bank guarantees full repayment on demand, without any profit, ensuring compliance with the principles of Islamic law.

Your Obligations to control fraud and action to be taken in case you suspect any fraud

· Always keep your account, card and its transactions details safe and never disclose card details (including username, passwords, OTP for online transactions) to any third party.

· Beware of promotions with large prizes or discounts and contact the Bank for reporting or clarifying any doubt.

· In case you receive any SMS of transaction that you have not made it yourself, please block the card immediately via our online or mobile banking application or contact our call center. Moreover, you would need to fill in a dispute form at our branch to allow us to investigate from our side.

· If the debit card is lost or stolen, the customer must immediately notify the Bank.

· Lost or stolen debit card, if found, must not be used and must be returned to the Bank.

· Lost or stolen debit card can be replaced subject to the customer’s request and the replacement card will be subject to charges deducted from the account balance. The replaced card will be sent to the address of the accountholder as per the Bank’s records and all relevant fees and charges will be deducted from the Universal Account linked to the debit card.

· Any transaction that has occurred after the debit card was lost or stolen and before the customer has reported the card lost or stolen, will be the customer’s responsibility unless such loss does not occur due to the gross negligence or willful misconduct of the Bank.

Additional Information

·       The Bank will not in any way be liable for any actual loss (unless caused by the negligence and willful misconduct of the bank due to any of the following:
1.      The information provided by the Applicant are proved to be incorrect / inaccurate.
2.      Any system failure or any failure due to events out of the Bank’s control.
3.      Refusal to honor or accept the Card at any time by any Point of Sale, merchant, ATM, bank, etc.
4.      Any direct or indirect losses resulting from the usage of the Card.
5.      The goods or services purchased by the Cardholder using the Card.
6.      Loss or theft of the Card.

· Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day notice prior to effective date of such changes.

· Please always keep your PIN Safe to avoid any misuse or fraudulent actions by others.

· In the event of stolen or lost debit card, the Customer shall immediately notify the Bank to block his/her debit card. However, emergency line on the IVR for blocked Cards is still accessible.

· The Customer understands and agrees that the Bank will not be liable for any misuse by another person in such an event and for failure of the Customer to inform the Bank to block the debit card.

Warning:

·          The Bank may block the debit card and close the account if:
1.   the customer opens another CASA relationship with the bank or move the relationship to other bank.
2.   the customer has CASA relationship or Universal Account with another bank.
3.   the salary or the income is not transferred for more than 6 months.
·          In the event of failure to meet Bank’s terms and conditions during your relationship with Bank, there will be consequences, which may include restriction, blockage, or closure of your Universal Account facility.
·          Cooling-off period Clause: In reference to my Universal Account application submitted to Sharjah Islamic Bank, I acknowledge and choose to waive my right of availing Cooling-off period of maximum of 5 days.
·       I understand and acknowledge that by choosing to waive my cooling-off period, the immediate creation of the Universal Account and issuance of debit card linked to the account will be initiated, and I will be bound by the applicable terms and conditions.

Key Requirements, Limitations, Obligations and Risks

For complete list of Universal Account, its related Schedule of Charges, Account and Card Limits and current detailed terms and Conditions, please visit www.sib.ae/universalaccount

Promotional Communications:

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How to File a Complaint:
Takes place through:

·          Any SIB branch
·          Phone Banking
·          SIB Website
·          Internet and Mobile Banking
·          By Post: P.O. Box 4 Sharjah UAE

In case you are not satisfied with the resolution provided by SIB, you may escalate your complaint to Sanadak through : (www.sanadak.gov.ae)

Application processing and Approval:

I agree that:
· I have read and understood the above information for the selected Universal Account including the product details, Product features, Schedule of charges, terms & conditions and documentation requirements.

· The information and documents, enclosed with the application form are true, correct and up-to-date and will become part of the bank record and will not be returned in case of rejecting the application.

· Sharjah Islamic Bank is entitled, at its sole discretion, to approve or reject the Card application.

· Once the application is approved by the bank, the requested Universal Account will be opened by the bank and its linked debit card will be delivered to me.

By signing the declaration form, I confirm I have received the Key Facts Statement of this product and confirm that I read, understood and signed it and agree to abide by the terms and conditions as set out on the application form for Sharjah Islamic Bank Universal Account.

Name of applicant: .............................................................

Signature of Applicant:

Date: .............................................................

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Universal Account Key Facts ( Download)

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