Deposit Products Key Facts ( Download)
| Key Facts: FIXED DEPOSIT PRODUCTS |
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| Discover a great way to grow savings with Sharjah Islamic Bank’s Deposit Products |
| It's the deposit that expects to earn more in the long run, giving customers the chance to plan for the future comfortably, conveniently and profitably. |
| Islamic structure of Sharjah Islamic Bank’s Deposit Products: |
| Fixed Deposit products are based on the following Islamic contracts : |
| Mudaraba based Deposits; which is a partnership contract for profit-distribution between the customer as Rubul Mal (Investors) and the bank as Mudarib, governed by the relevant AAOIFI Sharia Standards, HSA Resolutions and ISSC Guidelines. Sharjah Islamic Bank being an Islamic Institution will utilize deposited funds in its Sharia compliant financing activities to generate the profit, such profit, after being ascertained will be distributed between the Bank and the Investors at the pre-agreed upon percentages. |
| How it Works: We invest our customer’s deposits in Bank’s Shari’ah compliant common investment pools in Shari’ah compliant financing activities where profits are determined and ascertained on monthly constructive evaluations, while profits are shared with and given to depositors on monthly, quarterly, semi-annually or yearly as per the investment tenor. |
| Wakala Deposits; Highly competent management of Shari'ah compliant investments with healthy returns and flexible tenors define our Wakala Deposits. Under this product the bank receives investor’s funds to be under the Wakala Investment (Investment Agency) Contract governed by the relevant AAOIFI Sharia Standards, HSA Resolutions and ISSC Guidelines. |
| How it Works: in Investment Agency Contract, the customer (Principal) appoints the bank as its agent to carry out Shari’ah compliant investment activities as per an agreed plan. While the bank or ‘wakil’ is able to specify expected returns from the funds and offer that to the customers. |
| Types of Fixed Deposit Products: With Sharjah Islamic Bank; there is a selection of deposit products that suit customer’s needs. We provide multiple options for customers to save and see their money grows with one of our short or long-term deposit plans |
| FIXED DEPOSIT ACCOUNT: Make the most safe, secure and flexible deposit terms Get even more out of the savings with our Fixed Deposit account. Commit to flexible investment periods of up to 12 months for, Sharia'h-compliant investment and profit distribution |
| Key Features & Benefits: - Deposit tenure upto 12 Months - Flexible investment periods from 1, 3, 6, 9 &/or 12 months - Minimum Deposit amount of AED 10,000, USD 5,000, GBP 5,000 & EUR 5,000 - Monthly profits on savings - Attractive expected profit rates - Up to 80% finance against the deposit amount with a profit margin of 0.50% (flat per month) |
| Eligibility - Applicant must hold a current, saving or call account with Sharjah Islamic Bank - Applicable for UAE residents and non-residents - Salaried and Non-salaried applicants - Minors are eligible, but deposit account must be opened and operated on the instruction of the minor’s parent or court appointed guardian |
| Required documents - Completed Fixed Deposit application form - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Note: Additional documents may be required on a case-by-case basis |
| Conditions - Customer should have an existing account for funding the Fixed Deposit. The Fixed Deposit will be opened in the same currency of the account and the proceeds will be credited to the same account - Partial withdrawal is not allowed, but the Bank may, in its sole discretion, allow a premature withdrawal of the whole of the Fixed Deposit. The Customer accepts that by doing so, the Fixed Deposit may be subject to a lower profit |
| Current Expected Profit Rates: - Please refer to Sharjah Islamic Bank website: https://www.sib.ae/en/deposit-profit-distribution-2025 to know more about the applicable Expected Profit Rates |
| MAXPLUS DEPOSIT ACCOUNT: Maximum Profit Maximum Flexibility MaxPlus Deposit (a Wakala based product) with high expected profit rates with finance up to 90% as a finance limit against/secured by that deposit, whereby finance limit can be availed of/utilized anytime without breaking the deposit. |
| Key Features & Benefits: - Deposit tenure of 18 Months / 36 Months - Minimum Deposit amount of AED 10,000 - Attractive expected profit rates - Free Secured Covered Card against Deposit Value (optional) - Available to individuals and companies - The profit pay-out will be calculated on monthly basis and on the expected rate specific to that month only and will be paid out on deposit maturity - Accelerated (step-up) expected profit rate, wherein the expected profit rate will increase every month |
| Eligibility - Applicant must hold a current, saving or call account with Sharjah Islamic Bank - Applicable for UAE residents and non-residents - Available to individuals and companies - Minors are eligible, but deposit account must be opened and operated on the instruction of the minor’s father or court appointed guardian |
| Required documents - Completed Fixed Deposit application form - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Note: Additional documents may be required on a case-by-case basis |
| Conditions - Customer should have an existing account for funding the Fixed Deposit. The Fixed Deposit will be opened in the same currency of the account and the proceeds will be credited to the same account - Pre-mature withdrawal will be allowed but NO partial withdrawal will be allowed under the program - In case of Pre-mature withdrawal; effective / applicable monthly rate till the date of Pre-mature withdrawal will apply for the profit pay out. Example: o Deposit Amount: AED 100,000 o Deposit Open Date: 14-Feb-2024 o Deposit Tenure: 36 Months o Early Maturity Date: 05-Nov-2024 o Accrued Profit payment till Maturity Date: AED 1,302.60 - Principal increase on the existing running Fixed Deposit account is not allowed. However, customer can open multiple separate Fixed Deposit accounts; within the maximum cap of AED 5,000,000 per customer |
| Current Expected Profit Rates: - Please refer to Sharjah Islamic Bank website: https://www.sib.ae/en/max-plus to know more about the applicable Expected Profit Rates |
| FLEXI LONG TERM DEPOSIT ACCOUNT: Choose SIB Long-term deposit to maximize the profits earned on your deposits A deposit account combines the benefits of deposit and investments to increase your earnings. With Sharjah Islamic Bank's long-term Wakala deposit (upto 3 years), you can maximize the profits earned on your deposits. |
| Key Features & Benefits: - Deposit tenure of 24 Months / 36 Months - Minimum deposit amount AED 200,000 or USD 50,000 - Maximum deposit amount of AED 100,000,000 or USD equivalent, per customer - Profit Payment Frequency: Monthly, Quarterly, Semi-Annually, Annually or at Maturity - Upto 70% finance credit limit against the Wakala investment deposit amount at 1.00% above the applicable Deposit Rate (p.a.) - Free Secured Covered Card against Deposit Value (optional) - Available to individuals only |
| Eligibility - Applicant must hold a current, saving or call account with Sharjah Islamic Bank - Applicable for UAE residents and non-residents - Available to individuals only - Minors are eligible, but deposit account must be opened and operated on the instruction of the minor’s father or court appointed guardian |
| Required documents - Completed Flexi Long Term Deposit application form - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Note: Additional documents may be required on a case-by-case basis |
| Conditions - Customer should have an existing account for funding the Flexi Long Term Deposit. The Deposit will be opened in the same currency of the account and the proceeds will be credited to the same account - Pre-mature withdrawal will be allowed but NO partial withdrawal will be allowed under this product - Principal increase on the existing running deposit account is not allowed. However, customer can open multiple separate Deposit accounts; within the maximum cap of AED 100,000,000 per customer |
| Premature withdrawal: - In case of Pre-mature withdrawal of the deposit; profit payout will be as per below guidelines: a) Please refer to Sharjah Islamic Bank website: www.sib.ae/tariff to know more about the applicable fee b) Agent (Bank) has the right to settle any finance facility availed against the Investment Wakala Deposit from the original/principal deposit amount c) Agent (Bank) has the right to claw back/recover any advance profit amount paid to Principal (Customer) which becomes due as per para “a” above |
| Current Expected Profit Rates: - Please refer to Sharjah Islamic Bank website: www.sib.ae to know more about the applicable Expected Profit Rates |
| CUSTOMER WAKALA DEPOSIT ACCOUNT: With a deposits product designed for long-term benefit and customer convenience, look forward to higher expected profits your deposit amount with the option of re-investing the principal amount. |
| Key Features & Benefits: - Deposit tenure upto 12 Months - Flexible investment periods from 1, 3, 6, 9 &/or 12 months - Minimum Deposit amount of AED 1,000,000 or equivalent in other currencies such as USD, GBP & EUR - Attractive expected profit rates - Up to 80% finance against the deposit amount with a profit margin of 0.50% (flat per month) |
| Eligibility - Applicant must hold a current, saving or call account with Sharjah Islamic Bank - Applicable for UAE residents and non-residents - Salaried and Non-salaried applicants - Minors are eligible, but deposit account must be opened and operated on the instruction of the minor’s parent or court appointed guardian |
| Required documents - Completed Customer Wakala Deposit application form - Copy of a valid passport/resident visa/Emirates ID (originals must also be presented) - Note: Additional documents may be required on a case-by-case basis |
| Conditions - Customer should have an existing account for funding the Customer Wakala Deposit. The Customer Wakala Deposit will be opened in the same currency of the account and the proceeds will be credited to the same account - Partial withdrawal is not allowed, but the Bank may, in its sole discretion, allow a premature withdrawal of the whole Fixed Deposit. The Customer accepts that by doing so, the Customer Wakala Deposit may be subject to a lower profit |
| Current Expected Profit Rates: - Please refer to Sharjah Islamic Bank website: Click here to know more about the applicable Expected Profit Rates for deposits in AED. - Please visit Sharjah Islamic Bank nearest branch to know more about the applicable Expected Profit Rates for deposits in foreign currencies. |
| Disclaimers: - This document is provided for information and illustration purpose only based on customer’s request. All deposit products are granted at sole discretion of SIB Standard Terms & Conditions. SIB reserves the right to amend any of the above outlined key facts with a 60 days prior notice to the customer. We may give notice of variations by any means available, including but not limited to email and secure e-message service and by publication on our website (www.SIB.ae) - This product has been approved by the Sharjah Islamic Bank’s Internal Sharia’h Supervision Committee - General Fees and Charges - Applicable on SIB Term Deposit Accounts: Available on the Bank’s website at the following link: (www.sib.ae/tariff) |
| Warnings: 1. If you break /liquidate the deposit before the original maturity date, you may lose the partial or full applicable profit on the deposit 2. If your deposit is linked with other finance(s) and you do not keep the payments/payments on time then; the bank shall have the right, at any time and without permission from you, to liquidate any of your deposit accounts, to recover the finance liability, any installment(s) or any amount due towards the bank 3. You acknowledges that you are aware of all balances in the deposit accounts (including Investment Deposits) are exposed to potential losses arising out of adverse market conditions and that such losses may even affect the principal amount of the funds deposited in the Deposit Account |
| Profit Distribution Methodology: - Available on the Bank’s website at the following link: Announcement-of-profit-distribution.pdf |
| Profit sharing ratio and weightage: - Available on the Bank’s website at the following link: Invested Ratio 2025 | Sharjah Islamic Bank |
| Cooling-off Period: - By agreeing to take any of the fixed deposit products; the Customer agrees to waive off his/her right to cooling off period option of 05 days By signing this document, I/We acknowledge that I/We have read, understand, and agree to all of the above terms and product facts outlined which have been explained to me/us |
| First Applicant: |
| Name: ____________________________ |
| Account No: ________________________ |
| Signature: __________________________ |
| Date: ______________________________ |
| Second Applicant: |
| Name: ____________________________ |
| Account No: ________________________ |
| Signature: __________________________ |
| Date: ______________________________ |
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