Based on the contract of Service Ijarah, service finance from RAKislamic provides you with the funds you need for big expenses. Easily apply and get benefits.


Apply for Service Finance in UAE | RAKislamic

Service Finance

Profit rates starting from 14.99% reducing rate p.a.

 Starting profit rate at 14.99% p.a.

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Finance Features

Need help with your child&rsquo;s education fees? Our Service Finance can assist you, whether they are studying within the UAE or abroad.
Moving home is another large expense. RAKislamic Service Finance will ease the burden of the financial stress and allow you to get on with life.
To apply for Service Finance, call us on 600 54 0044 or visit any of our branches.

Designed with you in mind

<ul>
<li style="font-weight: 400;" aria-level="1">If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described above.</li>
<li style="font-weight: 400;" aria-level="1">If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described.</li>
<li style="font-weight: 400;" aria-level="1">If you defer payment of your Finance EMIs, you acknowledge and agree that you may pay more in profit and fees and it may take you longer to discharge all amounts outstanding on the Finance than if the total amount due is paid in full by the due date.</li>
</ul>
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Important Information

Eligibility

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Non-payment penalty charges

*min AED 500; max AED 2,500
**or AED 10,000; whichever is lower
 Important Notes
<ul>
<li style="font-weight: 400;" aria-level="1">These charges are recurring and will be applicable per individual transaction.</li>
<li style="font-weight: 400;" aria-level="1">All charges are subject to changes with prior written notice to customers at the sole discretion of the Bank.</li>
<li style="font-weight: 400;" aria-level="1">In line with the UAE&rsquo;s Value Added Tax (VAT) implementation from 01 January 2018, VAT at the rate of 5% will be levied on RAKBANK&rsquo;s fees and charges specified herein, wherever applicable and as per UAE law. </li>
</ul>
For full details of fees and charges, please refer to our <a href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/020-sp-vat-personalfinance-salama.pdf" target="_blank" rel="noopener">Service and Price guide.</a>
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Fees

Service Finance - Low minimum salary requirements

We all need financial assistance at some point, regardless of our how much we earn. 
Our Service Finance offers competitive profit rates and no minimum balance is required in your account.

Low minimum salary requirements

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

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

Discover RAKIslamic Credit Cards

Service Finance - Free credit card

RAKislamic Credit Cards offer you rewards, privileges and benefits every day.
 
Expect discounts on dining, entertainment, travel, jewellery and much more. Plus, Mastercard provides 'priceless Specials' and offers throughout the Middle East and Africa.
 
Take the family out for the day or on a holiday, for less.

Free credit card

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Minimum monthly salary / income: AED 15,000

Min monthly salary/income AED 15,000

Eligibility & Fees

You're closer to your ideal finance than you think

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AED 50,000-above

Deferral not allowed

Maximum finance amount at 50% DBR

Max finance amount at 50% DBR

No downpayment required

Service Finance - How much will my loan cost?

Indicative Service Finance Calculator

Max loan amount: Up to AED 150,000

Service and Price Guide 

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Terms and Conditions Notification

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Terms And Conditions

Terms and Conditions

Age:
<ul>
<li style="font-weight: 400;" aria-level="1">Minimum age: 20 years and 6 months</li>
<li style="font-weight: 400;" aria-level="1">Expats: 21 years and above</li>
</ul>
Other Requirements:
<ul>
<li style="font-weight: 400;" aria-level="1">Must be employed</li>
<li style="font-weight: 400;" aria-level="1">Self-employed: minimum 1 year in business</li>
<li style="font-weight: 400;" aria-level="1">Minimum salary: AED 15,000 for salaried individuals</li>
</ul>
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Admin charges for partial settlement  (% of settled outstanding value)

Elite Current Account - Maintain a monthly(4)

AED 5,000-19,999

AED 20,000-49,999

Islamic Cash Loan calculator

Note, installment amount is divided by payment and profit rate. Towards the beginning of your service finance, the majority of the payment is profit.

Due diligence, documentation and processing fees (% of Salam purchase price)

Elite Current Account - Maintain a monthly

Service Finance - We’re here to help

Elite Current Account - Maintain a monthly(2)

Open to UAE National and expat residents

Discover RAKIslamic Debit Cards

Service Finance - Free debit card & chequebook

Enjoy the freedom a RAKislamic Debit Card provides. With the latest Tap & Go technology and chip protection, you can spend with peace of mind knowing your details are safe and secure.
 
Shop at more than 36 million outlets worldwide.

Free debit card and chequebook

Free debit card & chequebook

Service Finance - Flexible payment periods

With our Service Finance, you have flexible payment periods of up to 12 months, enabling you to tailor your payments according to your own needs. This allows you to borrow money from us, so that you can turn your lifestyle dreams into reality.

Flexible payment periods

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No valuation fee

Processing fee: 1% of finance amount (min AED 500, max AED 2,500)

Max tenor: 12 months

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With Salary Transfer

Benefits

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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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

<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

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

Download the RAKBANK 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.

Finance Features

Designed with you in mind

Indicative Service Finance Calculator

How to use this calculator

Eligibility & Fees

You're closer to your ideal finance than you think

Upgrade your experience

Relevant links

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