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About

Islamic Accounts

UAB’s Islamic Banking Savings Account provides you with banking solutions that will keep your money growing in a Shari'ah manner. It is designed to give customers flexible access to funds at all times while they continue to earn profits.

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Current Account Saving Accounts Mudaraba deposits Wakala deposits Golden Visa Linked Wakala Enhanced Escalator Deposit Flexi Term Deposit

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Retail Financing

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

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Personal Finance Ijarah Home Finance Auto finance

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Corporate Financing

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

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Murabaha LC (Relaunching Soon) Cash payment LC (Relaunching Soon) Wakala Murabaha LC (Relaunching Soon) Financing against trust receipt facility (FATR) (Relaunching Soon) Murabaha bill discounting (Relaunching Soon) Murabaha finance (Relaunching Soon)

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Murabaha LC(Relaunching soon)

This product follows the Islamic concept “Murabaha”. Murabaha is defined as a purchase & sale transaction wherein the first party (financing party) purchases, on the basis of a prior undertaking from the customer (the purchasing party) called Promise to Purchase, the asset subject as per the Murabaha contract. Then, it possesses it to resell it to the customer at its cost plus a profit margin agreed upon in the Promise.

The customer requests the bank to open, in the bank’s name, an irrevocable LC to receive all documents representing and evidencing title and possession of the described goods in accordance with the terms set out for the LC. This will be against the customer’s promise to purchase the same imported assets/goods. When the customer approaches the bank for purchase of the assets/goods imported, the bank and the customer sign the Murabaha contract in line with the pre-agreed terms and condition and settle the Cost of Goods Purchased and create Receivables under sold goods/assets.

The issuance of LC is considered as a service being provided by the bank against fees and service charges. Upon receipt of documents and retirement of the letter of credit, the LC transaction is reversed and the payment is effected by the bank to the supplier by debiting the Cost of Goods Purchased.

TALK TO US TODAY

You can reach us using any of the following numbers

UAB Toll Free	800 474
International callers	+971 6 5987332
Sadara Toll Free	800 72 32 72
Sadara international	+971 6 5987333

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