Features & Benefits

1

Rate of Return up to 4.5%*

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Profit is calculated based on your daily average balance

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Profit credited to your account monthly

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Shariah compliant

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Deposit and withdraw anytime with no fees

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No minimum balance requirement

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Servicing channels through Internet Banking, ATM, and branches

* Terms and conditions apply.
Click here to see Mudarabah Tiered Saving Account Profit Rates ceiling.

Make Trade Finance requests on the go

Jeddah Tahlia Branch
Riyadh Main Branch
AlMasif Riyadh Branch
Jeddah Main Branch
Khobar Main Branch
AlQuds Riyadh Branch
Madinah Main Branch
Makkah Main Branch

Required Documents

  • National ID (Ahwal) for Saudis
  • Residency ID (Iqama) for non-Saudis
  • Filling the Account Opening Form

Frequently Asked Questions

The Islamic Savings Account is a Profit paying Sharia Compliant Savings Account product managed under the Islamic principle of “Mudarabah”. Under the concept, the depositor is eligible for a profit pay out. You are issued a free Debit Card, which can be used at all ATMs in the Kingdom (issued in SAR currency only). A statement is issued to customers based on their choice in the account opening form.

The Mudarabah savings account is a Saudi Riyal (SAR ) account with attractive profit rates which comes with a free international debit card, has 24-hour access to the account via ATM, online and mobile banking. Moreover, you have an access to the Emirates NBD branch network.

Any resident individual, including minors (opened and operated by his/her guardian) can open a Savings Account.

No, a company is not eligible to open this Account. Companies are permitted to open a Current Account or a Business Finance company account.

A Mudarabah Savings account is available for the following Individuals:

  • Saudi Resident Individuals including joint account holders.
  • Expatriate Individuals residing in Saudi Arabia including joint account holders.
  • Minor’s accounts to be opened and operated by the guardian.

Yes, a Minor’s accounts can be opened and operated by the guardian. For further details, please contact Emirates NBD on 800 754 7777.

Savings Accounts are available only in SAR currency.

Account statements are issued on a monthly basis.

The depositor’s funds in the savings account are contributed into the Mudarabah pool. The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a monthly basis and credited into the account at the end of every month.

No, cheque books are not issued on Savings Accounts.

There is no minimum average monthly balance for the Mudarabah Savings Account.

Yes. You can deposit money into the account and withdraw money from the account anytime.

The Islamic Savings Account is a Profit paying Sharia Compliant Savings Account product managed under the Islamic principle of “Mudarabah”. Under the concept, the depositor is eligible for a profit pay out. You are issued a free Debit Card, which can be used at all ATMs in the Kingdom (issued in SAR currency only). A statement is issued to customers based on their choice in the account opening form.

The Mudarabah savings account is a Saudi Riyal (SAR ) account with attractive profit rates which comes with a free international debit card, has 24-hour access to the account via ATM, online and mobile banking. Moreover, you have an access to the Emirates NBD branch network.

Any resident individual, including minors (opened and operated by his/her guardian) can open a Savings Account.

No, a company is not eligible to open this Account. Companies are permitted to open a Current Account or a Business Finance company account.

A Mudarabah Savings account is available for the following Individuals:

  • Saudi Resident Individuals including joint account holders.
  • Expatriate Individuals residing in Saudi Arabia including joint account holders.
  • Minor’s accounts to be opened and operated by the guardian.

Yes, a Minor’s accounts can be opened and operated by the guardian. For further details, please contact Emirates NBD on 800 754 7777.

Savings Accounts are available only in SAR currency.

Account statements are issued on a monthly basis.

The depositor’s funds in the savings account are contributed into the Mudarabah pool. The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a monthly basis and credited into the account at the end of every month.

No, cheque books are not issued on Savings Accounts.

There is no minimum average monthly balance for the Mudarabah Savings Account.

Yes. You can deposit money into the account and withdraw money from the account anytime.

No. there are no fees if you withdraw money from the account.

Profit Rates:

Daily Balance Tier AER % Profit Calculation Profit Payment # of Withdrawals permitted per Month
Less than SAR 250,000 3.50% Daily Monthly Unlimited
SAR 250,000 to SAR 999,999 4.50%
SAR 1,000,000 to SAR 4,999,999 4.50%
SAR 5,000,000 to SAR 9,999,999 4.50%
SAR 10,000,000 or higher 3.75%

Monthly Profit Payable:

Daily Balance Tier AER % Daily Balance Profit Payable
Less than SAR 250,000 3.50% SAR 50,000 SAR 150.69
SAR 250,000 to SAR 999,999 4.50% SAR 500,000 SAR 1,937.50
SAR 1,000,000 to SAR 4,999,999 4.50% SAR 2,500,000 SAR 9,687.50
SAR 5,000,000 to SAR 9,999,999 4.50% SAR 6,000,000 SAR 23,250.00
SAR 10,000,000 or higher 3.75% SAR 15,000,000 SAR 48,437.50
Assuming 31 days in the month and daily balance remains same on each day of the month

Profit calculation formula:

(Daily Balance) x (Profit Rate %) x (1 / 360)

AER: Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year.

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