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

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

February, 2024

Last update

October, 2023
  • founded in 1979, Bahrain’s first Islamic bank; owned by the National Bank of Bahrain (NBB);
  • the bank opens savings (deposit) and checking accounts;
  • the bank only opens accounts for local companies registered in Bahrain, and personal accounts also only for residents of Bahrain (only at BHD);
  • to open an account for a foreign company will require either the opening of a branch in Bahrain, or some other way to prove a connection with the region (time frame from 2 months);
  • minimal balance for the corporate account is BHD 500* (~ USD 1 330), for the personal account – BHD 300 (~ USD 800);
  • there is no fixed minimum amount of initial deposit, after reviewing the application the bank itself will specify the necessary amount;
  • to open an account requires a personal visit of the founders and the account signatory in Bahrain;
  • the main currencies available are BHD, USD, EUR but firstly an account should be opened in the local currency so that the bank may analyze the turnover / contractors and then accept an application to add currencies;
  • bank cards and chequebooks can be issued;
  • pre-approval is possible before the account opening process;
  • transfer fee to foreign bank is ~ BHD 5,25* (~ USD 14);
  • Internet bank in English;
  • time of account opening: about 1-2 weeks

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

GSL rating
Beginning of cooperation
May, 2023
Last contact
February, 2024
Last update
October, 2023
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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
1979
History
Established in 1979, BisB is the first Islamic bank in the Kingdom of Bahrain and the fourth in the Gulf countries. The bank operates under a Retail Bank license issued by the Central Bank of Bahrain and is listed on the Bahrain Stock Exchange.

BisB offers its services through a network of 13 branches located throughout Bahrain, with a network of 48 ATMs
Personnel
There are English-speaking staff
Bank’s shareholders
National Bank of Bahrain - 78,8%; Kuwait Awqaf Public Foundation - 7,18%
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    1 228
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    N/A
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimal balance for the corporate account is BHD 500 (~ USD 1 330), for the personal account - BHD 300 (~ USD 800)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    There is no fixed minimum amount of initial deposit, after reviewing the application the bank itself will specify the necessary amount
    Minimum turnover, €/year
    No turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services

    13
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee to foreign bank is ~ BHD 5,25 (~ USD 14)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Account maintenance, €/year
    Account maintenance fee of BHD 5 monthly in case of minimum balance reduction
    Distant access to the account
    Internet Banking in English
    Financial products
    The Bank is engaged in providing banking and financial services in accordance with the requirements of the Islamic Shariah. The Bank offers its services through two divisions: Retail Banking and Corporate Banking.
    The Retail Banking segment offers financial products such as Tasheel, Auto and Property Finance; credit card services; account services such as current and savings accounts, tejoori, iqra, vevo and investment deposit accounts; and electronic banking, among others.
    The corporate banking segment offers real estate finance, structured finance, banking services for small and medium-sized enterprises (SMEs), financial institutions (FIs) and government, treasury services, private banking services, banking services for VIPs, trade finance, and other Islamic financial and investment policies
    Credit/debit cards
    Bank cards and chequebooks can be issued

    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
    To open an account requires a personal visit of the founders and the account signatory in Bahrain
    Required
    For legal entity: Charter and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory on the account; completed bank form on the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    For an individual (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + CPR/ID card; proof of address not older than 3 months; resume; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Bahrein

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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