Personal Finance

Personal Finance

What is Personal Finance?
A Sharia’h compliant financing solution that is designed to provide you with liquid assets as per your needs.

There are two main stages of Personal Finance

  • Murabaha Stage: The bank and the obligor/customer enter into a commodity Murabaha contract that is governed by the Murabaha rules of the Shariah Supervisory Board. The customer will own either physically or constructively the assets subject of the Murabaha contract.
  • Asset liquidation stage: Customers can choose either to sell/liquidate the commodity directly in the market on his own or through an agency agreement through the bank

How does it work?
Generally speaking, Personal Finance is allowed for those transactions that cannot be fulfilled through other Islamic Banking means/structures, such as:

  • Transferring obligations from a conventional debt structure to Islamic Banking structure
  • Working capital finance (Salaries, A/R settlement, adhoc cash shortages)
  • Financing intangible personal necessities:
    • Travel (for legitimate purposes)
    • Medication
    • Education
    • House / real estate maintenance cost

Bridging short term financing, followed by long term financing using
other Islamic Banking Structures (Ijarah, Murabaha, Istisna)

What does it offer?

  • Competitive profit rates that are flexible throughout the tenure
  • of finance
  • Relaxed eligibility and affordable payment structure
  • Zero down payment and extended repayment period of up to
  • 100 months

Where can I get it?
All you need to do is visit any of our conveniently located branches
or call our customer service helpline 800474

SALAF

Salary Advance Facility (SALAF)

SALAF Facility is based on the Islamic concept "Qard Al Hasan", which refers to "Interest Free Loan".

Qard Al Hasan: is a loan contract between two parties (the Bank and the Customer) to fulfill a short-term financial need of the borrower (customer). The lender cannot charge interest/profit on the lent amount and the amount of payment must be equivalent to the amount borrowed. This product is consistent with the Shari'ah prohibition against "Riba" (Interest) as the borrower is not compensating the lender for the money advanced.

SALAF Benefits &Features:

  • Low fixed monthly fee
  • Fee to be charged only upon utilization
  • No interest
  • An alternative to conventional Over-Draft facility
  • Ideal for emergency cash requirements

Where can I get it?
All you need to do is visit any of our conveniently located branches
or call our customer service helpline 800474

Click here to download the brochure

Credit Card

UAB Islamic Credit Card

UAB Islamic banking offers a Shari’ah compliant credit cards that based on the Islamic contract “Qard Al Hasan” (interest free loan) which is the most widely used across banking sectors around the world. The UAB Islamic credit Card enables you to manage your finances effectively. With worldwide acceptance at millions of outlets, our Islamic cards offer a host of features and benefits that make your life simpler and more convenient.

Islamic Credit Card Benefits & Features:

  • Free for life
  • No interest is charged
  • 100% Shari’ah compliant
  • Free supplementary card
  • Free Online access
  • Free of ‘Riba’ and ‘Gharar’
  • A fixed monthly fee only upon utilization and non-fully settlement of the outstanding.
  • Cash advance facility
  • Balance Transfer availability
  • Up to 55 days grace period
  • UAB Rewards

To apply and to know more about UAB Rewards, please visit www.uabrewards.ae

Terms and conditions

Islamic Credit card form

Where can I get it?
All you need to do is visit any of our conveniently located branches
or call our customer service helpline 800474

Click here to download the brochure

Murabaha Auto Finance

Murabaha Auto Finance, Competitive & Shari’ah Compliant

At UAB Islamic Banking we will provide you with banking solutions that match your beliefs. If you would like to own your favorite car, whether New or Used, but don’t want to pay it off at once, we can help you finance it. Under UAB’s Vehicle Murabaha scheme, the Bank will, at your request, purchase your dream car from the authorized dealer and sell the same to you at an agreed profit. The advantage is that you know our profit mark-up and your installment at the time of signing the deal, and it never changes throughout the financing term. This arrangement allows you to take immediate possession and ownership of your vehicle and spread your capital expenditure over a period of time.

Features

  • Affordable repayment
  • Relaxed eligibility
  • Long repayment period
  • Quick approval and turnaround time
  • 500,000 maximum amount
  • No salary transfer required
  • Competitive Pricing

Simply decide on the car you need to drive and visit our conveniently located UAB Islamic Banking suites stated in our different branches.

Where can I get it?
All you need to do is visit any of our conveniently located branches
or call our customer service helpline 800474

Ijarah Home Finance

Ijarah Home Finance

UAB Islamic Banking realize that buying your dream house is one of the important decisions in a customer’s life. UAB Islamic Banking Home Finance is based on the Islamic concept “Ijaraha”. The product is designed to offer you the options either to finance a ready property or to refinancing your own house. So, you can purchase the property of your own choice with flexible payment plans and competitive profit margins.

Key Benefits & Features:

  • Fully Shari’ah Compliant.
  • Attractive profit rates
  • Open to UAE nationals and expatriates.
  • Extended tenures of up to 25 years
  • No salary transfer required
  • Fast approval with simple documentation
  • 0% early settlement fees*

Where can I get it?
All you need to do is visit any of our conveniently located branches
or call our customer service helpline 800474

Apply

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Subject to UAB’s Terms & Conditions