The Emirates Islamic Kunooz Savings Account stands out as a unique banking product that combines the benefits of traditional savings with the thrill of a rewards program. This account is designed for those who not only aim to save money but also enjoy the potential of winning substantial prizes. With Kunooz, you can experience seamless and convenient banking while participating in exciting prize draws that can significantly enhance your financial journey.
Key Features and Benefits of Emirates Kunooz Savings Account
Sharia-compliant: The Kunooz Savings Account strictly adheres to Islamic banking principles, ensuring that your savings and rewards are in compliance with Sharia law.
Free International Debit Card: Enjoy seamless access to your funds globally with a free international debit card, making your money easily accessible wherever you are.
Profit Earning: The account operates on the Mudaraba principle, where your deposits are invested ethically, and profits are shared quarterly. This ensures that your savings grow while adhering to Islamic finance principles.
No Monthly Fees: There are no monthly maintenance fees, allowing your savings to grow without unnecessary deductions.
Eligibility for All: The account can be opened by individuals, joint account holders, and even minors, making it a versatile choice for families and individuals alike.
Easy Online Access: Manage your account effortlessly through online banking, providing convenience and control at your fingertips.
Kunooz Savings Bank Account Reward Structure
The Kunooz Savings Account offers an exciting and diverse array of rewards to its account holders. Here’s how you can benefit:
Weekly Cash Prize: Every week, lucky winners are awarded AED 10,000. This frequent reward system keeps the excitement alive and encourages consistent savings.
Monthly Prize: Each month, one lucky winner drives away in a luxury car. This prize adds an element of luxury and aspiration to your saving goals.
Quarterly Grand Prize: Every quarter, a grand prize of AED 1,000,000 is awarded to one fortunate account holder. This life-changing amount is a testament to the value Emirates Islamic places on its loyal customers.
How to Qualify for Rewards?
To qualify for these rewards, maintaining a minimum balance is key:
- Maintain an average balance of AED 1,000 daily to be eligible for the weekly cash prize draws.
- An average balance of AED 5,000 over a month qualifies you for the monthly luxury car draw.
- The same balance of AED 5,000 maintained monthly also qualifies you for the quarterly grand cash prize draw each quarter.
Let’s Explore Some Banking Benefits
Free Debit Card
One of the significant perks of the Kunooz Savings Account is the free internationally recognized debit card. This card allows you to access your funds effortlessly, whether you’re shopping online, dining out, or traveling abroad. With no additional cost, you gain the convenience of managing your money on the go.
Quarterly Profit
The Kunooz Savings Account not only provides exciting rewards but also ensures your savings grow steadily. Based on the Mudaraba principle, your deposits are ethically invested, and profits are shared quarterly. To qualify for these profits, you need to maintain a minimum balance of AED 3,000. This approach aligns with Islamic banking principles, offering a halal way to earn returns on your savings.
No Fees
Say goodbye to unnecessary charges with the Kunooz Savings Account. There are no monthly or annual fees for maintaining the account, allowing your savings to grow without deductions. This fee-free structure ensures that more of your money stays in your account, working for you.
Eligibility and Requirements
Who Can Open the Account?
Individuals – Anyone looking to save money and enjoy the benefits of the Kunooz Savings Account can open an individual account. Whether you’re a working professional, a homemaker, or a retiree, this account is a great option to grow your savings while being eligible for exciting rewards.
Joint Account Holders – This is ideal for couples, business partners, or family members who want to manage their savings together. Joint account holders can combine their savings efforts and enjoy the benefits collectively.
Minors – Parents or legal guardians can open a Kunooz Savings Account for minors. This allows you to start saving for your child’s future early on. The parent or guardian manages the account until the minor reaches the age of majority, at which point they can transfer the account to the minor’s name.This is a great way to instill good financial habits and ensure a secure financial future for your children.
Minimum Balance Requirement
To keep your Kunooz Savings Account active, you need to maintain a minimum balance of AED 3,000. This ensures that you are eligible for the quarterly profit earnings based on the Mudaraba principles. The quarterly profit adds value to your savings, contributing to your financial growth in a Sharia-compliant manner.
By maintaining a higher balance, you not only secure your eligibility for profits but also enhance your opportunities to win substantial prizes. Emirates Islamic designed this unique reward structure to motivate you to save more while enjoying the added excitement of regular prize draws.
Customer Testimonials
Many account holders have expressed their satisfaction and excitement about the Kunooz Savings Account. Here are a few testimonials:
“Winning the weekly cash prize was such a delightful surprise. It truly motivates me to keep saving!” – Sarah M.
“Driving home a luxury car just to save money? It feels like a dream come true!” – Ahmed K.
Real Stories, Real Impact
Despite the mixed reviews, the overall impact of the Kunooz Savings Account remains positive. Many winners have shared how the prizes have significantly benefited their lives:
Financial Relief: “Winning AED 1,000,000 was a life-changer for me and my family. It helped us pay off debts and secure a better future,” shared Muhammad T., a grand prize winner.
Motivation to Save: “Even though I haven’t won yet, the possibility keeps me motivated to save more. The account’s features and the profit earnings make it worthwhile,” said Lara S.
Application Process For Kunooz Savings Account
Existing Customers
For those who already have an account with Emirates Islamic Bank, applying for a Kunooz Savings Account is a breeze. Existing customers can simply log into the bank’s Internet banking portal and follow the straightforward application process. This online option makes it convenient to upgrade your banking experience without the need to visit a branch.
New Customers
New customers looking to enjoy the benefits of the Kunooz Savings Account need to start by opening an account with Emirates Islamic Bank. Here’s what you need to know about the application process and the required documents:
Required Documents
- This is necessary for verification and to ensure your identity is accurately recorded.
- A copy of your passport is required to establish your identity and nationality.
- For UAE nationals and residents, this document verifies your employment and regular income.
- Non-residents need to provide a recent utility bill and a bank statement to confirm their residential address and banking history.
How to Apply/Active Kunooz Savings Account?
You can visit any Emirates Islamic Bank branch to apply for a Kunooz Savings Account. Bank representatives will assist you with the application process and ensure all your documents are in order.
Alternatively, new customers can apply online via the bank’s official website. The online application process is user-friendly and allows you to submit your documents electronically, making it convenient to open your account from anywhere.
Managing Your Account – Some Tips From Customers & Author
Once your Kunooz Savings Account is active, managing it is simple and hassle-free. Here are some of the key features that enhance your banking experience:
Access your account details, track your savings, and monitor your entries into the prize draws through the bank’s secure internet banking portal.
With the Emirates Islamic mobile banking app, you can manage your account on the go. The app allows you to transfer funds, check balances, and view your transaction history conveniently from your smartphone.
Emirates Islamic Bank provides robust customer support to help with any queries or issues you may encounter. You can reach out via phone, email, or by visiting a branch.
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I’m Bander, a financial analyst focusing on the Middle East markets. I simplify tricky financial ideas into practical tips. I love helping you understand your money better, so you can make smart choices that fit your own situation.