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Consumer Education

know your banking products

rabbit account

rabbit account is a call deposit account based on the principles of Qard-Hassan (Profit free financing) where under the depositor (as lender) is able to deposit funds with the bank (as borrower) on an on-going basis. the subject product is governed by the principles of a profit free financing, with the balance guaranteed and repayable by the bank on demand by the depositor. the amount deposited by the depositor with the bank under this product is not entitled to any investment profit nor bears any risk whatsoever. the bank is authorized to utilize these funds at its own risk without any return to the depositor.

rabbit account is a Sharia-compliant account, which can be used for your day-to-day transactions. the account provides you with convenience and access to funds at all times.

a Visa debit card with a cash withdrawal, online & point of sale (POS) purchases facility is provided in UAE dirham (AED). the 1st Debit card provided after account opening will be complimentary. for debit card charges, please refer to the schedule of charges at the following link: https://www.gorabbit.ae/soc

who can open a rabbit account?

you may open a rabbit account if you are a UAE National or a legal resident in the UAE and over the age of 18, as per the regulations and instructions of the Central Bank of the UAE.

healthy banking practices

understanding your credit score

your credit score is really important – it is a snapshot of your creditworthiness today and for the near term. typically, a credit report will combine multiple factors – like how much you may have availed financings before, whether or not you ever missed instalment payments, and what your total amount of liability is today.

effectively, it is a way for potential financiers to understand what kind of a customer you are. people with a higher score are considered lower risk, more likely to manage their payments well, and subsequently secure financings at a competitive rate.

but don’t worry – your score will typically fluctuate over time, depending upon a range of factors like how long you have lived in your current address or if you have recently made any other credit applications.

staying safe online (avoiding scammers)

scammers are sophisticated, opportunistic, and will try many things. there are countless methods that fraudsters use to carry out scams through using email, text messages, phone calls, and home visits all in an attempt to encourage you to provide money or personal information. unsolicited email and text messages may also trick you into clicking for more information about things like a cure for the COVID-19 or free face masks.

healthy skepticism

the very best advice is to adopt a healthy level of caution whenever you are asked to discuss your finances or when you receive communications. that caution should even apply when you receive solicitations for a donation of money to charities to help those who are affected by illness or disease.

never provide cash, credit cards, or personal information without verifying the legitimacy of the charity. do not be pressured into giving immediately. take your time to confirm the charity is registered and licensed with the government.

top tips to stay safe online

  • reject offers of products or services that come from unknown or unverified persons, on social media, through emails, or on your phone.
  • do not rely on the promises in advertisements, on social media, and paid-for/sponsored adverts online.
  • do not click on links or open emails from senders you don’t know.
  • use reliable sources and official websites to check whom you are dealing with.

managing your day-to-day finances (budgeting)

managing daily finances can be difficult, particularly when holding down a busy job, raising a family, paying down accumulated liabilities, or saving for your future. very often, difficult spending choices need to be made.

to keep on top of your day-to-day spending it is a great idea to track everything you spend. digital banking applications now make it easy to see what you are spending, review what you have spent and identify waste.

create a monthly, weekly, and daily budget

a great starting point is to work out how much money you have left after you have paid your essential bills – rent, electricity, gas, water, transport, and groceries. whatever you have left is your disposable income. if you divide that sum by how many days there are in the month, you will understand how much you have to pay with every day.

when you gain that level of daily analysis, it becomes much easier to keep track of how much is left and how soon you will run out of funds. this is also a great way to start eliminating waste and to start saving money for your future. only by understanding the daily details can you plan for the long-term by controlling how much of your disposable income you spend and how much you set aside for a rainy day – and your future.

finally, check in on your finances every day. it’s surprising how small costs can add up over the space of just a couple of days. if you make sure to check your bank balance regularly, you will have great visibility on where you are.

how to realise your long-term financial goals (education, etc.)

plan, plan and plan some more – because to fail to plan is to plan to fail.

whatever your long-term financial goals are, they cannot be achieved without meticulous planning and discipline.

a great way to start planning is to pay down your liabilities in a strategic way. not all liabilities are equal. you may have different liabilities on different credit cards and finances, from multiple providers. they are likely to have different rates and annual fees. the smart thing is to consolidate all of your liabilities into one low-profit credit card or personal finance.

if you are unable to consolidate your liabilities, try to pay down more of the financing with the highest profit rate first. Financing obtained at lower finance rate/profit rate are more affordable and more sustainable – so get rid of the expensive ones as early as possible.

as you plan your expenditure, it is important to identify waste. we all waste money, often inadvertently or through laziness, on small and often incidental expenses. you may be surprised to see how much money you throw away each month on non-essentials. eradicating those will instantly leave you with extra money to save or invest.

consider your future

it isn’t necessarily fun – but we all get older and at some point, we will retire. each has a choice to make: do you retire with enough money to live comfortably in your later years, or do you spend your retirement struggling to survive? the choice is yours.

to get off on the right track, start by speaking to your bank manager or financial advisor about different savings, pensions, or investment funds that can maximize profit on the money you save. you should also remember that inflation causes your savings to depreciate over time – so it is important to put your saved earnings somewhere profitable. meanwhile, take care of Sharia compliance whenever you are saving or getting financings. this is better for your both here and hereafter life.

life’s milestones

in addition to saving for your retirement, other long-term goals need to be considered: getting married, going to university, buying a house, and raising a family. none of these moments in life are cheap – so plan for them.

set each of life’s milestones out on a spreadsheet to see what each looks like in the medium term – how much will you need to save every month for your wedding in two years? what do nursery and school fees cost? and how much is a family holiday? and if you intend to buy a home before you are 30, how much will you need to save every month to put down enough of a deposit?

if you can put all of these events down on paper you will be gain visibility on what you need to do to get there.

reach out to us

we’re here to help! chat with us, available 24 hours a day, 7 days a week. simply click the bunny icon in the home page of the rabbit mobile app. alternatively you could email us at rogerthat@gorabbit.ae

how do I raise a complaint?

  • login to rabbit mobile banking app
  • click more and then select ‘help & support’
  • click on ‘we hear you’
  • select ‘complaint’ from the drop-down menu
  • add your comments and click the submit button

please note that all complaints should be raised via the rabbit mobile banking app as per the process provided above. if you’d like to escalate a complaint which has already been raised, please email us on rogerthat@gorabbit.ae






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