Emirates Islamic Bank Kunooz Savings Account
The Emirates Islamic Kunooz account is a unique savings solution designed to reward customers in the UAE. It merges the advantages of both profit sharing with exciting prize draw opportunities and offers daily and monthly chances to win prizes such as cash rewards. Adhering to Shari’a-compliant principles, the account aligns with Islamic banking standards, providing ethical and secure financial growth.
Features and Benefits of the Emirates Islamic Kunooz Account
The key perks of opening an EIB Kunooz Savings account are as follows:
- Earn exclusive rewards:
- Grand cash prize of AED 1,000,000
- Weekly cash price of AED 50,000
- Daily cash prize of AED 1,000
- Earn quarterly profit based on the Mudaraba structure
- Get an internationally recognized debit card for free
Are You Eligible to Open an Emirates Islamic Bank Kunooz Account?
Given is the eligibility criteria for having an Emirates Islamic Bank Kunooz Savings account:
| Prize | Customer Eligibility | Balance Eligibility |
|---|---|---|
| AED 1,000,000 Kunooz+ Cash Prize | Priority banking and private banking customers (Kunooz+) | AED 100,000 growth in the Kunooz Millionaire account’s quarterly average balance compared to the previous quarter |
| AED 1,000,000 Cash Prize | All Kunooz account holders | AED 5,000 saved in the Kunooz Millionaire account qualifies for one entry into the prize draw |
| AED 50,000 Cash Prize | All Kunooz account holders | AED 1,000 saved in the Kunooz Millionaire account qualifies for entry into the draw |
| AED 50,000 Cash Prize | All Kunooz account holders with a Minor/Youth account with EIB (Kunooz Youth) | AED 5,000 saved in the Kunooz Millionaire account qualifies for entry into the draw |
| AED 1,000 Cash Prize | All Kunooz account holders who are Youth/Minor | AED 500 saved qualifies for one entry into the draw |
Emirates Islamic Kunooz Bank Account- Fees and Charges
Listed are the primary fees and charges of the Emirates Islamic Bank Kunooz account:
| Type of Fee | Charges |
|---|---|
| Monthly Fall-below Fee | AED 26.25 |
| Monthly Teller Fees | 6 free per month; post 6 months – AED 10.50 |
| Account Closure Fee (if closed within 6 months) | AED 105 |
| Utility Bill Payment: Over the Counter | AED 10.50 |
| SMS Monthly Fee | Free |
| Dormant Account Charges | N/A |
| Chequebook Charges | AED 26.25 from the second chequebook onwards; first chequebook is free |
| Cheque Returned Charges – Inward (Personal) | AED 105 |
| Lost or Stolen Card Replacement | AED 26.25 |
Emirates Islamic Bank Kunooz Savings Account- Terms and Conditions
Listed are some of the terms and conditions for the EIB Kunooz savings account :
- The Bank will provide the customer with account statements and relevant advice either upon request or at the Bank’s discretion. If no written objection is received by the Bank within 30 days from the date the statement or advice is sent, via mail or electronic means—it will be considered accurate and accepted by the customer. If a customer does not receive a statement for a given period, it is their responsibility to request one within a month from when it would normally be issued.
- Upon receipt, the customer must review the statement carefully and keep it secure. Any errors or discrepancies must be reported in writing to the Bank within 30 days of the statement date as per the Bank’s records. Unless otherwise notified in writing, all correspondence will be sent to the address provided in the account opening form. The customer is responsible for notifying the Bank in writing of any changes to their details.
- Account statements will be issued according to the frequency associated with the specific Account type, as determined by the Bank. Customers may also request statements through Bank branches, Internet Banking, Phone Banking, or other available channels.
- The Bank’s records and documentation will serve as proof of the account balance. If the customer disputes these records, the burden of proof rests with the customer.
- The Bank reserves the right to invest credit balances in current accounts into the Mudaraba Pool, bearing the outcomes of such investments. Additionally, the Bank may deduct applicable charges, fees, or expenses for services rendered. These charges may be adjusted at the Bank’s discretion, subject to the customer’s consent.
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