Personal Finance Tawarruq
| Islamic Finance | Yes |
| Minimum Salary | AED 3,000 |
| Minimum Age | 21 years |
| Maximum Age | 60 years |
| UAE Nationals Eligible | Yes |
| Expatriates Eligible | Yes |
| Salaried Eligible | Yes |
| Self-Employed Eligible | No |
| Salary Transfer Required | Yes |
| Employment Criteria | Must have an active UAB salary transfer account with valid income proof. |
| Minimum Loan Amount | AED 50,000.00 |
| Maximum Loan Amount | AED 2,000,000.00 |
| Minimum Loan Tenure | 6 months |
| Maximum Loan Tenure | 48 months |
| Flat Interest Rate: | 4.89% - Fixed profit rate on a reducing balance basis, starting from 4.89%, remaining unchanged throughout the finance period. |
| Reducing Interest Rate: | 4.89% - Calculated on a reducing balance; fixed for the finance period. |
| Processing Fee: | 1.00% - Finance processing fee of 1% of the finance amount (min AED 525, max AED 2,625 inclusive of VAT). |
| Early Settlement Fee: | 1.00% - Early settlement fee of 1% of the remaining balance, capped at AED 10,000 plus 5% VAT. |
| Late Payment Fee: | 2.00% - 2% of the installment amount (minimum AED 52.05, maximum AED 210), with collected fees credited to charity. |
| Insurance Fee: | 0.02% - Life Takaful fee at approximately 0.0154% per month for UAB internal group insurance. |
Required Documents
Emirates ID, passport copy, salary certificate, bank statements, and a UAB salary transfer account statement.
Promotions
No specific promotional offers mentioned.
Additional Benefits
Fixed EMI repayment with predictable cost structure and Shari’ah compliance.
Features:
Based on Tawarruq (Commodity Murabaha) offering a fixed profit rate over the finance period with transparent fees.
General Notes
Subject to UAB’s credit conditions, terms, and UAE Central Bank regulations. A cooling‐off period of 5 business days applies.
