Emirates Islamic Bank Personal Finance

Minimum Salary
5.000,00 د.إ

Flat Rate
2.49%

Reducing Rate
4.56%

Maximum Term
48 Months

Monthly Payment
AED 4,600

Description

Emirates Islamic Bank offers Sharia-compliant Personal Finance (Murabaha) to UAE nationals and expatriates, enabling financing for various personal needs such as education, weddings, and home renovation. Facilities range up to AED 4 million for nationals and AED 2 million for expatriates, with tenors up to 48 months.

Features

UAE Nationals: Flat profit rates starting from 49% p.a., approximately equivalent to 4.56% reducing balance p.a.
Expatriates: Flat profit rates starting from 85% p.a., approximately equivalent to 5.22% reducing balance p.a.

Facility Details

Maximum Finance Amount:
- Nationals: AED 4,000,000
- Expats: AED 2,000,000
Tenor: 12–48 months
Profit Calculation: Murabaha profit based on fixed flat rate on principal, converted to reducing balance for EMI calculation and varies based on the eligibility and salary criteria.

Fees & Charges

Fee Type	Charge
Processing Fee	0.7875% of finance amount (min AED 525, max AED 2,625), inclusive of VAT
Early Settlement Fee	1.05% of outstanding balance (max AED 10,500), payable on prepayment
Partial Settlement Fee	1.05% of payment amount (max AED 10,500), payable on partial prepayment
Deferment of Installment	AED 105 per installment deferred, non-refundable
No Liability/ Clearance Letter	AED 63 per request
Late Payment Charity Fee	AED 210 per instance, remitted to charity (Shariah-compliant late fee)
Instalment Date Change	Free
Loan Cancellation Fee	AED 52.50

Eligibility Criteria

Age: 21–65 years for nationals; 21–60 years for expats at maturity
Minimum Salary: AED 7,500 per month
Employment Tenure: Minimum one month or first salary credit into Emirates Islamic account
Residency: UAE-based salary transfer to Emirates Islamic mandatory
Credit Profile: No adverse credit history or defaults

Documents Required

Completed application form
Valid passport and UAE residence visa copy (expats)
Emirates ID copy
Salary certificate or salary transfer letter
Last 3 months’ bank statements showing salary credits
Undated post-dated cheques for EMI collection
Trade license (self-employed applicants)

Additional Info

Pre-Approval: Instant eligibility check; formal approval within 1–2 business days.
Document Submission: Provide mandatory documents and PD cheques.
Facility Agreement: Sign Murabaha agreement and fee schedule.
Disbursement: Funds credited within 10 business days of fulfilling all conditions.