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

<ul>
<li>RAKislamic Emirates Skywards Savings Account is available to individual customers. Any Account found being used for business purposes will be disqualified.</li>
<li>Although there is no monthly minimum balance to be maintained in this Account, the average quarterly balance (AQB) to be maintained is AED 500,000 to avoid quarterly gold tier benefit cost of AED 1,250.</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>

Warnings

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Attractive Foreign Exchange Rates 

RAKislamic Emirates Skywards Savings Account customers will benefit from preferential exchange rates on many currencies like USD, AUD, EUR, JPY, QAR, GBP, CAD, SAR and more.



Attractive foreign exchange rates 

You are required to:
<ul>
<li>Review all other terms and conditions set out in the application form in detail;</li>
<li>Regularly check our website (www.rakbank.ae) for updates;</li>
<li>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>Always safeguard sensitive banking details such as account number, chequebook, debit card, login ID, passwords, PIN, etc.</li>
</ul>

Customer Obligations 

<ul>
<li>UAE residents &amp; non-residents</li>
</ul>

Residency

Terms and Conditions Notification

Important Information

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Get ready to tee-off! With the RAKislamic Emirates Skywards World Elite Mastercard, you&rsquo;ll benefit from complimentary golf sessions twice a month at some of the finest golf courses.

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Take your golf game to the next level

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Available in AED

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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.

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Exclusive RAKislamic Elite Account benefits 

Open your account and benefit from a world of exclusive RAKislamic Elite benefits. You will gain access to a dedicated Relationship Manager, exclusive service centres, preferential exchange rates, golf course access, valet services and so much more!



Enjoy exclusive RAKislamic Elite Account benefits 

Exclusive elite benefits 

Enjoy exclusive shopping discounts

Salary transfer to this account possible

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.


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Free Monthly Statements 

Keep track of your accounts and spending history.
 
Each month we will send an account statement directly to your email. If email isn't your preference, we can discuss other methods.

Free monthly statements 

What is the meaning of average quarterly balance (AQB)?

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Upgrade Your Golf Game 

Upgrade your golf game 

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Debit Card facility

Islamic

AED 50,000-above

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Terms And Conditions

Terms and Conditions

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RAKislamic Emirates Skywards Savings Account is offered in which currencies?

No min salary/income required

Benefits                                                                                                        

Miles today. The world tomorrow.

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Fast Track to EK Skywards Gold Tier and earn Skywards Miles

Min age 21 years old

No withdrawal restrictions

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Risks & Limitations 

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AED 5,000-19,999

AED 20,000-49,999

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What is the average quarterly balance (AQB) requirement for this account?

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No minimum monthly balance 

No minimum monthly balance required. For Benefit Cost details, please refer to www.rakbank.ae

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What are the prerequisites for opening this account?

Offered exclusively to residents

<ul>
<li>The Bank may amend the features, fees, charges, terms and conditions of the Account with 60 days&rsquo; notice to you in advance.</li>
<li>If the Account is not used for a period of 1 year, it will be designated as inactive and you will not be able to transact unless activated again.</li>
<li>If the Account is closed, the accumulated Skywards miles will be credited to the primary Account holder's Skywards membership account.</li>
<li>By applying for this Account, it is deemed that the customer accepts terms and conditions of Emirates Skywards loyalty program operated and governed by Emirates Skywards.</li>
<li>Emirates Skywards will solely reserve the right to change, modify or amend any part of the Emirates Skywards loyalty program at any time in accordance with their rules.</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 the customer with the Bank.</li>
<li><a href="/globalassets/rakbank/all-pdfs/002---islamic---terms-and-conditions/tc-rakislamic-emirates-skywards-savings-account.pdf" target="_blank" rel="noopener">Click here</a> to view the terms and conditions of RAKislamic Emirates Skywards Savings Account.</li>
</ul>

Key Terms & Conditions

FAQ Accordion Items

Eligibility

Important notification about RAKislamic Emirates Skywards Savings Account:
Gold tier membership for existing account holders Current Emirates Skywards Savings Account holders will retain their Skywards Gold tier benefits until the end of their current tier validity cycle, which is 12 months after the Gold tier membership upgrade was triggered by the Bank. After this period, the status may be downgraded as per the Emirates Skywards Loyalty Program terms.
No Emirates Skywards membership renewals Effective 1st August 2024, RAKBANK will not be able to request renewals for the Gold tier membership benefits for existing Emirates Skywards Savings Account holders.
No new account applications Starting Thursday, 1st August 2024, RAKBANK will no longer offer the Emirates Skywards Savings Account.

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Benefits

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Experience convenience all the way with access to over 1,100 airport lounges using Mastercard Travel Pass. Get unlimited access for you and one guest in over 135 countries. Plus enjoy complimentary airport transfers six times a year in the UAE or three times in other countries.
To avail this service, please contact the concierge desk at 04 704 7138. Terms and conditions apply.

Global airport lounge access and airport transfers

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Presenting, the Savings Account for holders of the RAKislamic Emirates Skywards World Elite Mastercard Credit Card. Get more rewards and lifestyle privileges, simply for holding an account balance with us.

Savings and beyond

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

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FAQs

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Eligibility & Fees  

Your savings journey starts here

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Possibility to make transactions at branch

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<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

Dedicated Relationship Manager

Because you deserve the best service, you’ll have a dedicated Relationship Manager who will help you with any of your banking enquiries.



No monthly limit is placed on this account
For full details of fees and charges, please refer to our <a href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/022-sp-vat-retailaccountservice-islamic_1.pdf" target="_blank" rel="noopener">Service and Price guide.</a>

Fees

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RAKislamic Emirates Skywards Savings Account - FAQ's

How long can I enjoy Gold Tier Membership with this account?

What are the terms to qualify for upgrade to Emirates Skywards Gold tier membership?

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