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Abu Dhabi Islamic Bank (ADIB), UAE

History

Abu Dhabi Islamic Bank (ADIB) was established in 1997, becoming the first Islamic bank in the Emirate of Abu Dhabi. Over the years, ADIB has grown to become one of the leading banks in the UAE, serving over a million clients in various countries, and securing the 4th place in terms of assets among all Islamic banks worldwide.

Rating agencies Fitch and Moody’s have assigned the bank ratings of A+ and A2, respectively.

Account Types

Though ADIB specialises in providing Islamic banking services in accordance with Sharia law, it welcomes clients of all faiths.

The bank offers personal and corporate accounts in AED, USD, and other currencies upon request, depending on the chosen service plan. Holding amounts in foreign currencies (other than AED) may incur additional fees.

Account Opening Cost (Bank Tariff)

Free for both individuals and legal entities.

The minimum balance for individual accounts is 3,000 AED, while for corporate accounts, it ranges from 5,000 AED to 750,000 AED depending on the chosen service plan.

In some cases, ADIB may require higher minimum balances or the purchase of additional banking services (insurance, investment, etc.). This decision usually depends on the client’s risk profile.

Account Management Through the mobile application or ADIB Direct (online banking), as well as by visiting one of the bank’s branches in the Emirates.
Maintenance Fees

For individuals, ADIB offers regular personal accounts as well as ADIB Gold and Diamond programs for high-net-worth clients. Corporate accounts have several service plans: Merchant Account, Business One, Premium, Elite, and Connect.

Personal Accounts:

  • ADIB does not charge additional fees for receiving incoming payments in AED or other currencies.
  • Outgoing payments:
    • To other ADIB clients: Free of charge.
    • Transfers within the Emirates to other banks: 1 AED.
    • Transfers in foreign currencies (other than AED) to banks in the UAE or other countries: 25 AED.

Corporate Accounts:

  • ADIB charges a fee for all incoming payments regardless of the currency.
  • Transfers in AED within the Emirates: From 2 AED to 15 AED depending on the service plan.
  • Transactions in foreign currencies (other than AED): From 20 AED to 45 AED (or equivalent in another currency).
  • Overseas transfers: 150 AED or equivalent.

The monthly account maintenance fee for companies varies from 100 to 450 AED depending on the chosen plan. ADIB does not charge additional fees for using internet banking, issuing a digital token, or the first cheque book.

For more details on banking service costs, please refer to the links above. The current size of commissions and other fees should also be verified on the bank’s website.

Staff English and Arabic speaking.
Credit/Debit Cards

Abu Dhabi Islamic Bank offers its clients Visa payment system cards (Classic, Gold, Infinite, and other types).

Cash Withdrawal Fees for Debit Cards:

  • At ADIB ATMs: No commission.
  • At other banks’ ATMs within the UAE: 2 AED per transaction.
  • At ATMs in GCC countries: Depends on the specific country (approximately 6 AED).
  • Fees for other foreign countries are not specified.

For Corporate Clients:

  • Cash withdrawals at ADIB ATMs in the Emirates: Free of charge.
  • At other ATMs in the UAE: 2 AED.

The fee for processing international transactions in AED is 1.99%. This is in addition to the standard processing fee charged by the Visa payment system.

For more details on banking service costs, please refer to the links above. The current size of commissions and other fees should also be verified on the bank’s website.

Other Banking Products ADIB offers a range of “classic” banking services in line with Sharia principles. Clients, both individual and corporate, have access to halal investment instruments and savings accounts with fixed returns, financing options, and merchant accounts for businesses.
Documents for Account Opening

For Individuals:

  • Passport;
  • Emirates ID;
  • Residence visa;
  • Mobile number in the Emirates.

In some cases, the bank may require employment confirmation from the employer or statements from other bank accounts if the person is a company owner (investor). The latter will also need proof of residence in the UAE, such as an EJARI certificate in Dubai.

For Legal Entities:

  • Main incorporation documents of the company: registration certificate, license, charter, memorandum of association, or other documents;
  • Copies of passports of directors, shareholders, and beneficiaries, as well as account signatories and company secretaries (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, all the above documents must be provided for it as well;
  • Statement for the last 6 or 12 months for the company’s corporate accounts in banks outside the UAE (if available);
  • For newly registered companies: a statement from the shareholder’s account confirming the availability of funds sufficient to start the business;
  • Proof of residence of the founders in the UAE.

The bank also reserves the right to request any other documents deemed necessary for KYC/AML procedures, such as the company’s business plan, proof of the source of funds of the founder, their resume, etc.

Account Opening Procedure

Accounts at ADIB are opened only with the personal presence of the individual or the company founder at the bank branch. The bank’s compliance department conducts a thorough check, especially for individuals connected with sanctioned countries.

We are ready to assist in opening a bank account at Abu Dhabi Islamic Bank, supporting the process at every stage.

Account Opening Duration The time required to open an account depends on the depth of the company’s check and the request for additional documents, but on average, it takes from 30 days to several months.
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The purpose of the initial consultation is to introduce you to our services, as well as to discuss your individual needs related to company registration (maintenance) and opening a bank account.