Islamic Banking, enlightened with the guidance of Islamic Sharia principles, emerged as an alternate financial system that neither gave nor took interest, thereby introducing a fair system of social justice and equality, while satisfying the financial needs of people and retaining high standards of ethics, transparency and a sense of responsibility.
Al Masraf Islamic Banking Services offer a comprehensive financial products that suits your business requirement under the Shariah compliant solutions
His Eminence Sheikh Prof. Dr. Jassim Ali Al Shamsi
Chairman of the Committee and Executive Member
His Eminence is a member of the Higher Shari’ah Authority of the Central Bank of the UAE in its first formation in the year (2018 – 2021) and second formation in the year (2021 – 2024). He also currently chairs the Presidency and membership of the Internal Shari’ah Supervision Committee of several Islamic financial institutions. His Eminence Previously chaired the position of Dean of Shari’ah and Law collage at the UAE University.
His Eminence Sheikh Dr. Ali Husain AlJunaidi
Member of the Internal Shari'ah Supervision Committee
His Eminence is Associate Professor in the Department of Shari'ah and Islamic Studies at the United Arab Emirates University, holds Ph.D In Islamic Jurisprudence and its Foundations "Al-Figh and Usoolah" from the University of Jordan. He also currently chairs the Presidency and membership of the Internal Shari'ah Supervision Committee of several Islamic financial institutions in the UAE.
His Eminence Sheikh Dr. Mohammed Ahmed Al Hamed
Member of the Internal Shari'ah Supervision Committee
His Eminence is a lecturer at the United Arab Emirates University, and holds a Ph.D in comparative jurisprudence from Omdurman Islamic University as well as a Ph.D in commercial law from Gloucestershire University - United Kingdom. He has peer-reviewed and published research in jurisprudence and Islamic banking, and he has also supervised on many scientific researches in the same field. He is currently a member of the internal Shari'ah Supervision committees of several Islamic financial institutions in the UAE.
| Account Type | 1st Quarter 2021 | 2nd Quarter 2021 | 3rd Quarter 2021 | 4th Quarter 2021 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.1285% | 0-1 million - 0.0318% 1-10 million - 0.0332% |
0-1 million - 0.1195% 1-10 million - 0.1248% |
0-1 million - 0.0396% 1-10 million - 0.0414% |
| Account Type | 1st Quarter 2022 | 2nd Quarter 2022 | 3rd Quarter 2022 | 4th Quarter 2022 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.0256% 1-10 million - 0.0267% |
0-1 million - 0.0508% 1-10 million - 0.0531% |
0-1 million - 0.2603% 1-10 million - 0.2718% |
- - |
| Account Type | 1st Quarter 2023 | 2nd Quarter 2023 | 3rd Quarter 2023 | 4th Quarter 2023 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.2682% 1-10 million - 0.2801% |
0-1 million - 0.7034% 1-10 million - 0.7346% |
0-1 million - 0.4458% 1-10 million - 0.4656% |
0-1 million - 0.1466% 1-10 million - 0.1531% |
| Account Type | 1st Quarter 2024 | 2nd Quarter 2024 | 3rd Quarter 2024 | 4th Quarter 2024 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.3622% 1-10 million - 0.3783% |
0-1 million - 0.2167% 1-10 million - 0.2264% |
0-1 million - 0.8090% 1-10 million - 0.8449% |
- - |
| Account Type | 1st Quarter 2025 | 2nd Quarter 2025 | 3rd Quarter 2025 | 4th Quarter 2025 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.6043% 1-10 million - 0.6312% |
0-1 million - 0.8788% 1-10 million - 0.9179% |
0-1 million - 0.7194% 1-10 million - 0.7514% |
- - |
| Account Type | 1st Quarter 2026 | 2nd Quarter 2026 | 3rd Quarter 2026 | 4th Quarter 2026 |
|---|---|---|---|---|
| Saving Accounts | 0-1 million - 0.5446% 1-10 million - 0.5688% |
0-1 million - 0.7117% 1-10 million - 0.7433% |
- - |
- - |
Islamic Banking FAQs
The main sources of Islamic sharia (law) are the principles and teachings of Holy Quran and the practices and teachings (Sunna & Hadith) of Holy Prophet Mohammed (PBUH).
Islamic banking is a fast growing phenomenon in the global financial markets. There has always been a demand among Muslims for financial products and services that conform to the Sharia (Islamic law). Based on this demand, a number of banks all over the world have started offering products and services that are in compliance with Sharia.
Rather than choosing for interest as a way of generating wealth, Islamic banking is unique in the way that it supports individuals as well as businesses build tangible and appreciating assets for themselves. This not only leads to prosperity founded on a solid economic base, but also inspires the spirit of entrepreneurship amongst its customers. Islamic banks are based on the unique concept of profit and loss sharing with the customers by way of various Sharia-compliant financing and investment implements.
The main difference between Islamic and conventional is that Islamic banks prohibit interest. Unlike conventional banks, Islamic banks disallow lending money to money but rather promote trade (buy and sell) transactions and partnerships. In Islamic banking, wealth can be generated through legitimate trade and investment. Any gain related to this trading is shared between the person providing the capital and the person providing the expertise.
Al Masraf is a customer-driven financial institution and the reason we provide Islamic products is to serve a genuine financial need amongst our clients.
This is again demand driven and a full spectrum of products will be offered to our valued clients.
Bank anytime, anywhere with our Online Mobile Banking platform, providing secure 24/7 access to your account. Manage and keep track of your finances with ease: pay bills, make secure transfers,manage your cards, all in one place.
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(Public Joint Stock Company), licensed & regulated by the Central Bank of the UAE.
Last updated at 22/07/2026 01:30:10 PM
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