- It is instant - It takes less than 5 minutes to set up your account, and because it’s all done online there's no need to visit any branch. You can setup up to 5 Active Saver Accounts through ADCB Personal Internet Banking.
- Save more, earn more - Profit is calculated in a Sharia compliant manner and is distributed in accordance with the Sharia approved profit distribution mechanism which is approved by the Sharia Board. Due to higher weightages assigned to the Islamic Active Saver Accounts, the more you save the more you earn.
- Ease and convenience - Pay credit card bills, make fund transfers, redeem TouchPoints, credit funds for Red Crescent and open fixed deposits - at your convenience, at the click of a button.
- Flexibility - Online access anywhere, anytime means you can manage your savings outside Bank hours
- Get an Active habit - Transferring money into your Islamic Active saver account is just a mouse click away, so it's easier to develop a regular saving habit.
- Encourages saving - With no ATM card or chequebook, there is less temptation to withdraw your hard-earned savings.
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Islamic Active Saver Account
Don't let your ambitions wait
Get the Islamic Active saver advantage
Whether you’re saving for a wedding, school fees, a vacation, or just to provide yourself with a nest egg for the future, the Islamic Active saver account earns you more on your savings, so you achieve your financial ambitions faster.
Special Features of Islamic Active Saver Account
Quick Account Opening
Opening an Islamic Active Saver account is quick and easy!
- Complete the Online Islamic Active Saver application form. This will generate your account number online.
Save more, earn more:
The higher your daily account balance, the higher the profit you should expect to earn
Daily Account Balance Expected Profit per annum Less than AED 10,000 0.01% p.a. AED 10,000 and less than AED 50,000 1.75% p.a. AED 50,000 and less than AED 100,000 1.60% p.a. AED 100,000 and less than 2,000,000 1.40% p.a. Above AED 2,000,000 1.00% p.a.
- What is an Islamic Active Saver Account?
The Islamic Active Saver is a Sharia compliant Mudaraba based savings account product and it is designed in a manner that it is to be operated exclusively online on ADCB Personal Internet Banking, thus making it accessible anytime, anywhere and due to higher weightages assigned to this account, the expected rate of profit to be earned under this account is higher than the other Mudaraba based savings accounts.
The Islamic Active Saver account does not have a minimum balance requirement or monthly fees, allowing more savings. The account can only be opened online (Apply Online), with an initial deposit of One Thousand Dirhams.
- How many Islamic Active Saver Accounts can be set up through ADCB Personal Internet Banking?
You can setup up to 5 Islamic Active Saver Accounts through ADCB Personal Internet Banking.
- How is profit calculated on the account?
Profit is calculated in accordance with the Sharia approved profit distribution mechanism and paid on a quarterly basis. Profit is paid as per the weightages assigned to various tiers dependent on the daily balance maintained. If the daily balance in the account changes tier, the profit is calculated using the corresponding weightages assigned to a specific tier. So, the more the account balance, the more the profit you are expected to earn.
- Does Islamic Active Saver Account charge any transaction fees?
Since the Islamic Active Saver account encourages savings, any deposit made in to the Islamic Active Saver account are free of any transaction charges, through the branch or through ADCB Personal Internet Banking.
On ADCB Personal Internet Banking, the account allows 1 free credit card bill payment per month, and 1 free fund transfer within ADCB per month. After the 1st free credit card bill payment or fund transfer within ADCB, all debit transactions are charged. Fund transfers to non-ADCB accounts are charged from the 1st transfer.
Using the account to create fixed deposits or redeeming TouchPoints are not charged any transaction fees.
All withdrawals/transfer transactions made at the teller counter in any ADCB branch are charged. Please see 'Fees and Charges' to know more about the charges applied on the account.
- Is there a profit forfeit condition on the Islamic Active Saver account?
There are no conditions, and profit is never forfeited. However, as stated above, any withdrawals over the monthly limited transactions are charged a transaction fee.
- Which banking channels can be used to access the Islamic Active Saver account?
The Islamic Active Saver account is an account operated online, through ADCB Personal Internet Banking. ADCB Personal Internet Banking allows fund transfers within ADCB or to any other bank locally and internationally, withdrawals and deposits, opening of fixed deposits, and redemption of TouchPoints all at a click of a button.
For added convenience, visit any of the ADCB branches to make deposits or withdrawals. However, for every withdrawal made at the branch from the ADCB Islamic Active Saver Account a transaction charge is applied. Please see 'Fees and Charges' to know more about the charges applied on the account.
To encourage regular savings, ATM card and chequebook are not issued. An existing ATM/Debit Card cannot be linked to the ADCB Islamic Active Saver account either.
Please call us at 800 2030 anytime for any help or queries related with the ADCB Islamic Active Saver Account.
- Do the Aspire-Relationship Pricing fees apply?
If you only have the Islamic Active Saver account, then Aspire Relationship Pricing fees do not apply. If you maintain another current or savings account relationship then the Islamic Active saver account balance is included in the Total Relationship Balance.
- Do the Islamic Active Saver transaction charges apply to all customers, including Privilege or Excellency customers with the Active Saver account?
Yes, the Islamic Active Saver account transaction fees apply to all ADCB customers, including Privilege Club and Excellency customers.
- Does Islamic Active Saver account offer an SMS alert service?
Yes, free SMS alerts are sent to Islamic Active Saver Account holders. See the full list of SMS alerts here.
- Can the Islamic Active Saver Account be held in currencies other than the UAE Dirham?
No, the Islamic Active Saver Account is offered only in UAE Dirhams.
- Can business customers hold an Islamic Active Saver Account?
No, the Islamic Active Saver Account is offered only to individual customers.
- Is it possible to transfer salary directly into this account?
No, salary transfers into the Islamic Active Saver account are not permitted.
- Is Islamic Active Saver Account Shari'ah compliant?
Yes, Islamic Active Saver Account is Shari'ah compliant. It is based on the Islamic concept of Mudaraba and is approved by the Sharia Board of ADCB IB.
- What is an Islamic Active Saver Account?
Fees and Charges
The following charges will be applied to Islamic Active Saver Account:
Minimum balance requirement None Fall below fees None Semi annual fees None Branch Teller Transactions Cash Withdrawals 6 Free Transactions per month,
AED 10 per additional transaction
Funds Transfer within ADCB AED 25 per withdrawal transfer Cash/Cheque Deposits Free and Unlimited for deposits Inward Remittance Credit to Account in AED Free Foreign currency Credit to Account in AED Free Outward Remittance Transfers within UAE AED 10.00 Telex/Swift* (All Other Countries) AED 75 Cancellations/Amendments AED 30 ADCB Personal Internet Banking Credit Card Bill Payment One free per month, thereafter
AED 25 per transaction
Funds Transfer within ADCB One free per month, thereafter
AED 25 per transaction
Outward funds transfer* Transfers within UAE Free GCC/India Free Other Countries Free *The above charges are for ‘SHARED’ option only at bank counter or on ADCB Personal Internet Banking. The receiving or intermediary banks may deduct additional charges, if applicable. If you have opted for ‘OUR’ option, an additional corresponding bank charge of AED 100 for foreign currency fund transfers or AED 1** for local currency (AED) fund transfers will apply at bank counter or on ADCB Personal Internet Banking. If the commissions, fees, or other charges are passed on to the Bank by the correspondent or the beneficiary bank, then the Bank may debit such amounts from your account with the Bank post the funds transfer. These charges are also applicable to Privilege and Excellency customers.
Free Banking excludes Islamic Active Saver Accounts.
To know more please refer Free Banking Terms & Conditions
** Effective from 11th April 2015.
- UAE Nationals and Residents with valid visa only.
- Age of 21 years and above
- An Islamic Active Saver account cannot be opened as a joint account or for a minor.
Approved by Shari’ah and Supervisory Board
All ADCB Islamic Banking products and services are approved by the Fatwa and Shari’ah Supervisory Board.
To view the fatwa issued by the Chairman, Shari’ah Supervisory Board authenticating compliance of product structure and validating the documentation, please check the following links:
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