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Islamic Finance up to 20 times your Salary
Islamic Finance in UAEPersonal Loan with Shariah Compliant
Islamic finance in UAE is financing activity that complies with sharia and its practical application through the development of Islamic economics. Few modes of Islamic finance are Murabahah, Mudarabah, Wadiah, Musharaka and Ijara.
Islamic banking started in the late 1970s with few institutions and gradually increased in the last few decades.
Dubai Islamic Bank is the first Islamic Bank in the world to incorporate Islamic principles. Dubai Islamic Bank was established in the year of 1975 and became the first commercial Islamic bank in the world.
Features and Benefits of Islamic Banking in UAE
There is a list of benefits to opting for Islamic Banking in the UAE:
Access to All: Although it is based on the principles of Islamic law, Islamic banking services are available to non-Muslims as well.
Principle of Justice: Islamic banking model is based on the principle of profit-sharing, whereby risk is shared by the bank and the customer. This system provides a proportionate distribution of income and wealth.
Discouraging Harmful Practices: Islamic Shariah principles prohibit any transactions that support industries or activities forbidden in Islam, such as usury, speculation, and gambling.
Eligibility for Islamic Finance in UAE
Minimum fixed income of AED 5,000.
Minimum age of the applicant should be 21.
Good and healthy Credit Score or Credit History.
Minimum 6 months at the present company.
Bank account with regular salary credit.
Documents for Islamic Finance in UAE
KYC Documents – Passport and Visa Copy, Emirates ID.
Income Proof – Salary Certificate or Payslips.
Latest 3-6 Months Bank statement.
Security Cheque as per bank’s discretion.
Top Banks offering Islamic Loan in UAE
| Personal Loan Providers | Reducing Interest Rate | Minimum Salary Required | Maximum Loan Amount |
|---|---|---|---|
| Emirates Islamic Personal Finance for UAE Nationals | 5.5% | AED 10,000 | AED 4,000,000 |
| Dubai Islamic Bank Personal Loan | 8.99% | AED 3,000 | AED 4 million for Emiratis AED 2 million for Expats |
| ADCB Islamic Finance | 5% | AED 5,000 | Up to 20 times salary |
| ADIB Personal Finance | 7.77% | AED 8,000 | AED 3 million for Emiratis AED 1 million for Expats |
| SAMBA Al Khair Salary Transfer Finance | 9% | AED,5000 | AED 600,000 |
| Ajman Bank Standard Murabaha | 5.99% | AED 6,500 | Up to AED 1,000,000 finance for Expatriates & AED 3,000,000 for UAE Nationals |
1. Emirates Islamic Personal Finance for UAE Nationals
Emirates Islamic Bank Personal Loan without salary transfer Features:
| Minimum salary requirement: AED 10,000 | Maximum Loan Amounts: – AED 400,000 |
| Sharia-Compliant: YES | Reducing Interest Rate: 5.50% |
| Processing fee is 2.50% | Early Settlement Fees: 1% |
High salary multiples
The processing fee is 2.50% of the finance amount (Min AED 500, Max AED 2,500)
This finance is sharia-compliant
Pre-approved credit card
Eligibility:
The minimum age of the applicant should be 21.
Salary transfer not required.
3. Dubai Islamic Bank Personal Loan
Dubai Islamic Bank Loan without salary transfer Features:
| Minimum salary requirement: AED 3,000 | Maximum Loan Amounts: – AED 4 million for Emiratis AED 2 million for Expats |
| Sharia-Compliant: YES | Reducing Interest Rate: 8.99% |
| Processing Fee: 1% | Early settlement Fees: AED 1,050 – AED 2,620 |
This finance is sharia-compliant
Simple, quick approval process
Murabaha structure followed
Nominal processing fees
Eligibility:
The minimum age of the applicant should be 21.
Salary transfer not required.
Frequently Asked Questions
Can I avail a non-salary transfer personal loan without a bank statement?
No. A bank statement with regular salary credits is a mandatory document to apply for a personal loan without salary transfer in UAE.
What is the minimum salary requirement to apply for a Loan without a salary transfer in UAE ?
The minimum salary requirement to apply for a loan without salary transfer in UAE starts from AED 3000. However, it’s the sole discretion of the bank and changes from time to time.
Do Banks check AECB or Credit report for applying Non-Salary Transfer Loan in UAE?
Yes, all banks and financial institutions in UAE do check your Credit Score to evaluate your creditworthiness before providing any credit facility.
My company is not listed in any bank. Can I apply for a loan ?
Yes, people working in a Non-Listed Company may also apply for a loan without a salary transfer in UAE.
Is there any minimum work experience required to be eligible for a personal loan in UAE without salary transfer?
Yes, a minimum of 6 months in the present company is required to be eligible for a non-salary transfer loan in UAE.