The Advantage Account is based on the Islamic principle of ‘Mudaraba’ which means you can earn profit on your deposits. Learn more from RAKislamic at RAKBANK.


Earn Profit on Advantage Account | RAKislamic

RAKislamic Advantage

RAKislamic Advantage Account

Possibility to make transactions at branch

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RAKIslamic Advantage - Foreign Currency Convenience

Earn profit from your AED or USD currency with our unique Sharia-compliant RAKislamic Advantage Account.

Foreign currency convenience

RAKIslamic Advantage - Upgrade your experience

Upgrade your experience

Scan the QR code to download the app from the Apple App Store

Download the RAKBANK Mobile app!

Discover the RAKBANK App and enjoy cutting-edge Digital Banking services at your fingertips. Seamlessly manage your accounts, conduct secure transactions, and enjoy a range of innovative features – all in one user-friendly platform.

Scan the QR code to download the app from the Google Play Store

Standard Current Account - RakMobile

Bank on the go anytime, anywhere

Key Fact Statement

Service and Price Guide - Personal 

Terms and Conditions 

RAKIslamic Advantage - Relevant Links

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Question 5

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Min age 21 years old

Use our branch and ATM machine locator to find the nearest RAKBANK facility to you within the Middle East, in just a few clicks. Timings are available too.


RAKBANK Branches And ATM Machines Near Me In UAE |RAKBANK UAE

Branches & ATMs

Question 3

Fees

Min monthly salary / income AED 3,000

You are required to:
<ul>
<li style="font-weight: 400;" aria-level="1">Review all other terms and conditions set out in the application form in detail;</li>
<li style="font-weight: 400;" aria-level="1">Regularly check our website (www.rakbank.ae) for updates;</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and</li>
<li style="font-weight: 400;" aria-level="1">Always safeguard sensitive banking details such as account number, chequebook, debit card, login ID, passwords, PIN, etc.</li>
</ul>

Customer Obligations 

RAKIslamic Advantage - Up to 50% off deals

Up to 50% off deals

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 Account Features

Enjoy the flexibility of a savings account while earning profit on your deposits at the same time. The RAKislamic Advantage Account offers you attractive benefits in either an AED or USD account. You can also manage payments easily with your free chequebook (AED).&nbsp;

One convenient account, two great advantages

RAKIslamic Advantage Account - call me back option

Submit your details and we’ll be in touch soon

Call me back

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Islamic

Question 6

AED 50,000-above

RAKIslamic Advantage - Earn Profits Based On the Mudaraba Contract

Earn profits based on the Mudaraba contract

RAKIslamic Advantage - Low minimum balance

The RAKislamic Advantage Account offers a low minimum monthly balance of just AED 3,000 or USD 10,000. This makes maintaining your account a breeze.

Low minimum balance

Account purpose:Transactions / Chequing Facility / Salary Transfer

Eligibility

Personal - Apply From RakMobile

Download the RAKBANK App and apply instantly

Apply through the RAKBANK App

Enjoy seamless transactions everyday, simply tap and pay! 
Your RAKislamic Titanium Debit Mastercard's contactless Tap &amp; Go&trade; feature means fewer queues, and less time paying at all participating merchants around the globe.

RAKIslamic Advantage - Benefits - Contactless payments

Contactless payments

<ul>
<li>UAE residents and non-residents who hold a RAKislamic Elite or Select Account</li>
</ul>

Residency

Introducing the RAKislamic Titanium Debit Mastercard

Debit Cards - RAKislamic Titanium | RAKBANK UAE

RAKislamic Titanium Debit Mastercard

Why pay full price when you can pay up to half?
Spend with your RAKislamic Debit Card including dining, travel, groceries, attractions, entertainment and more.
Remember, always ask for a RAKBANK deal before you pay.

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Eligibility & Fees   

Kick-start your savings journey

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Charge for not maintaining minimum balance

Elite Current Account - Charge for not maintaining minimum balance

<ul>
<li>Must have a legitimate source of income</li>
</ul>

Other Requiems

Closure of account within 6 months of opening

Elite Current Account - Closure of Account 

RAKIslamic Advantage - We’re here to help

Benefits 

Your guide to convenience and rewards

RAKIslamic Advantage - Feature Interaction

Tabbed Box

AED 5,000-19,999

AED 20,000-49,999

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Question 1

Salary transfer to this account possible

Question 2

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Elite Current Account - Maintain a monthly

<ul>
<li>The Account is offered only for RAKislamic Select &amp; Elite customers.</li>
<li style="font-weight: 400;" aria-level="1">Chequebook and debit card are issued only for AED nominated accounts.</li>
<li style="font-weight: 400;" aria-level="1">If a cheque issued on the Account is returned, the Bank may:</li>
<ul>
<li style="font-weight: 400;" aria-level="2">&nbsp;Report your Account to relevant authorities; and/or</li>
<li style="font-weight: 400;" aria-level="2">Close the Account pursuant to applicable laws and regulations of the UAE and in line with the internal policy of the bank.</li>
</ul>
<li style="font-weight: 400;" aria-level="1">The beneficiary can approach the Bank and request for partial payment of the cheque.</li>
<li style="font-weight: 400;" aria-level="1">Business entities cannot open this Account.</li>
<li style="font-weight: 400;" aria-level="1">If you choose to transfer your salary into the Account, then salary transfer benefits/payroll solutions in the form of RAKmore and RAKempower will not be available.</li>
<li style="font-weight: 400;" aria-level="1">The Bank may close the Account if identification documents are not updated or submitted regularly, as per internal policies of the Bank upon request from regulatory authorities.</li>
<li style="font-weight: 400;" aria-level="1">Debit card is required for accessing Digital Banking facilities and hence for currencies other than AED you will not be able to get access to Digital Banking unless you have another transactional account that provides you with a debit card.</li>
</ul>

Risks and Limitations 

Terms And Conditions

Terms and Conditions

Available in AED, USD

RAKIslamic Advantage - FAQs

RAKislamic Advantage - Contactless payments

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FAQ Accordion Items

Max profit rate ranges from 0.10% to 0.35%

Maximum profit rate ranges from 0.10% to 0.35% based on balances

RAKIslamic Advantage - Earn Profit and Save

The Advantage Account is based on the Islamic principle of ‘Mudaraba’ which means you can earn profit on your deposits. 
 
The Advantage Account is available to existing Select and Elite customers only.

Earn profit and save

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Benefits

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Not sure about something? Check our frequently asked questions to find what you’re looking for.

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FAQs

Question 4

Experience exclusive benefits with the Emirates Skywards Islamic savings account from RAKBANK. A perfect blend of savings and rewards. Join RAKislamic, today!


Best Islamic Emirates Skywards Savings Account | RAKislamic

RAKislamic Emirates Skywards Savings Account

The best way to save meets the best way to fly

AED 26.25 fee for not maintaining minimum balance

Debit Card facility

Advantage Account

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Introducing the RAKislamic World Credit Card

Embrace ethical banking with RAKBANK's Islamic world credit card. Check for travel benefits, lifestyle privileges and unmatched savings at RAKBANK. Explore now!


Islamic World Credit Card with RAKrewards | RAKBANK

RAKislamic World Credit Card

 Minimum deposit of AED 3,000 

<ol>
<li>Your Emirates ID</li>
<li>Your Passport with valid residency visa</li>
<li>Any of the following proof of income</li>
</ol>
<ul>
<li>Salary Certificate</li>
<li>Bank Statements</li>
<li>Payslips</li>
<li>Labour Contract</li>
</ul>

Visit A Branch

A specialist will be able to assist you with the process

Visit a branch

Deposit your savings for an unlimited period as Mudarib, and authorise the Bank to invest those funds on the basis of an unrestricted Mudaraba contract in accordance with the principles of Sharia.
Profit will be paid on a quarterly basis.

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No withdrawal restrictions

RAKIslamic Advantage - Secure Banking

Receive instant SMS notifications when a transaction has taken place using your card, giving you peace of mind and allowing you to track your spends. 
 
For all your mobile banking needs, register for Online Banking services at www.rakbank.ae or call 600 54 0044.

Secure banking

Scan the QR code to download the RAKBANK app from the Apple App Store

Download the RAKBANK App!

Global - RAKBANK APP- Personal

Offered exclusively to residents

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Terms and Conditions Notification

Important Information

RAKIslamic Advantage - Cross Sell

With Salary Transfer

For full details of fees and charges, please refer to our <a href="/globalassets/rakbank/all-pdfs/islamic-saving-account_sp-guide-022-sp-vat-retailaccountservice-islamic-28062022.pdf" target="_blank" rel="noopener">Service and Price guide.</a>
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Cashback

<ul>
<li> If the minimum average credit balance of AED 3,000 or its equivalent in USD per month is not maintained in the Account, monthly charges for non-maintenance of minimum average balance will be levied as described above.</li>
<li> If the Account balance is not sufficient to settle outstanding dues, these will be recovered as and when the Account is funded or alternatively from any other account held by you with the Bank.</li>
<li> The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.</li>
</ul>