Emirates Islamic Bank has named Maha Ahmed Khaled as its AED 1 million grand prize winner for August 2026, spotlighting the bank's push for regular saving and Sharia-compliant financial habits through its Kunooz Millionaire Account.
Maha Ahmed Khaled walked away with AED 1 million after Emirates Islamic Bank drew her name in its Kunooz Millionaire Account prize for August 2026. The bank held a ceremony in Dubai in October to mark the win. Regional financial outlets confirmed the event, and the bank also recognized other winners in weekly and monthly categories, according to MENAFN and Al Bayan.
The Kunooz Millionaire Account is built to get customers into the habit of saving. It offers a shot at big cash prizes, including a monthly AED 1 million grand prize. In August, the draw also handed out five weekly prizes of AED 50,000, a monthly Parents' Education Grant of AED 50,000, and daily youth prizes of AED 1,000. All prizes are paid in UAE dirham (AED). The dirham stays pegged to the US dollar at 3.6725, a rate the Central Bank of the UAE has kept steady to anchor inflation and keep the currency stable, as detailed in the Central Bank of the UAE annual report.
Sharia-compliant banking and customer loyalty
Emirates Islamic Bank pitches itself as a leader in Sharia-compliant banking in the UAE. Its product lineup covers personal, business, and corporate banking, all structured to follow Islamic finance rules. The Kunooz Millionaire Account is part of the bank's wider effort to help customers manage money responsibly and build up savings. The bank's head of retail banking and wealth management says the program is meant to make saving both rewarding and meaningful for families. The UAE's monetary policy, steered by the Central Bank, keeps liquidity flowing and the financial sector resilient. The dirham's peg to the dollar shields the currency from regional swings and keeps it in step with US interest rates.
Across the UAE, Emirates Islamic Bank runs 36 branches and 213 ATMs and cash deposit machines. The bank has pushed hard into digital banking. It was the first Islamic bank in the country to launch a mobile app and to roll out Apple Pay. It also set up WhatsApp-based banking for its customers. These moves have earned the bank several awards, including "Best Islamic Bank in the Middle East" and "Best Islamic Digital Bank in the World."
Prize draws and the culture of saving
The Kunooz Millionaire Account is set up to reward regular deposits and long-term saving. Prize draws run daily, weekly, and monthly. Customers with higher balances get better odds, but the program is open to a wide range of account holders, including youth and families. The bank stresses that all products and prize rules follow Sharia principles, so rewards are handed out in line with Islamic finance. The Central Bank of the UAE keeps watch to make sure these products meet both prudential and Sharia standards, backing up the region's financial stability goals.
In August 2026, the total prize pool hit AED 1.3 million. The biggest single payout, AED 1 million, went to the monthly grand winner. The rest was split among weekly, monthly, and daily winners. This approach lets the bank connect with customers at different levels. Emirates Islamic Bank's strategy stands out in a crowded market, where more banks are using prize-linked savings accounts to draw in and keep customers. As reported earlier, Emirates NBD group, which owns Emirates Islamic Bank, has also picked up awards for governance and innovation in the region's financial sector. The International Monetary Fund (IMF) has pointed to the UAE's strong banking sector and solid regulatory framework in its recent Article IV consultations.
Bank profile and community engagement
Emirates Islamic Bank started in 2004 as the Islamic banking arm of Emirates NBD Group. Its products cover retail, business, and corporate banking, all built to comply with Sharia law. The bank also runs a charitable fund that supports food, shelter, health, education, and social projects for people in need across the UAE. This mix of financial innovation and community support has helped the bank earn trust from customers and respect from industry peers.
For customers, the Kunooz Millionaire Account offers more than just a shot at a big prize. It gives a practical way to build savings over time. The bank's focus on regular deposits and disciplined money management fits with wider efforts in the UAE to boost financial literacy and long-term security. The Bank for International Settlements (BIS) has noted that savings programs like this can help households build financial resilience, especially in countries with stable monetary policies.
Emirates Islamic Bank's use of prize-linked savings accounts shows how banks can encourage saving without paying interest, which Islamic law forbids. By giving out cash prizes from a pool of eligible savers, the bank offers a Sharia-compliant alternative to standard savings incentives. This model has caught on in other markets, but Emirates Islamic Bank's frequent and large prize draws make it a standout in the region.
Prize-linked savings accounts are a hallmark of Islamic banking. They give customers a chance at big rewards while sticking to religious rules that ban interest. Unlike regular savings accounts that pay interest, these accounts use prize draws to share out rewards. The setup is meant to get people saving for both the short and long term, with the added lure of a life-changing cash prize. For many, this is a strong reason to keep higher balances and stick to good saving habits, while banks benefit from steadier deposits and stronger customer loyalty.
