Al Hilal Bank – Savings Account
Minimum Salary
AED 0
Annual Return
0.36%
Minimum Balance Required
AED 0
Features
Islamic Banking, Islamic Finance, Sharia Compliant, Online Banking, Multiple Currencies, Free Cheque Book, Internet banking

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Key Features:

  • Shariah Compliance: Fully compliant with Shariah principles.
  • Prizes:
    • AED 1 Million prize every month.
    • 20 prizes of AED 1,000 each month.
  • Profit Distribution: Monthly profit distribution.
  • Thumb Impression Recognition: Facility available for added security.
  • No ‘Fall Below’ Fee: No charges for not maintaining a minimum balance.
  • Currency Options: Available in AED, USD, GBP, EUR, and CAD.
  • Personalized Account Number: Enjoy a personalized account number.
  • Free Visa Debit Card: Receive a free personalized Visa Debit Card.
  • Free E-Statement: Monthly e-statements at no extra cost.
  • Comprehensive Banking Facilities: Access to free Internet, Mobile, SMS, and 24/7 Automated Banking facilities.

Shari’a Compliance

  • Principle: This investment account operates on the Islamic principle of Mudaraba, where profits are shared, and losses are borne as stipulated in the Banking Service Agreement.

Calculator Definitions

  1. Amount (Principal):The total sum of money borrowed. This is the initial amount loaned to the borrower.
  2. Rate (%):The annual interest rate applied to the borrowed amount. This rate, also known as the Annual Percentage Rate (APR), will be calculated in this example.
  3. Years (Term):The original duration of the loan or financial product, expressed in years.
  4. Effective Monthly Payment:This is the monthly payment amount that includes the principal, interest, fees, and other costs associated with the loan. This comprehensive payment figure is used to calculate the APR.
  5. Calculated Annual Percentage Rate (%):The APR reflects the annual cost of borrowing, including the interest rate plus any additional fees and costs. This comprehensive rate allows for a more accurate comparison of different financial products with varying interest rates and fee structures. The APR may vary between financial institutions.
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