Consumer Banking Accounts – Al Masraf

Consumer Banking Accounts

Consumer Banking Accounts

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Al Masraf Islamic Current Account is a Shari’a compliant account service, operating under the Shari’a principle of ‘Qard Hassan’.
This account offers no return to the depositor apart from the Banks’ guarantee of the principle amount.

The depositor can withdraw funds at any time without notice – that is “on demand”.

Features and Benefits

  • Available in AED, USD, EUR & GBP
  • Free First Cheque Book
  • Free Teller Transactions
  • Free Online Banking Channels
  • Free Phone Banking
  • Free ATM/Debit Card
  • Free Monthly / Quarterly Statements

Eligibility

  • Minimum monthly Salary / Income of AED 20,000
  • Minimum Initial amount to open the account AED 10,000
  • UAE nationals and UAE residence visa holders
  • Must be aged 21 or above

Documentation

  • Valid Passport with residence visa page for Expatriates/Emirates ID.
  • For Joint Accounts, please bring all original passports and valid company documents (all account holders should also be present)

Al Masraf Islamic Banking Savings Account is Shari’a compliant saving scheme operating under the Shari’a principle of ‘Mudaraba’ where the customer share profits and bear losses as stipulated in the Mudaraba Investment Agreement.
This scheme is designed to generate your regular earnings through very competitive profit rates, without limiting your banking transactions.

Features and Benefits

  • Expected Monthly Profits are calculated on daily basis and credited to your account monthly. Please note that you need to maintain a minimum monthly balance of AED 3,000 to be eligible to earn profit.
  • Available in AED, USD, EUR & GBP
  • Free online banking channels
  • Free phone banking
  • Free ATM/Debit card
  • Free first six teller transactions
  • Free account statement (Every six months)

Eligibility

  • Minimum monthly Salary / Income of AED 20,000
  • Minimum Initial amount to open the account AED 3,000
  • UAE nationals and UAE residence visa holders
  • Non-residents on a visit visa or transit visa
  • Must be aged 21 or above

Documentation

  • Application form
  • Mudaraba General Investment Agreement with Terms and Conditions
  • Valid Passport with residence visa page for Expatriates/Emirates ID.
  • Non-residents on a visit or transit visa
  • For Joint Accounts, please bring all original passports and valid company documents (all account holders should also be present

Mudaraba Short Term Deposit is a profit bearing Shari’a compliant product based on Islamic principle of unrestricted ‘Mudaraba’. This exclusive product is unique in the sense that it is a kind of current account which incurs profit.
Mudaraba Short Term deposit is ideally suitable for High Net Worth customers who have frequent transactions and follow a pattern. Like in other Mudaraba deposit products, the depositor acts as the Capital Supplier (Rab Al Mal) of the investment and the Bank acts as the investor (Mudarib).

Here, expected profit is calculated and disbursed on monthly average balance which exceeds minimum deposit requirements.

Features and Benefits

  • A Minimum deposit amount of AED 100,000.
  • Profit is payable on monthly basis based on a minimum average balance of AED 100,000 per month.
  • Competitive Profit Rates as per the current market benchmarks.
  • Deposit can be withdrawn at any time prior to pre notice of 7 Working Days
  • Available in AED, USD, EUR & GBP
  • Free online banking channels
  • Free phone banking
  • Free ATM/Debit card
  • Free first six teller transactions
  • Free account statement (Every six months)

Eligibility

  • Minimum investment equivalent to AED 100,000
  • Must be aged 21 or above

Documentation

  • Application form
  • Mudaraba General Investment Agreement with Terms and Conditions
    • UAE nationals and UAE residence visa holders
    • Non-residents on a visit visa or transit visa
  • For Joint Accounts, please bring all original passports and valid company documents (all account holders should also be present

Looking for a flexible investment option? Al Masraf Mudaraba Investment Account lets you invest your funds with us for a fixed period of time. Upon completion of the period, the amount is reinvested and you can choose to either transfer the distributed profit to an account specified by you or add up the distributed profits and the actual amount and invest it again.

Mudaraba Term Investment Account is Shari’a compliant investment deposit scheme designed to make your investments grow with market-competitive profit rates. It operates under an unrestricted ‘Mudaraba’ Principle.

Like in other Mudaraba deposit products, the depositor acts as the Capital Supplier (Rab Al Mal) of the investment and the Bank acts as the investor (Mudarib), where the customer share profits and bears losses as stipulated in the Mudaraba Investment Agreement

Features and Benefits

  • A Minimum deposit amount of AED 10,000
  • A Higher expected Profit Rate A higher profit rate is expected for Mudaraba Investment Account holders compared to a regular Savings Account).
  • Auto Renewal Facility
  • Premature encashment is allowed (Subject to Terms and Conditions)
  • Available in UAE Dirhams and USD
  • Flexible Investment Period: You can choose to invest with us and claim profits every One, Three, Six, Nine or Twelve months.
  • Financing Option: You can avail of any of Al Masraf Islamic Banking financing option equivalent to the amount you have invested with us
  • Supporting your needs around the clock
    • Al Masraf Internet Banking
    • Phone Banking
    • SMS Banking

Eligibility

  • Minimum investment equivalent to AED 10,000
  • Current or Savings account with Al Masraf is mandatory

Documentation

  • Application form
  • Mudaraba General Investment Agreement with Terms and Conditions
  • Passport/Labor Card in original for id verification
  • For Joint Accounts, please bring all original passports and valid company documents (all account holders should also be present

For Customers who want a periodic, stable income coupled with steady capital appreciation, our Wakala Investment deposit provides the ideal platform and opportunity. This unique deposit scheme offers different maturities structured to allow investors to benefit from a constant and steady source of income, and full invested amount with the profit will be paid at maturity and it based on Wakala Investment method.

Wakala Investment where the customer ‘’the investor’’ (Muwakkil) appoint us, Al Masraf Islamic Banking, as an agent (Wakeel). We will then ensure investment of your funds in Shari’a compliant transactions with constant close monitoring by our team of specialists. Based on “Wakala”, the Bank (Wakeel) will use your investment fund for its general corporate purposes to achieve an agreed profit rate for you.

You will not be able to terminate the agreement, add or withdraw funds before the maturity date. (Subject to prior approval and banks terms and conditions)

Features and Benefits

  • A Minimum deposit amount of AED 100,000 or its equivalent in any other currency. (depending on the currency exchange rate on the date of the deposit)
  • Competitive Profit Rates: earn high returns on your investments with peace of mind
  • Flexible deposit terms ranging from 1, 3, 6, 9, 12 and 24 months
  • Market Competitive Profits are paid on maturity date of each deposit.

Eligibility

  • Minimum investment equivalent to AED 100,000
  • Available to all High Net Worth individuals

Documentation

  • Original valid passport
  • Residence visa for signatory
  • Master Wakala Agreement Form
  • Offer and Acceptance Letter
  • Constitutive documents including Trade License, Commercial registration, MOA and any subsequent amendments and POA’s, if any
  • For Joint Accounts, please bring all original passports and valid company documents (all account holders should also be present

Security Notice

  1. Please do not share your user ID and Passwords with anybody. Keep it totally Confidential
  2. Please Keep your Passwords Complex and change them regularly
  3. Please do not share your Debit/ATM card or Credit card password with anybody. Keep it totally Confidential
  4. Never respond to any Email or SMS asking for your User ID, Passwords, Credit / ATM Card information or any other information. If you receive any, report to us
  5. For using Al Masraf Online Banking, Ensure you type www.almasraf.ae and avoid following any links received via e-mail, SMS, etc.
  6. Ensure your personal, identification and contact details are up to date in our bank records
  7. Ensure to log off immediately once you have finished using your online banking.

إشعار امني

  1. يرجى عدم مشاركة معرف المستخدم وكلمات المرور مع أي شخص. ابقها سرية تماماً
  2. يرجى أن تختار كلمات مرور معقدة مع الحرص على تغييرها بانتظام
  3. يرجى عدم مشاركة كلمة المرور لبطاقة الايداع / بطاقة الصراف الآلي أو بطاقة الائتمان الخاصة بك مع أي شخص. ابقها سرية تماماً
  4. لا ترد أبدا على أي رسالة بريد إلكتروني أو رسالة قصيرة تطلب منك الإفصاح عن هوية المستخدم الخاص بك أو كلمات المرور أو معلومات بطاقة الائتمان/الصراف الآلي أو أي معلومات أخرى. إذا تلقيت أي من الرسائل المشار إليها أعلاه، يرجى منك أن تبلغنا بذلك
  5. لاستخدام خدمات " المصرف " عبر الإنترنت، تأكد www.almasraf.ae و تجنب اتباع أي روابط ترِدُك عبر البريد الإلكتروني أو الرسائل القصيرة أو غيرها
  6. تأكد من أن معلوماتك الشخصية والتعريفية وتفاصيل الاتصال بك المصرح بها في سجلاتنا المصرفية محدثة
  7. تأكد من تسجيل خروجك فورا بعد الانتهاء من استخدام الخدمات المصرفية عبر الإنترنت.

نصائح أمنية لاستخدام الخدمات المصرفية عبر الإنترنت

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