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Emirates Islamic Bank, UAE

History: Emirates Islamic is a relatively young financial institution: the bank was established in 2004 with the aim of providing financial services at the highest level in accordance with Sharia principles. Despite this, representatives of any faith can open an account. The bank has maintained a Fitch rating of A+ for many years and is also known for its high level of banking service.
Account Types: Personal and corporate banking accounts in various currencies: primarily AED and USD, others upon request.
Account Opening Cost (Bank Tariff):

Free for all types of accounts.

The bank sets a minimum balance for personal accounts at 3000 AED, and for corporate accounts from 35000 to 250000 AED. However, for companies, the bank may require a significantly larger amount depending on the organisation’s risk profile.

Account Management: Through bank branches, mobile and online banking, as well as the businessONLINE service for corporate clients.
Maintenance Fees:

Free for individuals, for corporate clients – from 131.25 to 210 AED monthly depending on the chosen service plan (Digital, Premium, Gold, or Platinum). For maintaining a corporate account in euros, the client must pay 52.5 euros monthly.

Personal accounts: the bank does not charge for receiving incoming payments in dirhams and foreign currency, for sending payments the fee ranges from 5.25 to 105 AED depending on the type of transaction.

Corporate accounts (Business Banking): no charge for incoming payments.

  • Outgoing money transfer using businessONLINE:
    • To banks in the UAE from 0 to 21 AED depending on the service plan;
    • To foreign banks from 15.75 to 31.5 AED;
  • Outgoing money transfer using SWIFT:
    • To banks in the UAE from 21 to 63 AED depending on the service plan;
    • To foreign banks from 31.5 to 73.5 AED.

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

Staff: English-speaking/Arabic-speaking
Credit/Debit Cards:

Emirates Islamic issues both debit and credit cards under the Visa payment system for free.

For individuals: Emarati Personal Banking Debit Card, with options also available for affluent clients.

Cash withdrawal at ATM:

  • In the UAE: 2.1 AED;
  • In GCC countries: 6.3 AED;
  • In other foreign countries: 21 AED.

The commission for processing international transactions is 2%. It is applied in addition to the standard processing fee charged by the Visa payment system.

For corporate clients: Business Banking Debit Card.

Cash withdrawal at ATM:

  • At Emirates Islamic or Emirates NBD ATMs for free;
  • At other UAE ATMs: from 0 to 2.1 AED depending on the service plan;
  • In GCC countries: from 0 to 6.3 AED;
  • In foreign ATMs: from 0 to 21 AED.

The commission for processing international transactions is 2.5%. It is applied in addition to the standard processing fee charged by the Visa payment system. The commission for depositing or withdrawing cash in foreign currency is 1% of the transaction amount (minimum 105 AED).

The current size of commissions and other payments should also be verified on the bank’s website via the links above.

Other Banking Products: Besides account opening and card issuance, Emirates Islamic offers a range of banking services: creation of savings and deposit accounts, safe deposit box rental, personal and corporate lending, investments in mutual funds and structured products. The bank can also offer various project financing options to legal entities, issuance of bank guarantees, and assistance in conducting export and import operations.
Documents for Account Opening:

For individuals:

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

In some cases, the bank may require confirmation of employment from the employer or statements from other bank accounts if the person owns a company. The latter also needs a lease agreement for an apartment or other residential property in the UAE.

For legal entities:

  • Main incorporation documents of the company: certificate of registration, licence, articles of association, memorandum of association or other documents;
  • Documents proving the directors, shareholders, and beneficiaries of the company;
  • Copies of passports of the directors, shareholders, and beneficiaries, as well as account operators and secretaries of the company (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, then all of the aforementioned documents are also required for it;
  • Statement for the last 6 or 12 months on corporate accounts of the company in banks outside the UAE;
  • For newly registered companies: a statement from the shareholder(s) account, proving the availability of sufficient funds to start the business.

The bank may also require any other documents it deems necessary for carrying out KYC/AML procedures. Emirates Islamic provides a high level of banking service but is known for its thorough compliance.

Often, the decision to open a corporate account is based on the amount of funds the client is willing to deposit in the bank, as well as the turnovers in accounts in other jurisdictions. We are ready to assist in opening a bank account in Emirates Islamic, accompanying the process at every stage.

Account Opening Procedure: A personal visit to the bank’s office in the UAE or via the internet for choosing the Digital service plan (for corporate clients), however, even this option requires personal presence in the UAE to sign documents.
Account Opening Duration: From 30 days to several months depending on the bank’s compliance.
Company Formation in the UAE
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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.