|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.
|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.
|Through bank branches, mobile and online banking, as well as the businessONLINE service for corporate clients.
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.
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.
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:
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:
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:
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:
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.
Emirates Islamic Bank, UAE
Company Formation in the UAE
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