Emirates Islamic Bank was formed in 2004 with an aim to deliver highest standards of banking services. EIB offers a good range of products designed to meet individuals and small / large business’ needs. EIB follows sharia principles under which risk sharing is its main method and avoids Riba/Interest.
Some of the sharia compliant products offered by EIB are:
- EIB Current Account: This is a zero minimum balance account if salary is transferred to EIB. Bank allows the customers to open accounts in the currency of their choice. Free online banking and free debit card are the benefits of this Current account.
- EIB Investment Savings Account: A profit generating account wherein profits are generated and distributed from common Mudaraba pool. Profits are shared quarterly.
- EIB Child Savings Account: EIB helps to make the future of your child secure by providing a free savings account that require zero minimum balance. Opening fee of AED 100 apply.
- EIB Union Coop Tamayaz Card: This is a rewarding card that offers tamayaz points on all your spends at Union Coop. Cardholders can enjoy 3.67% cash back at union coop purchases and great discounts on dining, entertainment and travel.
- EIB Cash Back Card: Get cash back on all purchases with this Credit Card. 10% cash back is available on Etisalat & du payments, 5% on electronics and 1% on all other purchases. The annual membership fee is AED350 with a monthly profit rate of 2.99%p.m. applies.
- EIB Gold Credit Card: A travel benefit card that earns skywards miles on all purchases. The skywards miles can be redeemed for air tickets, hotel discount etc. Unlimited lounge access at DXB International Airport and discounts on dining are some of the other benefits on this card. The annual fee is AED400.
- EIB RTA Credit Card: This is a two in one Credit card that gives a benefit of using credit card and a Nol Card in one. The annual fee ranges from AED 400 to AED 950.
- EIB Home Finance-Bina’a: This is a sharia compliant Home finance for UAE Nationals to meet financial needs. Finance is available up to 80% of the property value for 25 years.
- EIB Home Finance-Manzil: A sharia compliant Home loan for expats is available at 3.99% p.a. Processing fee 1% applies and a 60 days instalment deferment is available.
- EIB Auto Loan: EIB offers auto loans up to AED 500,000 with competitive profit rates.
- EIB Goods and Service Finance: Finance is available at reasonable terms for the goods like furniture, electronics, personal computer etc. and for services like wedding, Travel (umrah, Haj), House rent, education etc. The normal application process applies for availing finance.