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

• 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