 How will my Attijari Al Islami Savings Account to be treated?
Attijari Al Islami Savings Account is Shari’a compliant savings scheme from Commercial Bank of Dubai designed to make your investments grow with market-competitive profit rates. It operates under un-restricted ''Mudaraba'' principles.
It is a deposit account with a profit will be announced on a quarterly basis. This profit is going to be calculated as per the average balance method of the account during the quarter.
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What makes Attijari Al Islami Savings Account a Shari’a compliant product?
Commercial Bank of Dubai – Attijari Al Islami's Shari’a Advisory Board, an independent
Board of qualified scholars of international repute. The members of this Board are:
Dr. Hussain Hamed Hassan – Chairman
Dr. Augail Al Nashmi – Vice Chairman
Dr. Ahmed Abdullah – Board Membe
The Shari’a Supervisory Board reviews the products' documentation including all related contracts, operating procedure, charges, and associated processes, and after making all required amendments:
Shari’a Supervisory Board has approved and issued the Certificate to offer the Current Account products to customers.
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How can I apply for Commercial Bank of Dubai – Attijari Al Islami Savings Account?
You can visit our ''Attijari Al Islami'' Centres; where you can find out our coordinators will assist you on our comprehensive Islamic banking products details and services. Also you may call our 24 hours phone banking services on 800847
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How do you generate profit to pay a customer?
The Funds which our customers deposit into their savings accounts go into a pool, which is then invested by us in Shari’a compliant financing and investments economic activities. The profits generated from these activities are then designated to different sources of funds raised by us. However we do not require any minimum amount from you to earn profit on your Savings account, therefore the profit calculated as per the average balance which you maintain with us during the quarter. We aim to ensure that profit rates paid on all our Savings Accounts are market- competitive..
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Can I open Attijari Al Islami Savings Joint Account?
Yes, you can open an Attijari Al Islami Savings Joint Account. Each of you will be able to operate the account independently or jointly. However, for some functions, you will have to give joint authorizations such as opening/closing of accounts.
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Does Attijari Al Islami Savings Account available for Corporate or Commercial customers?
No, Attijari Al Islami Savings Account Not available for Corporate / Commercial customers.
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In Which currencies I can open the Savings account?
Attijari Al Islami Savings account can be opened in AED & USD currencies.
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Is there any minimum amount required to open Attijari Al Islami Savings Account with CBD?
Yes, you should open Attijari Al Islami Savings Account with a minimum amount equivalent to AED 5,000 and you have to maintain an average balance of the same amount to avoid the fall below fee charges.
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What are the falls below fee charges amount for not maintaining minimum monthly average balance for the Savings Accounts?
AED 50 fall below charges will be applicable on you Savings account if you do not maintain minimum required limit for Attijari Al Islami Savings Account.
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From which account will the fall below charges be recovered?
The charges will be recovered from the same Savings Account.
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Is there any restriction on deposits or withdrawals for Attijari Al Islami savings account?
There is no restriction on the number of neither withdrawals nor deposits.
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May I know what other features and benefits I can get when I Open Attijari Al Islami Savings Account?
Attijari Al Islami Savings account allows you to earn profit on your account which we distribute on quarterly basis, free ATM Card will be provided which allows you to withdraw cash at any ATMs worldwide, free monthly statements by post or e mail (e-statements), Free online banking which allows you to pay your Etisalat and Utility bills payments and with funds transfer facility available, you can do any standing instructions facilities, availability to have a Safe Deposit Locker Facility, Free 24 hour Phone Banking facility.
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Do I get any Cheque Book facility with Attijari Al Islami Savings Account?
No. there is no Cheque Book facility will be provided with the Attijari Al Islami Savings Account, however there are no options for this account to do Cheques transactions / operations.
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What are the requirements to open Attijari Al Islami Savings Account?
You need to complete Application form for opening the Account plus you have to submit the Identity required documents such as original passport with Valid Residence Visa for Expat and Khulasat Al Qaid for Nationals and you have to sign and approve for all terms and conditions mentioned on the Banking Service Agreement.
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May I know the list of Fees and Charges applicable for Savings Account?
Yes, sure click here for our specific fees and charges which will be applied, kindly note that those fees and charges will be amended and up dated without any prior notice at any time.
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