How to open a bank account in Emirates Islamic Bank
Cross reference about the bank
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- founded in 2004, an Islamic bank with its headquarters in Dubai;
- the bank opens savings (deposit) and business accounts;
- the bank only opens accounts to local companies: LLC, Free Zone Company, personal accounts for residents and non-residents;
- the bank may in some cases open accounts for non-Emirati companies;
- the minimum deposit – from AED 100 000 (~ USD 27 000) + investment products (without them they do not take);
- 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 transfer – no banking fee, outgoing transfer – from AED 63 (~ USD 17)*;
- a monthly maintenance fee is charged if the account drops below the minimum balance and is 26,25 AED (~ 7 USD);
- 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
April, 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
2004
History
Founded in 2004, the bank has 60 branches and more than 100 ATMs throughout the country. It became the first bank to launch mobile banking platforms
Personnel
The staff speak English
Bank’s shareholders
Emirates NBD PJSC (99.89%)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
- Minimum requirements
24 800
Minimum balance, €
No restrictions
Transactions permitted per month
24 800
Initial deposit of funds, €
1
Deadline for the initial deposit, month
Minimum balance, €
The minimum deposit – from AED 100 000 (~ USD 27 000) + investment products (without them they do not take)
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
16
Outcoming transfer, €
0
Incoming transfer, €
0
Account maintenance, €/year
N/A
Payment limit for credit cards, €/day
Outcoming transfer, €
Incoming transfer – no banking fee, outgoing tr ansfer – from AED 63 (~ USD 17)
Incoming transfer, €
No fees are charged on incoming transfers
Account maintenance, €/year
A monthly maintenance fee is charged if the account drops below the minimum balance and is AED 26,25 (~ USD 7)
Distant access to the account
Online banking in English
Financial products
Offering a broad range of products designed for individuals and small businesses as well as large corporations
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
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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