Sharjah Islamic Bank launches Flexi Long Term Deposit

The innovative product provides individual customers with a set of exclusive features that include the option to save in UAE dirhams or US dollars, fixed attractive returns of up to 5.25% annually for a period ranging between two and three years, and financing facilities for holders of long-term flexible deposits up to 70% against the deposit account. The new launch also allows greater flexibility in providing customers with the option to specify designated periods for receiving profits. Additionally, it offers the beneficial chance to withdraw the complete deposit prior to the specified duration concluding.

Strengthening the goal of providing unique banking products based on deposits and accounts:
Nabil Abou Alwan, Head of Retail Banking at Sharjah Islamic Bank, expressed his enthusiasm with the release of the SIB's first product of 2023, designed with the aim of enhancing the bank’s vision of providing unique banking products based on deposits and accounts, strengthening its brand and increasing market shares. Nabil Abou Alwan stressed the bank’s eagerness to continue offering convenient options for deposit account customers of all types, including fixed deposit account, MAXPLUS fixed deposit account, the flexible long-term deposit account Flexi, and exciting new products to be launched in the future, to continue achieving record profits for customers, enhancing savings and awarding exclusive benefits along with highly flexible facilities.

Abou Alwan stressed that the bank is keen to strengthen its leading position in the financial and banking services sector through its network of branches spread all over the UAE, and aims to provide an exceptional and unique banking experience to its customer base through a wide, diversified and integrated range of distinguished services, solutions and products that are compatible with Sharia law. SIB’s goal is to continuously cater to all the needs of individuals, companies and investment entities and to keep pace with the various requirements of the era based on innovation and advanced technology.

More diversification for the deposit base and preservation for longer periods
The Head of Retail Banking stated that the launch of the new product, Flexi Long-Term Deposit, aims to attract more clients who want to use the bank's services and become shareholders in SIB's deposit base. indicating that the long-term flexi deposit will gradually achieve more diversification in base deposits and will be preserved for longer periods.

He went on to explain that this deposit benefits from being multi-currency and denominated in UAE dirhams and US dollars, extends for two years (24 months) or three years (36 months), and the minimum deposit for each customer is 200 thousand UAE dirhams (equivalent to 50 thousand US dollars), with the maximum limit defined as 100 million UAE dirhams or its equivalent in US dollars. The newly launched product allows customers to specify designated periods for receiving profits on a monthly, quarterly, semi-annual, annual, or at maturity date basis.

Financing facilities up to 70% of the deposit amount
Abou Alwan added that SIB offers customers the option of long-term flexible deposits that come with financing facilities of up to 70% of the deposited amount, highlighting that this deposit is subject to automatic renewal for the same period and that profit is paid frequently at the expected profit rate prevailing at the time of deposit maturity.

Furthermore, the Head of the SIB's Retail Banking explained that with regard to the profits of the 24-month deposit, a profit rate of 4.25% will be applied monthly, 4.5% quarterly, 4.75% for half a year, and 5.0% annually at the maturity date. The basic profit rate for this deposit is 5.25%, while the profit rate for the 36-month deposit is applied at 3.8% monthly, 4.0% quarterly, 4.2% for half a year, and 4.4% annually, while at the basic maturity date, the profit rate is 4.75%.

Abou Alwan invites all customers wishing to benefit from the new product, to visit any of the SIB's branches spread across the UAE or obtain additional information through the bank’s smart application - SIB Digital. Interested customers are also urged to browse the bank’s online social media accounts and access the official website: www.sib.ae to learn more about deposit benefits, and terms and conditions, and inquire about the product directly.