How to open a bank account in Abu Dhabi Islamic Bank (ADIB)
Cross reference about the bank
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- founded in 1997, an Islamic bank with its headquarters in Abu Dhabi;
- the bank opens savings (deposit) and business accounts;
- the bank only opens accounts to local companies: LLC, Free Zone Company, UAE offshore companies; personal accounts for residents and non-residents;
- open accounts in AED, EUR, USD, GBP;
- minimum deposit from AED 5 000 (Business One), from AED 250 000 (Business Premium), from AED 750 000 (Business Elite);
- the bank policy for opening accounts is as follows: first, the bank opens an account in AED; this account can be used both to credit incoming payments in another currency with conversion and to issue outgoing payments in another currency with conversion; the account in USD is opened only after the company shows turnover on the account in AED (about 1 000 000 USD per month); transactions are studied for 1-2 months;
- the bank may decide to open an account in USD immediately if the client can show the existing business, relevant turnover, cross-border transactions, etc.;
- the beneficial owner must visit the UAE for account opening;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- incoming payment – AED 75 (~ USD 20), outgoing payment – AED 110 (~ USD 30)*;
- the monthly account maintenance fee is AED 375 (Business One), AED 250 (Business Premium), AED 50 (Business Elite)*;
- online banking in English
* These fees are indicative and may vary depending on the banking package chosen by the client
Cross rating
3/5
Beginning of cooperation
May, 2020
Last contact
November, 2023
Last update
October, 2023
Success based fee
2500 USD
Mohammed
Lead Consultant “cross-border-capital-advisors” UAE Banking
- General information and rating
Not rated
Global rating
Not rated
Countrywide rating
—
Countrywide rating of the head bank
—
Global rating of the head bank
Year of foundation
Not rated
History
Abu Dhabi Islamic Bank (ADIB) was established in 1997 and started its banking operations in 1998. Abu Dhabi Islamic Bank is a universal bank providing retail, private, corporate and investment banking products and services. Abu Dhabi Islamic Bank pays special attention to Islamic Banking principles. Except for its domestic market, the United Arab Emirates, Abu Dhabi Islamic Bank conducts selected operations in Egypt, Iraq, Saudi Arabia, Qatar and the United Kingdom
Personnel
The staff speak English
Bank’s shareholders
Emirates International Investment Company LLC – 39,4%; Abu Dhabi Investment Counsil – 7,62%; Other investors – 52,98%. All of the shares in the company are nominal of which (75%) shall be fully owned by nationals of United Arab Emirate, while non-nationals are permitted to own shares of the company to the extent, but not exceeding (25%), and maximum limit per shareholder is (5%)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
- Minimum requirements
1 250
Minimum balance, €
No restrictions
Transactions permitted per month
1 250
Initial deposit of funds, €
1
Deadline for the initial deposit, month
Minimum balance, €
The minimum deposit from AED 5 000 (Business One), from AED 250 000 (Business Premium), from AED 750 000 (Business Elite)
Transactions permitted per month
There are no restrictions on the number of transactions
Initial deposit of funds, €
The initial deposit equals the minimum balance
Deadline for the initial deposit, month
The initial deposit is made at the time of opening the account
How fast payments are executed
The payments are executed same day
Order a consultation
- Tariffs and services
29
Outcoming transfer, €
19
Incoming transfer, €
840
Account maintenance, €/year
N/A
Payment limit for credit cards, €/day
Outcoming transfer, €
Outgoing payment – AED 110 (~ USD 30)
Incoming transfer, €
Incoming payment – AED 75 (~ USD 20)
Account maintenance, €/year
The monthly account maintenance fee is AED 375 (Business One), AED 250 (Business Premium), AED 50 (Business Elite)
Distant access to the account
Online banking in English
Financial products
It is a universal bank. Offers retail, private, corporate and investment banking products and services
Credit/debit cards
Yes
- Account opening procedure
Days to open for incoming transfers
Case by case
Days to open for outcoming transfers
Case by case
References
Not necessary
Purpose of the account
Savings & current
Visit to the bank
The beneficial owner must visit the country for account opening
Required
For a corporate account: set of the company’s corporate documents; completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.
For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.
The list is not exhaustive. The bank may request any other documents and information
For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.
The list is not exhaustive. The bank may request any other documents and information
Types of accounts
Savings; Current
Chances to open an account
Predictable
- Banks of UAE
Bank
The cost of opening an account, $
Global rating
Countrywide rating
Cross rating
Dubai Islamic Bank
2 500
N/A
N/A
3/5
Arab African International Bank
2 500
N/A
N/A
2.5/5
Sharjah Islamic Bank P.J.S.C
2 500
N/A
N/A
2.5/5
Commercial Bank of Dubai (CBD)
2 500
N/A
N/A
3.5/5
Banque Misr
2 500
N/A
N/A
3/5
Emirates Islamic Bank
2 500
N/A
N/A
3.5/5
Abu Dhabi Islamic Bank (ADIB)
2 500
N/A
N/A
3/5
RAKBANK
2 500
N/A
N/A
3.5/5
Abu Dhabi Commercial Bank (ADCB)
2 500
N/A
N/A
3/5
Mashreqbank
2 500
N/A
N/A
3.5/5
Ajman Bank
2 500
N/A
N/A
2.5/5
Emirates NBD PJSC
2 500
239
1
3.5/5
- Banks of UAE
Bank
The cost of opening an account, $
Dubai Islamic Bank
2 500
Arab African International Bank
2 500
Sharjah Islamic Bank P.J.S.C
2 500
Commercial Bank of Dubai (CBD)
2 500
Banque Misr
2 500
Emirates Islamic Bank
2 500
Abu Dhabi Islamic Bank (ADIB)
2 500
RAKBANK
2 500
Abu Dhabi Commercial Bank (ADCB)
2 500
Mashreqbank
2 500
Ajman Bank
2 500
Emirates NBD PJSC
2 500
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