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Islamic Savings Account

Person, Human, Sport

Islamic Savings Account

Saadiq XtraSaver Account

Look up to a high profit rate of up to 2.00% p.a.* with our Saadiq XtraSaver account. It can help you build savings, in a Shariah- compliant account.


Example Savings Table 1*
Monthly Avg. Deposit Balance (AED) 100,000 150,000 185,000 275,000 380,000 382,000
 Profit Rate (p.a.) 0.25 0.25 0.50 1.00 2.00 2.00
 Monthly Profit (AED) 20.83 31.25 75.00 229.17 633.33 636.67
 Total Avg. Balance (AED) 100,021 150,031 180,000 275,229 380,633 382,637
Only 3 debit transactions are allowed per month. Should there be more than 3 debit transactions in a month, the Hiba earned will be 0% for that month and only Mudarabah profit will be paid.

Profit is accrued based on your average balance and paid monthly1 with no minimum balance Requirement2

Key Charges

Fees and charges are subject to change. All fees and charges listed are inclusive of 5% Value Added Tax (VAT), where applicable.

Minimum initial deposit AED 3,000 (or equivalent in foreign currency)
Minimum average monthly balance AED 0
Monthly service charge Nil
Fall-below fee Nil
Please click here for more details on all other applicable fees and charges.

Eligibility & Documents


  • Nationality

    UAE Nationals, Residents, and Non-Resident individuals

  • Age

    Minimum 18 years old


  • For Residents

    Passport, Emirates ID, and Resident Visa

  • For Non Residents

    Passport, Bank Statements, and Address proof

*Terms and conditions

    • The Saadiq XtraSaver Account (the “Account”) is available in AED & USD denomination only. The opening of the Account will be limited to 1 account per currency. The Bank may pay an amount over and above the Mudarabah profit amount referred hereafter as “Hiba”. Only Fresh Funds may be deposited into the Account. “Fresh Funds” are defined as funds brought in from outside Standard Chartered Bank UAE (the “Bank”) within 90 days of opening the Account.
    • Profit Details:
    0 to 180,000 0.25% 0.25% 0.50%
    180,001 to 365,000 0.25% 0.25% 1.00%
    365,001 and above 0.25% 0.25% 2.00%
    USD Rates on Average Balance* USD RATE (P.A.) MONTH 1 USD RATE (P.A.) MONTH 2 USD RATE (P.A.) MONTH 3
    0 to 50,000 0.25% 0.25% 0.50%
    50,001 to 99,999 0.25% 0.25% 1.00%
    100,000 and above 0.25% 0.25% 1.50%
    • All Transactions will be considered completed on the Value Date (the date of the transaction as determined by our Banking systems). Transactions performed on public holidays will reflect on the next Bank working day.
    • If the Account is closed before the end of the Calendar Month, the Bank’s client (hereinafter referred to as the “Client”) shall only earn the profit as per the terms and conditions of Saadiq Savings account.
    • *The above example in Table 1 depicts profit rate applicable on AED currency. The Hiba proportion is subject to change at any time and shall be applicable as per product/ client terms. Only 3 debit transactions are allowed per month. Should there be more than 3 debit transactions in a month, the Hiba earned will be 0% for that month and only Mudarabah profit will be paid. Following which the profit rate/Hiba cycle will follow the rate grid illustrated above. The Bank may only pay Hiba if the Mudarabah pool earns a profit, otherwise no Hiba amount is to be paid to the Client. In case of losses under Mudarabah, the Hiba will not be extended. The Bank will offer Hiba at its sole discretion and not under any obligation.
    • Debit transactions include all withdrawals from the Account, including, but not limited to, the Bank’s fees and charges on the transaction initiated by the Client, standing orders, financing recoveries, retail purchases and ATM withdrawals. The debit transactions in which separate Bank fees and charges are levied include the Bank’s UAE ATM withdrawals, retail purchases, 3D Secure transactions and utility bill payments. This also includes the instance where a Client initiated debit transaction is subsequently reversed and credited back to the Account.
    • 1Mudarabah profit shall be calculated based on the monthly average balance in the Account and shall be paid on the last business day of each Calendar Month.
    • 2If you hold other accounts under the same master number as the Account, the minimum balance requirements of AED 3,000 (or foreign currency equivalent) (the “Minimum Balance Requirements”) are applicable to those accounts. However, any balances held in the Account will apply toward satisfaction of the Minimum Balance Requirements for those accounts.
    • These Saadiq XtraSaver Terms and Conditions should be read in conjunction with Saadiq Accounts and Client Terms, as amended from time to time.
    • For further details on fees and charges, please refer to our Saadiq Service and Price Guide.