Founded in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE, with its assets and public stock companies listed on the Dubai financial market. DIB leads the development of the Islamic financial industry worldwide and is the world’s first full-service Islamic bank and the world’s third-largest Islamic bank. The bank currently has 90 branches in the UAE, operates in seven markets around the world, and is expanding its global reach to further develop and grow the industry. Serving nearly 1.7 million customers, DIB provides an increasing number of Sharia-compliant innovative products and services to a growing consumer base.
The bank offers a variety of products like credit cards, bank accounts, home loans. Personal loans, auto loans, etc. The loans offered by the bank are sharia compliant and offer great benefits to the applicants. The personal wealth management products provided by Dubai Islamic Bank are Sharia-compliant products designed specifically for foreigners and UAE nationals. All products have minimum wage requirements, maximum loan amount and profit margin, depending on whether the customer is a UAE or a foreigner.
List of Dubai Islamic Bank Loans
- Dubai Islamic Bank Al Islamic New Car Finance
- Dubai Islamic Bank Al Islami Goods Finance for Expats
- Dubai Islamic Bank Al Islamic Goods Finance for UAE Nationals
- Dubai Islamic Bank Commercial Property Balance Transfer / Buy out
- Dubai Islamic Bank Balloon Finance
1- Dubai Islamic Bank Al Islamic New Car Finance
The loan is for buying a new car. This loan is great for its long finance repayment period, low minimum salary requirement and high finance amount.
The loan requires a minimum salary of AED 3,000. You are required to put 20% as a down payment for this product. The arrangement fee is up to AED 2,500. The flat rate of this finance is 2.35% p.a. and the equivalent rate in reducing balance is 4.42% p.a. The calculation used is a multiplication of the flat rate by 1.88 and this is indicative only and the profit rate applicable for this finance starts at 2.35% p.a.
The loan offers the following features;
- The early settlement fee is 1% of the remaining balance.
- The Finance repayment period of up to 60 months
- Salary transfer is not required
- High finance amounts
- This finance is sharia-compliant.
- It is not a requirement to transfer your salary to apply.
- The maximum amount of finance offered is AED 1,500,000 for Individual customers and AED 5,000,000 for Non-Individual customers.
2-Dubai Islamic Bank Al Islami Goods Finance for Expats
The loan is specifically for foreigners who come to the UAE and face trouble settling down. The loan requires a minimum salary of AED 3,000. It does not require a salary transfer and the maximum amount given out as loan is AED 2,000,000. The arrangement fee is AED 1000. The reducing rate of this finance is 11% and the equivalent flat rate is 6%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
The loan is great for specifically designed for buying goods such as furniture and electronics, its long repayment period, and the salary requirement to apply for this finance is low.
The loan comes with these features;
- This finance is given against sharia-compliant goods.
- This finance is sharia-compliant.
- The finance repayment period is up to 48 months
- It is not a requirement to transfer your salary to apply.
- If you transfer your salary, the rate starts at 11%. If you do not transfer your salary, the rate starts at 17.99% for listed companies and 19.99% for non-listed companies.
- Takaful is not included as part of the finance
- If you don’t wish to transfer your salary then you need a minimum salary of AED 6,000 and a minimum salary of AED 8,000 (for companies not listed).
- The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (purchase + profit) to date, or AED 10,000, whichever is lower. The bank has the discretion to waive any or all of the total outstanding profit.
3- Dubai Islamic Bank Al Islamic Goods Finance for UAE Nationals
The loan is specifically for UAE nationals. The loan requires a minimum salary of AED 3,000. It does not require a salary transfer and the maximum amount given out as loan is AED 4,000,000. The arrangement fee is AED 1000. The reducing rate of this finance is 11% and the equivalent flat rate is 6%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
The loan is great for specifically designed for buying goods such as furniture and electronics, its long repayment period, and the salary requirement to apply for this finance is low.
The loan comes with the following features;
- This finance is given against sharia-compliant goods.
- The finance repayment period is up to 48 months.
- This finance is sharia-compliant.
- Takaful is not included as part of the finance
- If you don’t wish to transfer your salary then you need a minimum salary of AED 6,000 and a minimum salary of AED 8,000 (for companies not listed).
- If you transfer your salary, the rate starts at 11%. If you do not transfer your salary, the rate starts at 17.99% for listed companies and 19.99% for non-listed companies.
- It is not a requirement to transfer your salary to apply
- The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (purchase price + profit) to date, or AED 10,000, whichever is lower. The bank has the discretion to waive any or all of the total outstanding profit.
4- Dubai Islamic Bank Commercial Property Balance Transfer / Buy out
A mortgage loan which is for UAE nationals and foreigners. This product lets you transfer your outstanding commercial property finance balance from other banks to DIB. The finance amount is up to AED 50 million for repayment of up to 25 years.
The loan offers the following features;
- This finance is sharia-compliant.
- The minimum down payment requirement is 20% of the property value for UAE Nationals, and 25% for ex-pats.
- UAE Nationals require a minimum salary of AED 10,000 per month to be eligible. Expats require a minimum salary of AED 12,000 per month to be eligible.
- The processing fee is 1% of the finance amount for Ijarah transactions, and there is no fee on balance transfer.
- The early settlement fee is 1% of the outstanding finance amount, with a cap at AED 10,000.
- It is not a requirement to transfer your salary to apply
- This rate is variable, based on the Central Bank’s 6-month EIBOR rate plus a bank margin
- Group takaful rates offered up to 0.03% per month
- The profit rate starts at a 5.75% variable. The rate is calculated as a reducing rate.
- Any ready property which can be registered in the name of the customer in the relevant authority (across UAE). Financing for under-construction properties in UAE is also offered for Government Housing Scheme Mohammed Bin Rashid Establishment.
- The reducing rate of this finance is 5.75% and the equivalent flat rate is 3.17%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
5- Dubai Islamic Bank Balloon Finance
This loan is great for its high finance amount, low minimum salary requirement, the salary transfer is not a requirement to avail of this loan. The finance repayment period of up to 36 months. The minimum salary requirement is AED 5,000.
The loan offers features like;
- This finance is sharia-compliant.
- The maximum amount of finance offered is AED 500,000.
- The arrangement fee is up to AED 2,500.
- Required to pay a minimum 20% down payment
- The flat rate of this finance is 3.25% p.a. and the equivalent rate in reducing balance is 6.11% p.a. The calculation used is a multiplication of the flat rate by 1.88 and this is indicative only.
- The early settlement fee is 1% of the remaining balance.
- The profit rate applicable to this finance starts at 3.25% p.a.
- You require a minimum salary of AED 5,000 per month to be eligible.
- It is not a requirement to transfer your salary to apply.
Apart from the above-mentioned loans there are other loans that have been offered by the bank. So if these do not suit your needs and requirement feel free to visit their website and look at the other products they have to offer.