How to open a bank account in Ajman Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

February, 2019

Last contact

December, 2022

Last update

October, 2022

the bank is headquartered in Ajman, with branches all over the UAE;
the first Islamic bank registered in Ajman has received strong support from the emirate's government, which owns 25% of the bank's shares;
the bank opens savings (deposit) and current accounts;
the bank only opens accounts for local companies: Mainland (preferred), Free Zone Company (more complicated for compliance), offshore companies (registered in the UAE), personal accounts for residents;
account opening time: 1- 2 weeks (Mainland), ~4 weeks (Free Zone);
minimum balance for opening an account with Relationship Manager (Priority Banking) 250 000 AED* (~68 500 USD);
for account opening visit of the beneficiary in UAE is required;
available currencies: AED, USD, EUR, GBP;
issue bank cards;
pre-approval before starting the process of opening an account - a positive answer allows you to say that the account is likely to be opened;
transfer fee is 80 AED* (~21 USD);
Internet Banking in English

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

GSL rating

Beginning of cooperation

February, 2019

Last contact

December, 2022

Last update

October, 2022

Поиск консультанта...

+44 0 207 822 85 90

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

2007

History

Founded in 2007. Bank shares were listed on the Dubai Financial Market in 2008. Two branches of the bank were officially opened in Ajman in 2009. The bank now has branches and ATMs throughout the UAE. Its headquarters are located in Ajman

Personnel

The staff speak English

Bank’s shareholders

25% is owned by the Ajman government, other founding shareholders include leading financial institutions and individuals from the UAE. Bank’s shares are listed on the Dubai Financial Market

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

67 800

Minimum balance, €

No restrictions

Transactions permitted per month

67 800

Initial deposit of funds, €

Deadline for the initial deposit, month

Minimum balance, €

The minimum balance of account is AED 250000 (~EUR 67 800) for companies and AED 3 000 (~EUR 732) for personal accounts

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

Outcoming transfer, €

Incoming transfer, €

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

The fee for transfer is AED 80

Incoming transfer, €

No fees are charged on incoming transfers

Account maintenance, €/year

The account maintenance fee is charged if the account drops below the minimum balance and is AED 25

Distant access to the account

Online banking in English

Financial products

The bank offers a wide range of banking and financial services, including bank accounts for corporate and individual clients, private banking, asset management, investments, and loans

Credit/debit cards

Both credit and debit cards are available

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: 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

Arab African International Bank

2 500

N/A

Sharjah Islamic Bank P.J.S.C

2 500

N/A

Commercial Bank of Dubai (CBD)

2 500

N/A

Banque Misr

2 500

N/A

Emirates Islamic Bank

2 500

N/A

Abu Dhabi Islamic Bank (ADIB)

2 500

N/A

RAKBANK

2 500

N/A

Abu Dhabi Commercial Bank (ADCB)

2 500

N/A

Mashreqbank

2 500

N/A

Ajman Bank

2 500

N/A

Emirates NBD PJSC

2 500

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How to open a bank account in Ajman Bank

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

Banks of UAE

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