Account
We offer basic current account as well as current account. Both the accounts are based on the shariah concept of wadei’ah and will not earn any profit for you.
• basic current account is a no frills account to fulfill your everyday banking activities like payment for utilities, receipt of salary among many others and to manage your finances in an easy and efficient manner. You can upgrade to current account or open savings account.
• current account is an account where you can open in iraqi dinar and in united states dollar (usd) accounts
• Cheque book.
• Free ATM Debit card.
• Accessible in most of the companies, retail outlets, shops and stores in the Republic of Iraq.
• A detailed monthly statement of account (for free) or on request.
• Legal age to open an account above 18 years.
• Monthly standing order deductions in favor of charities and charity funds without charging any fees.
• Free access to eBanking channels i.e. Internet Banking and Phone Banking.
• Local and foreign remittances service.
• The account may be opened in a number of currencies (Iraqi Dinar, US Dollar, Euro Sterling Pound).
We offer Savings Account to individuals, corporate, or any other legal entity and will be providing variations of savings account for kids, university students which help to channel the savings for a purpose.
• The Savings Account is a profit earning account at a declared profit rate which is credited to your account the end of the month, semiannually or annually based on your choice. We invest your savings in compliance to Shariah principles and profit is disbursed based on Mudarbah concept.
• Elaf Islamic Deposit Account is also a profit earning account where you will earn returns on idle cash. You can deposit the funds for a fixed tenure from one month upwards and the profit will be earned periodically based on the maturity profile and the amount of deposit. The assured profit on the deposit is based on Mudarbah concept.
At maturity, the deposit is reinvested for the same period unless instructed by you. An additional feature of the Islamic Deposit Account is that you can use it as collateral to avail finance or for any other purpose
• Savings accounts can be opened in the name of Individuals, Joint Personal, Sole Proprietorship, Body Corporate or any
other legal entity.
• Free ATM Debit Card at the time of account opening.
• Free access to eBanking channels i.e. Internet Banking and Phone Banking.
• Semi-Annual statements.
• Legal age to open an account above 18 years.
• Local and foreign remittances service.
• The use of ATM Debit card to pay for purchases at most of the companies, retail outlets, shops and stores in all countries.
This high yield account enables customers to deposit specific sums of money with the bank throughout the year for specific periods of time (one month, 3 months, 6 months, 9 months or 12 months) with the option to withdraw profits at specific times. The bank will invest these funds and the profits will be shared between the bank and the customer in accordance with the agreement signed between the two parties and the provisions of Islamic Shariah. The account may be opened in Iraqi Dinar or the US dollar. This account helps to protect customer’s income and allows the sharing in profits in accordance with the principles of Islamic Shariah. The investor receives a certificate indicating the details of the investment.
info@eib.iq
00964 773 002 7848
00964 750 010 7651