Overview of Emirates Islamic Bank
Emirates Islamic Bank is one of the four Islamic banks in Dubai, United Arab Emirates (UAE). Established in 2004, the bank offers a broad range of products built for individuals, small businesses, and large corporations. Emirates Islamic Bank is committed to delivering the highest quality of banking services in line with the highest standards of Shari’a principles.
As an Islamic bank, Emirates Islamic Bank operates according to the principles of Islamic finance, which prohibits interest-based transactions and promotes risk-sharing and profit-sharing between the bank and its customers. The bank’s Shari’a Supervisory Board ensures that all its products and services comply with Islamic principles.
Emirates Islamic Bank is headquartered in Dubai and has a network of branches and ATMs across the UAE. The bank offers personal, business, and corporate banking services, including savings accounts, current accounts, credit cards, personal loans, business loans, and trade finance.
Emirates Islamic Bank is committed to transparency and has always been transparent in customer dealings. The bank’s Consumer Education and Awareness section updates key facts about its products and services.
In 2020, Emirates Islamic Bank stepped up to support the community throughout the challenging circumstances of the year. The bank offered payment deferments to nearly 40,000 customers impacted by the pandemic.
Banking Services
Emirates Islamic Bank offers a range of banking services to fulfill the needs of its customers. The bank’s services include daily banking solutions, wealth management and investments, and digital banking platforms.
Daily Banking Solutions
Emirates Islamic Bank provides daily banking solutions to help customers manage their finances. These solutions include current accounts, savings accounts, and deposit accounts. Customers can access their accounts through the bank’s mobile banking app and website.
Wealth Management and Investments
Emirates Islamic Bank offers wealth management and investment services to aid customers in growing their wealth. The bank’s wealth management services include investment advice, portfolio management, and financial planning. Customers may also invest in various products, including mutual funds, equities, and fixed-income securities.
Digital Banking Platforms
Emirates Islamic Bank provides digital banking platforms to help customers manage their finances. The bank’s mobile banking app permits customers to access their accounts, transfer money, pay bills, and manage their finances from their mobile devices. The bank’s website provides online banking services, including account management and online payments.
Overall, Emirates Islamic Bank provides a range of banking amenities to suit the needs of its customers. Whether customers are looking for daily banking solutions, wealth management and investments, or digital banking platforms, Emirates Islamic Bank has a range of products and services to meet their needs.
Account Management
Opening an Account
Emirates Islamic Bank offers a range of Sharia-compliant banking solutions for individuals and businesses. To open an account, customers can visit any bank branch or apply online through the bank’s website. The bank offers multiple types of accounts, including current accounts, savings accounts, and deposit accounts, to cater to the diverse requirements of its customers.
To open an account,
Customers need to provide their personal and financial details, including their Emirates ID, passport, and proof of income. The bank designates a unique account number for each customer, which is used to identify their account.
Login and Security
Emirates Islamic Bank provides customers a secure and transparent online banking platform to manage their accounts. Customers may enter their accounts using their username and password, which they set up during the account opening process.
To ensure the security of its customers’ accounts, the bank uses advanced security measures, including two-factor authentication and encryption. Customers are encouraged to keep their login credentials confidential and change their passwords regularly to prevent unauthorized access to their accounts.
In conclusion, Emirates Islamic Bank provides its customers with a range of Sharia-compliant accounts to manage their finances. The bank offers a transparent and secure online banking platform to manage their accounts, ensuring the safety of their personal and financial information.
Credit and Financing Options
Emirates Islamic Bank offers a range of credit and financing options to cater to the diverse needs of its customers. These options are designed to provide customers with flexible and affordable solutions to meet their financial requirements.
Personal Finance
Emirates Islamic Bank offers personal finance to help customers fulfill their finance needs at a low-profit rate. Customers can avail of personal finance in Dubai, Abu Dhabi, or wherever they are based in the UAE. The bank provides a high finance amount of 2 million and up for expats and up to 4 million for UAE nationals. The profit rate is low, and the repayment periods are flexible, with extended repayment periods of up to 48 months.
Credit Cards
Emirates Islamic Bank provides a range of credit cards to suit different customer needs. To apply for an Emirates Islamic credit card, customers must be at least 21 years old and meet the eligibility requirements. If the customer is employed, they need to meet the minimum income needs for the card. If they own a business, i.e., self-employed, they may apply for a credit card with Emirates Islamic Bank.
Auto Finance
Emirates Islamic Bank offers auto finance to help customers purchase their dream car. The maximum auto finance amount available is 1.5 million AED. Insurance compliance is a condition for financing. The grace period for the first installment is up to 60 days. Customers cannot reschedule auto finance.
Overall, Emirates Islamic Bank provides a range of credit and financing options to cater to the diverse needs of its customers. The bank’s offerings are designed to provide customers with flexible and affordable solutions to meet their financial requirements.
Mobile Banking Experience
Emirates Islamic Bank offers a mobile banking app that offers easy and secure ways for customers to manage their accounts. The app is available for Android and iOS devices and can be downloaded from the appropriate app stores.
Features of Mobile Banking App
The mobile banking app offers a range of features that allow customers to access their accounts and perform various transactions on the go. Some of the main features of the app include:
- Checking account balances and transaction history
- Making fund transfers between Emirates Islamic accounts
- Making local and international fund transfers
- Paying bills and credit card payments
- Locating ATMs and branches
- Applying for new products and services
The app also offers a feature called Quick Balance, which allows customers to view their account balance without needing to log in to the app. This feature can be authorized from the app settings.
Security in Mobile Banking
Emirates Islamic Bank takes the security of its customers’ information very seriously and has implemented various measures to ensure the safety of the mobile banking app. The app uses industry-standard encryption to protect all data transmitted between the app and the bank’s servers.
The app requires customers to log in with their username and password or biometric authentication, such as fingerprint or face recognition. It also automatically logs out after inactivity to prevent unauthorized access.
Customers are advised to keep their login credentials and mobile devices secure and to report any suspicious activity immediately. Additionally, customers can enable push notifications for account activity and set up transaction alerts to monitor their accounts for any unauthorized activity.
Overall, Emirates Islamic Bank’s mobile banking app offers customers easy and secure ways to manage their accounts on the go. With various features and robust security measures, customers can rest easy knowing that their information is secured while using the app.
Legal and Compliance
Emirates Islamic Bank is committed to complying with all corresponding laws and regulations relating to corporate governance issued by the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Dubai Financial Market (DFM), and other relevant authorities.
The bank has established an in-depth understanding of its organizational and legal structures to ensure compliance with prudential regulations and requirements. Additionally, the bank has implemented a comprehensive risk management framework with a finance and compliance function as a second line and an internal audit function as a third line of defense.
Emirates Islamic Bank has a Corporate Governance Manual that contains information on the bank’s policies, procedures, and practices. The manual is the property of Emirates Islamic. It may not be copied, used, or revealed in whole or in part, stored in a recovery system, or transmitted in any form or by any means without prior permission.
The bank’s corporate governance framework and its subsidiaries are designed to ensure that the board of directors has the necessary skills and expertise to provide effective oversight and guidance to the bank’s management. The board composition includes members with diverse backgrounds and qualifications, and the bank has established appropriate committees to oversee key functions such as risk management, audit, and remuneration.
Emirates Islamic Bank has established a reputation as a leader in Islamic finance and is committed to maintaining its position through continued adherence to best corporate governance and compliance practices. The bank’s approach to legal and compliance matters is an essential aspect of its business operations, and it takes this responsibility seriously.
Customer Support and Assistance
Emirates Islamic Bank offers customer support and assistance services to help customers with their banking needs. Customers can contact the bank through various phone, email, and online channels.
Phone Support
Emirates Islamic Bank provides 24/7 phone support to its customers through its call center. Customers can dial the helpline number 600 599 995 to speak to one of the bank’s friendly and knowledgeable team of agents. The bank’s automated Interactive Response Service (IVR) is also available for customers who prefer to conduct their transactions through an automated system.
Email Support
Customers can also reach out to Emirates Islamic Bank through email. The bank’s email address is customer[email protected], and customers can anticipate a response within a reasonable time frame.
Online Support
Emirates Islamic Bank’s website provides a comprehensive list of frequently asked inquiries to help customers find answers to common queries. The website also has a chatbot to assist customers with their banking needs. Additionally, customers can access their accounts and conduct transactions through the bank’s online banking and mobile banking channels.
Overall, Emirates Islamic Bank’s customer support and assistance services are designed to provide customers with a seamless banking experience. Whether customers prefer to reach out by phone, email, or online, the bank’s friendly and knowledgeable team of agents is permanently ready to assist.
Investment Opportunities for Individuals
Emirates Islamic Bank offers a wide range of investment opportunities to suit the financial goals of individuals. These investment opportunities are built to cater to the needs of investors and provide them with the best possible returns on their investments.
Equity Trading
Emirates Islamic Bank provides a platform for individuals to trade in regional and international equities and debt instruments. This allows individuals to expand their portfolios and invest in various asset classes and geographic regions.
Sharia-Compliant Funds
Emirates Islamic Bank offers a variety of Sharia-compliant funds that invest in different asset classes and geographic regions. These funds are designed to provide individuals with a diversified portfolio of Sukuks or investments in commodities. The bank’s investment advisors can help individuals select the right funds that cater to their needs.
Investment Term Deposits
Emirates Islamic Bank offers investment term deposits in AED and USD with flexible deposit tenure periods. Individuals can manage their accounts through online banking and conduct transactions conveniently. Phone banking is also available, giving individuals access to their accounts anytime, anywhere. SMS account updates are provided for charge card balances and other transactions.
Gold Certificates
Emirates Islamic Bank offers gold certificates that allow individuals to put their money in gold without the need to possess it physically. These certificates are a convenient way to invest in gold and provide individuals with an alternative investment option.
Islamic Funds
Emirates Islamic Bank offers Islamic funds that invest in various asset classes and geographic regions. These funds are designed to provide individuals with a diversified portfolio of investments that comply with Islamic principles.
Overall, Emirates Islamic Bank provides individuals with various investment opportunities that cater to their financial goals. Individuals can choose from equity trading, Sharia-compliant funds, investment term deposits, gold certificates, and Islamic funds. The bank’s investment advisors can assist individuals in selecting the right investment options that cater to their needs.
Frequently Asked Questions
How can I contact Emirates Islamic Bank customer care?
Customers can contact Emirates Islamic Bank’s customer care team through multiple phone, email, and live chat channels. The bank’s customer care team is available 24/7 to aid customers with their inquiries and concerns.
What are the requirements to open an account with Emirates Islamic Bank?
To open an account with Emirates Islamic Bank, customers must provide a valid Emirates ID, proof of residence, and proof of income. The bank offers a range of account types, which include current accounts, savings accounts, and deposit accounts.
What is the minimum balance required to maintain an account in Emirates Islamic Bank?
The minimum balance required to maintain an account with Emirates Islamic Bank varies depending on the type of account. Customers should check the bank’s website or contact customer care for more information on minimum balance requirements.
How do I find the nearest Emirates Islamic Bank branch?
Customers can use the bank’s website or mobile app to locate the nearest Emirates Islamic Bank branch. The bank has a vast network of branches and ATMs across the UAE, making it easy for customers to open their accounts and conduct transactions.
What is the minimum salary requirement to obtain a credit card from Emirates Islamic Bank?
The minimum salary requirement to obtain a credit card from Emirates Islamic Bank is AED 5,000 monthly. The bank offers various credit cards with various benefits and rewards, including cashback, discounts, and loyalty points.
How can I find the SWIFT code for Emirates Islamic Bank?
Customers can find the SWIFT code for Emirates Islamic Bank on the bank’s website or by contacting customer care. The SWIFT code is a unique identifier used to facilitate international money transfers.
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