GSL / Offshore and International Law / Offshore Banking / Abu Dhabi Islamic Bank (ADIB)

How to open a bank account in Abu Dhabi Islamic Bank (ADIB)

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GSL reference about the bank

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Main requirements:
- 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;
- the minimum average monthly balance for Business Elite package is from AED 500 000 (~ USD 136 000);
- 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 ~ up to AED 110 (~USD 30)* + up to 40 free-of-charge transactions per month*;
- the monthly maintenance fee is charged depending on the currency of the account;
- online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    Year of foundation 1997
    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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    125 000 No restrictions 125 000 1 No restrictions
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    Minimum balance, € The minimum average monthly balance for Business Elite package is from AED 500 000 (~ USD 136 000)
    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

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    30 0 840 N/A N/A
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    Outcoming transfer, € Outgoing payments range from AED 75 to 110 + up to 40 free transactions per month
    Incoming transfer, € No fees are charged on incoming transfers
    Account maintenance, €/year The maintenance fee is charged depending on the currency of the account:

    AED account: from AED 50 to 300 per month;

    USD account: from USD 20 to 102 per month;

    EUR account: from EUR 12 to 72 per month;

    GBP account: from GBP 10 to 60 per month;

    Accounts in other currencies: from AED 50 to 300 per month.

    These fees are indicative and may vary depending on the banking package chosen by the client
    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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
     
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