Emirates Islamic Bank Personal Finance

Minimum Salary
0,00 د.إ

Description

Emirates Islamic Bank offers Shariah-compliant personal finance with flat profit rates starting from 2.00% p.a. (equivalent to approximately 3.68% reducing rate), finance amounts up to AED 4 million for UAE Nationals and AED 3 million for Expats, flexible tenures up to 48 months (60 months for Ministry of Defense staff), and attractive features including extended payment holidays and free Takaful coverage.

Features

Profit Rates and Finance Amounts

Emirates Islamic Bank’s personal finance operates on a Murabaha structure with fixed flat rates:

Flat Profit Rate:00% to 10.00% p.a. (equivalent reducing rates approximately 3.68% to 19.31% p.a.)
Finance Amounts:
- UAE Nationals: up to AED 4 million
- Expatriates: up to AED 3 million
Minimum Finance: AED 5,000
Tenure: 6 to 48 months (up to 60 months for Ministry of Defense staff)

Eligibility Criteria

Age: Minimum 21 years; Maximum 65 years for Nationals, 60 years for Expats at maturity
Minimum Salary: AED 10,000 per month
Employment: Minimum service period of one month or first salary credit into Emirates Islamic account
Salary Transfer: Required to Emirates Islamic Bank account
Credit Bureau: Mandatory Al Etihad Credit Bureau consent

Schedule of Fees and Charges

Fee Type	Charge
Processing Fee (Certificates Murabaha)	0.7875% of finance amount (Min AED 525, Max AED 2,625) inclusive of VAT
Processing Fee (Shares Murabaha)	1.05% of finance amount (Min AED 525, Max AED 2,625) inclusive of VAT
Takaful Protection (Noor Takaful)	0.01194% × Finance Amount × Tenure (months)
Takaful Protection (ASCANA)	0.01474% × Finance Amount × Tenure (months)
Takaful Protection (AMAN)	0.01439% × Finance Amount × Tenure (months)
Deal Cancellation Fee	AED 105
Balance Liability Certificate	AED 63
Clearance Letter (No Liability Certificate)	AED 63
Instalment Deferment	AED 105 per instalment
Late Payment Charity Donation	AED 210 per instance
Early Settlement	1.05% of outstanding balance (Max AED 10,500)
Partial Payment	1.05% of payment amount (Max AED 10,500)

(All fees inclusive of VAT unless stated otherwise)

Documents Required

Completed Emirates Islamic personal finance application form
Valid passport copy (and UAE residence visa for Expats)
Emirates ID copy
Salary transfer letter or salary certificate (issued within 30 days)
Last 3 months’ bank statements (if salary not credited to EIB)
Liability letters (for debt consolidation cases)
Trade license (for self-employed individuals)
Al Etihad Credit Bureau consent form

Additional Info

Shariah Compliance: Murabaha structure ensures Islamic banking principles with no interest (riba)
Competitive Rates: Starting from 2.00% flat p.a. (equivalent to approximately 3.68% reducing)
High Finance Limits: Up to AED 4 million for Nationals and AED 3 million for Expats
Extended Payment Holiday: Up to 90 days before first instalment payment
Free Takaful Coverage: Optional Islamic insurance protection included
Flexible Tenures: Up to 48 months (60 months for Ministry of Defense staff)
Quick Processing: Fast approval and disbursement process
Debt Consolidation: Combine multiple obligations into one instalment
No Collateral Required: Unsecured finance based on salary transfer