GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Dubai Islamic Bank

How to open a bank account in Dubai Islamic Bank

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

March, 2023

Last contact

December, 2024

Last update

August, 2024
  • the world’s first full-service Islamic bank and the second largest Islamic bank in the world, founded in 1975;
  • licensed by the Central Bank of the UAE, with branches in all seven emirates;
  • the bank opens savings (deposit) and settlement accounts;
  • the bank opens accounts for local companies (Mainland, Free Zone Company), as well as personal accounts for residents;
  • the bank opens accounts for companies with Flexi Desk;
  • minimum balance requirements: AED 250 000 (Al Islami Premium Package), AED 500 000 (Al Islami Infinite Package), AED 3 500 000 (Al Islami Ultimate Package);
  • account opening requires a visit of the account signatory to the UAE;
  • available currencies: AED, USD, EUR, CNY;
  • debit bank cards and checkbooks can be issued;
  • pre-approval is possible before starting the account opening process;
  • transfer fee is AED 63 (~ USD 17);
  • Internet banking in English and Arabic;
  • account opening time: 6 to 8 weeks
GSL rating
rating
Beginning of cooperation
March, 2023
Last contact
December, 2024
Last update
August, 2024
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General information and rating
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
1975
History
The bank was founded in 1975. In March 2020, it absorbed Noor Bank. It is currently the largest Islamic bank in the UAE. The bank has about 500 branches in an extensive global network in the Middle East, Asia and Africa.
Personnel
The bank has a staff of more than 10 000 people. There are English-speaking employees
Bank’s shareholders
Dubai Islamic Bank is a public joint stock company 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
    Minimum requirements

    61 250
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    61 250
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    minimum balance requirements: AED 250 000 (Al Islami Premium Package), AED 500 000 (Al Islami Infinite Package), AED 3 500 000 (Al Islami Ultimate Package)
    Transactions permitted per month
    No restrictions
    Initial deposit of funds, €
    The initial payment is equal to the minimum balance to open the account
    Deadline for the initial deposit, month
    Must be deposited at account opening
    Minimum turnover, €/year
    No restrictions
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    16
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is AED 63 (~ USD 17)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    Internet banking in English and Arabic
    Financial products
    DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients
    Credit/debit cards
    Debit bank cards and checkbooks can be issued

    Account opening procedure
    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
    Opening an account requires a visit of the account signatory (and sometimes shareholders) to the UAE
    Required
    For a legal entity: License; Memorandum and Articles of Association; Director's Resolution on account opening and appointment of account manager; completed Company Profile.

    The application forms of the company and the owner; bank account statements of the company for the last 6 months (if the company is new, they can provide account statements of other companies of the owner); copies of current contracts with counteragents; rental contracts of the office, cash flow chart, ownership structure chart etc.

    For an individual (director / shareholder / beneficiary / attorney): proof of identity (passport) + bank statements for the account signatory; proof of address (not older than 3 months) (Tenancy for account signatory); CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable
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    Banks of UAE

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    Digital Bank UAE
    3 250
    N/A
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    Nel Bank
    3 250
    N/A
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    Un Bank
    3 250
    N/A
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    Dubai Islamic Bank
    3 250
    N/A
    N/A
    Arab African International Bank
    3 250
    N/A
    N/A
    Sharjah Islamic Bank P.J.S.C
    3 250
    N/A
    N/A
    Commercial Bank of Dubai (CBD)
    3 250
    N/A
    N/A
    Banque Misr
    3 250
    N/A
    N/A
    Emirates Islamic Bank
    3 250
    N/A
    N/A
    Abu Dhabi Islamic Bank (ADIB)
    3 250
    N/A
    N/A
    Abu Dhabi Commercial Bank (ADCB)
    3 250
    N/A
    N/A
    Mashreqbank
    3 250
    N/A
    N/A
    Ajman Bank
    3 250
    N/A
    N/A
    Emirates NBD PJSC
    3 250
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