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Customer Literacy

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Know your Banking Products

Current Accounts

DIB Current Account is a call deposit account based on the principle of Qard-Hassan (Interest Free Loan) whereunder the depositor (as lender) is able to deposit funds with the Bank (as borrower) on an on-going basis.  The subject product is governed by the principles of an interest free loan, with the balance guaranteed and repayable by DIB on demand by the depositor. The amount deposited by the depositor with DIB under this product is not entitled to any investment profit nor bears any risk whatsoever.


A current account is a bank account that you (Customer) use to manage all of your day-to-day payments. It is the account your salary gets paid into, where your bills are debited from and the account you will use to withdraw money from cash machines (ATMs). It is also an account you are likely to use most to pay for everyday goods and services with a debit card.

There are different kinds of current accounts in DIB. A standard account will usually give you a debit card and cheque book.

DIB current accounts, offer internet banking, mobile banking, and in-branch banking, allowing accountholders to do all of your day-to-day banking either on the go or face to face. These accounts will also entitle you to avail some special services like a Salary in Advance facility to help with your sudden and unexpected expenses.

How do you qualify?

The kind of current account that you qualify for, usually depends on your monthly income, credit score, and personal circumstances.

Savings

DIB investment savings account is structured on the principle of Mudaraba whereunder the depositor (Rab Al Mal) is able to deposit its savings as a deposit for an unlimited period with DIB (Mudarib) and authorizes DIB (as Mudarib) to invest such funds on the basis of unrestricted Mudaraba contract in accordance with the principles of Sharia.

The invested funds under the subject product participate in the profit from the first day of such deposit. Funds of investment savings deposit account and other un-restricted investment deposit accounts are invested on unrestricted Mudaraba basis in the joint investment pool amongst the depositors and the shareholders. The profit entitlement of the depositors under the subject account is determined in accordance with the weightages as notified by DIB and the average balance of the deposit during the profit distribution is considered for profit distribution.

In case of any loss, the depositor (Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba.

In case the deposited amount (on any day) in this account is less than a specified limit then the account shall be treated as a current account and will not be entitled to participate in the generated profits.

If you can afford to save money you do so. It is a general rule of life that each should try to keep at least three months’ salary in the bank at all times – it can be called as an ‘emergency fund’ - just in case the worst happens, and you lose your job.

Building up a healthy savings account is good for your peace of mind and for your ability to plan ahead and achieve life’s milestones – like buying a car, getting married, or purchasing a property.  

Dubai Islamic Bank, has saving accounts for minors, to help young people start to learn financial literacy and how to make saving. Dubai Islamic Bank’s ‘Shaatir Savings’ or ‘Al Islami’ accounts are a simple, fun, and exciting way for youngsters to understand what a bank account is and why it is important.
Savings accounts sometimes limit the number of certain types of transfers or withdrawals you can make from the account every month or year.

Cut back on leisurely spends

If you can afford to put money away every month then the best way to start is to examine your income to make sure you don’t leave yourself short by saving. You can understand this by creating a budget that includes all of your fixed expenses every month – travel, food, bills, rent, and toiletries. This exercise can also help you to identify where you might be able to cut back on unnecessary spending.

Once you know how much you can afford to save every month, set up automated monthly transfers to your savings account so that the money comes out of your current account, and you don’t accidentally spend it.

Find creative ways to save (Adopt a saving habit)

Never forget that money naturally depreciates because of inflation. If the cost of living goes up by 1% in one year, your savings are automatically depreciates by 1%. So, it is important to be aware that there are different ways to save that will pay you a profit, depending on how much you save, how long you save for and whether or not you want to have regular access to it. The best way to save is to try to find a Sharia Complaint savings account that pays you a Halal profit rate that is higher than the rate of inflation.

Once you get in the hang of saving money and getting paid for it, you can start to think about other ways to make your money work harder for you – pension schemes or other investment plans can help you to get more from your money. It’s a great idea to speak to a financial advisor or a bank manager that you have a good relationship with to help you understand how the markets work, what the associated risks might be, and how you can invest in a way that reflects your situation, expectations and give you a Sharia Complaint return.

How does a Saving Account differ from a Current Account?

Opening a bank account always put the individuals in doubt about the right choice for them. Most of the bank accounts are common in their nature but the choice of the best selection depends primarily on your banking needs.

The saving account is a deposit account with limited transactions compared to the current account that is meant for ongoing transactions and the need to access the account frequently. The saving account is convenient option to save your money or open it for minors, in different currencies, and earn a profit on your deposit, which is beneficial for any future emergencies.

The requirement to open the current account or maintain a minimum balance is much higher than the saving account. However, Individuals may avail more facilities offered through the current account such as Salary in Advance facility, unlimited withdrawals or deposits, with more features that are suitable for all business purposes.

Savings Account is an income generating account while current account is just safe keeping accounts without any income. On the other hand, in case of any loss, your saving account will bear pro rata loss sustained by the investment while in case of current account, it is guaranteed and you will not lose your capital.

Investments

DIB provides investment services for all kinds of customers - corporate, institutional, and sovereign / quasi-sovereign clients (governments funds). For personal investors, DIB provides an invaluable source of advice and guidance on how to grow capital and plan for the future.

Dubai Islamic Bank assists with every aspect of the Customer’s finance requirement. Dedicated professionals provide innovative Sharia-compliant capital raising and financing solutions in line with the Customer’s changing requirements and market conditions.
         
How do Islamic and non-Islamic investments differ?

One of the core differences between Sharia compliant and Sharia non-compliant investment practices is interest. If an enterprise is financed by debt with an obligation to pay interest, the risk of the business is not being shared fairly.

Islamic investment vehicles tend to be asset-backed, with investors receiving a direct profit rather than interest. Being asset-backed, they are more stable, and the risk is shared more equally.

Islamic investment products include Sukuk, Syndicated Facilities, Project Finance & Club Facilities – all structured and documented in accordance with the principles of Sharia.

A general rule of thumb

Beware of investments that appear to be too good to be true. You may be approached about investing in high-return investment opportunities in what is likely a non-existing business. They may claim to have invented a cure for the virus or have the technology or other innovations that will be in demand by hospitals. Do not provide any funds for investments or provide any personal information until you talk to your investment broker or advisor first. They should be able to determine the credibility of the investment and claims – and ensure they are Sharia compliant.

What you need to know about financing? 

Financing in Islamic banks means that you will avail some facilities such as car, home, goods, assets etc. through Sharia complaint structures and you will pay your monthly instalments to the Islamic bank. To avail this service, you need to apply directly for these facilities online, over the phone, or in person by visiting DIB’s nearest branch to you.

Once DIB approves your application – which will typically happen after a credit check – it will   offer you the facility and upon its acceptance you will execute the required documents and avail of the required finance facility.  After availing the finance facility, you   will pay normally in monthly installments as per the agreed payment schedule of the finance documents, until the total amount of the finance facility is paid off.

DIB provides the Customers with all kinds of finances in line with Sharia principles.

Always remember that there are alternatives to financing – like saving a little every month to make your purchase with cash. Good planning, sensible monthly savings, and a little financial discipline go a long way to building up a good credit score, avoiding bank financings altogether, or securing competitive rates when you do need to avail financings.

What happens when you miss a payment?

If you miss a payment, DIB shall not charge you a missed or late payment fee. However, as per the transaction documents you will undertake that in case of any late payment, you will donate a specific amount to be transferred by DIB to a charity account on your behalf. In addition to this, any late payment can damage your credit score.

Of course, life happens and sometimes each can be made redundant, or other life events challenge the stability of finances. When these things happen and you fear that you might not be in a position to meet your next payment date, you should always call DIB. DIB is there to work with you to help you get through difficult times.

DIB will help you by listening to your situation and coming up with possible solutions that can help you in the near, mid, and long term. When you think about it from the bank’s perspective, DIB wants to get you back on track so that you can pay your instalments. Solutions might include taking a finance holiday or restructuring your finances to make them more affordable.

Buying A New Home (Home Finance)

Buying a home is one of the most exciting milestones in every adult’s life – but it can be daunting. With so many different ways to get a home finance, a good starting point would be to check in with DIB home finance team to get some advice on how home finances work.

The amount that you can buy your home will depend upon what your salary is, the payment term, and how much you have to participate in buying the home. When deciding how affordable your home finance is, you also need to bear in mind that. DIB will offer a range of different home finance products. At Dubai Islamic Bank, all home finances are Sharia compliant, and they come with minimum salary requirements, long tenures, maximum finance amount, competitive profit rates and seamless payment solutions.

When seeking a home finance, DIB will carry out a credit check to assess your suitability as a customer. The kind of home finance you apply for – and subsequent profit rate – will vary depending on whether the property you are buying is a resale, a new-build, or an off-plan purchase.

Sharia-compliant home financing?

Sharia-compliant home financing is structured differently to non-Islamic home financing products.
DIB Home Finance (main product) is based on the principles of Ijara. Under this product, DIB will purchase a property or an undivided share thereof (the Property) from a third-party seller or the Customer and then lease the same to the Customer for a certain period of time on Ijara Muntahiya bittamleek basis. At the successful completion of the lease period, DIB, upon exercise of the sale undertaking by the Customer, will be obliged to sell the Property to the Customer for a nominal value.

DIB needs collateral to protect itself if you are unable to meet your monthly instalments, So, the property will be owned by DIB throughout the financing period but the property may remain registered in your name. However, the property will remain mortgaged with the land department in favour of DIB as a security. 

Difference between Islamic and Conventional Banks

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Tips on Healthy Banking Practices


Understanding your Credit Score

Your credit score is really important – it is a snapshot of your creditworthiness today and for the near term. Typically, a credit report will combine multiple factors – like how much you may have availed financings before, whether or not you ever missed instalment payments, and what your total amount of liability is today.

Effectively, it is a way for potential financiers to understand what kind of a customer you are. People with a higher score are considered lower risk, more likely to manage their payments well, and subsequently secure financings at a competitive rate.

 

But don’t worry – your score will typically fluctuate over time, depending upon a range of factors like how long you have lived in your current address or if you have recently made any other credit applications.

Staying Safe Online (Avoiding Scammers)

Scammers are sophisticated, opportunistic, and will try many things. There are countless methods that fraudsters use to carry out scams through using email, text messages, phone calls, and home visits all in an attempt to encourage you to provide money or personal information. Unsolicited email and text messages may also trick you into clicking for more information about things like a cure for the COVID-19 or free face masks.

Healthy skeptism

The very best advice is to adopt a healthy level of caution whenever you are asked to discuss your finances or when you receive communications. That caution should even apply when you receive solicitations for a donation of money to charities to help those who are affected by illness or disease.

Never provide cash, credit cards, or personal information without verifying the legitimacy of the charity. Do not be pressured into giving immediately. Take your time to confirm the charity is registered and licensed with the government.

Top tips

To stay safe online, just take note of the following top tips:

  • Reject offers of products or services that come from unknown or unverified persons, on social media, through emails, or on your phone.
  • Do not rely on the promises in advertisements, on social media, and paid-for/sponsored adverts online.
  • Do not click on links or open emails from senders you don’t know.
  • Use reliable sources and official websites to check whom you are dealing with.

Managing your Day-to-day Finances (Budgeting)

Managing daily finances can be difficult, particularly when holding down a busy job, raising a family, paying down accumulated liabilities, or saving for your future. Very often, difficult spending choices need to be made.

To keep on top of your day-to-day spending it is a great idea to track everything you spend. Digital banking applications now make it easy to see what you are spending, review what you have spent and identify waste.

Create a monthly, weekly, and daily budget

A great starting point is to work out how much money you have left after you have paid your essential bills – rent, electricity, gas, water, transport, and groceries. Whatever you have left is your disposable income. If you divide that sum by how many days there are in the month, you will understand how much you have to pay with every day.

When you gain that level of daily analysis, it becomes much easier to keep track of how much is left and how soon you will run out of funds. This is also a great way to start eliminating waste and to start saving money for your future. Only by understanding the daily details can you plan for the long-term by controlling how much of your disposable income you spend and how much you set aside for a rainy day – and your future.

Finally, check in on your finances every day. It’s surprising how small costs can add up over the space of just a couple of days. If you make sure to check your bank balance regularly, you will have great visibility on where you are.

How To Realise Your Long-term Financial Goals (Education, Etc)

Plan, plan and plan some more – because to fail to plan is to plan to fail.

Whatever your long-term financial goals are, they cannot be achieved without meticulous planning and discipline.

A great way to start planning is to pay down your liabilities in a strategic way. Not all liabilities are equal. You may have different liabilities on different credit cards and finances, from multiple providers. They are likely to have different rates and annual fees. The smart thing is to consolidate all of your liabilities into one low-profit credit card or personal finance.

If you are unable to consolidate your liabilities, try to pay down more of the financing principal with the highest profit rate first. Cheaper liabilities is more affordable and more sustainable – so get rid of the expense liabilities as early as possible.

As you plan your expenditure, it is important to Identify waste. We all waste money, often inadvertently or through laziness, on small and often incidental expenses. You may be surprised to see how much money you throw away each month on non-essentials. Eradicating those will instantly leave you with extra money to save or invest.

Consider your future

It isn’t necessarily fun – but we all get older and at some point, we will retire. Each has a choice to make: do you retire with enough money to live comfortably in your later years, or do you spend your retirement struggling to survive? The choice is yours.

To get off on the right track, start by speaking to your bank manager or financial advisor about different savings, pensions, or investment funds that can maximize profit on the money you save. You should also remember that inflation causes your savings to depreciate over time – so it is important to put your saved earnings somewhere profitable. Meanwhile, take care of Sharia compliance whenever you are saving or getting financings. This is better for your both here and hereafter life.

Life’s milestones

In addition to saving for your retirement, other long-term goals need to be considered: getting married, going to university, buying a house, and raising a family. None of these moments in life are cheap – so plan for them.

Set each of life’s milestones out on a spreadsheet to see what each looks like in the medium term – how much will you need to save every month for your wedding in two years? What do nursery and school fees cost? And how much is a family holiday? And if you intend to buy a home before you are 30, how much will you need to save every month to put down enough of a deposit?

If you can put all of these events down on paper you will be gain visibility on what you need to do to get there.

Choosing A Suitable Credit Card

There are many benefits to spending with a credit card – they very often offer rewards special offers and premium services like travel Takaful. The first thing to consider is how you will use your card – and why.

Sometimes a credit card can be a good way to consolidate multiple liabilities in one place at a competitive rate of profit. Sometimes they can be used just for household and family expenses. Some are co-branded or have tie-ups with retailers, giving you special discounts and loyalty rewards, whilst others offer cashback on purchases.

Spending habits

Whatever the reason, credit cards are a great way to manage your finances – but they have to match your lifestyle and your spending habits. Not least because they can come with an annual fee and some banks might impose significant late payment fees. So, with a credit card, it is important to recognize why you have one, what you intend to use it for and what all of the associated costs might be.

Purchasing on a credit card is not free money – it has to be paid back plus profit. Never forget this.

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Handy Tools


Dubai Islamic Bank offers a number of innovative tools that customers can use to their financial advantage. These tools include:

DIB’s Home Finance, Auto Finance and Personal Finance Calculator: The Customers are encouraged to make full use of DIB’s calculator to see how much their payments will be and how quickly they can afford to pay them off. The tool allows the Customers to input their information and receive an estimated installment plan. This can help individuals get a good understanding of how much they will be required to pay the bank each month until the financing amount is fully paid. The estimated instalment will be based on the desired financing amount, the tenure and the available profit rate.

Take advantage of our financing calculator here.

  • DIB’s IBAN Generator: : IBAN stands for International Bank Account Number. The Customers can use their unique IBAN to facilitate automatic processing of money transfers and to improve the speed and accuracy of your payment transactions. In the UAE, IBAN is a 23 digit number and is used for all international remittances to and from the UAE and for salary payments. It is important to note that the IBAN does not replace the account number.

    The Customers can find their IBAN on their bank statement or use the tool available (IBAN GENERATOR) to generate their unique IBAN for any of their DIB accounts. It is crucial for customers to enter a valid DIB UAE account number correctly to ensure that a correct IBAN is generated.
  • DIB’s Financings’ Calculator: A Financing calculator allows the Customers to identify how long it will take them to clear their Financings with the respective financial entity that they have an outstanding Financings with. The Customers can use this tool to find out how much money and time they can save if they increase the amount of monthly payment they contribute toward a financing amount, such as credit card, personal finance, auto finance and home finance.

    The Customers can make the most of DIB’s Budgeting tool here.
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Liabilities Counseling


Financial problems can happen to anyone. While you may think twice before seeking help, our financial counsellors are in hand to help and guide you to ensure you keep your credit history clean. DIB’s expert advisors will help you with your financial problems and provide alterative arrangements to overcome your payment challenges.

We at DIB always encourage our customers to reach out to us and discuss their finance problems and payment difficulties. Our experts will assist in providing the best possible options based on your individual financial situation.

Your good credit history is as much our priority as it should be for you. Give us a call on 04-6092228, we are here to help.

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Reach out to us


No matter where DIB’s customers are, DIB is always ready to listen to them and provide assistance to the best of our abilities.  DIB strives to give its Customers the best possible service. If DIB has fallen short or the Customers are unsatisfied in any way, it is important that DIB will hear about it. This gives DIB the opportunity to investigate, make things right and improve DIB services for everyone. DIB takes complaints seriously and aims to find a timely resolution upholding its complaint handling principles.

Should DIB Customers wish to reach out to DIB, you can do so through one of the following channels:

  • During business hours
    • Visit any DIB branch
    • Contact your Relationship Manager (if you are eligible for a Relationship Manager)