How to open a bank account in Bahrain Islamic Bank (BisB)

• founded in 1979, it is Bahrain’s first Islamic bank; it is owned by the National Bank of Bahrain (NBB);
• the bank opens savings (deposit) and settlement accounts;
• the bank opens accounts only for mainland companies registered in Bahrain, and personal accounts also only for Bahrain residents (only in BHD);
• for a foreign company to open an account, it needs to have a branch in Bahrain or otherwise prove its link to the region;
• the minimum balance for a corporate account is BHD 500* (~ USD 1 330), and for a personal account – BHD 300* (~ USD 800);
• no fixed minimum initial deposit: the bank will advise the required amount upon review of the application;
• the founders and account signatory are required to personally visit Bahrain for account opening;
• main available currencies: BHD, USD, EUR; but it is necessary to open an account in local currency first, so that the bank can analyze the turnover/counterparties and only then consider the request for additional currencies;
• the bank issues bank cards and cheque books;
• pre-approval can be applied for before proceeding with the account opening;
• fee for a transfer to a foreign bank is ~ BHD 5.25* (~ USD 14);
• Internet banking in English;
• account opening time: about 1 – 2 weeks.

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank