How to open a bank account in Dubai Islamic Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

March, 2023

Last contact

April, 2024

Last update

February, 2024
  • the world’s first full-service Islamic bank and the second largest Islamic bank in the world, founded in 1975;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts for local companies (Mainland, Free Zone Company), as well as personal accounts for residents;
  • the bank does not open accounts for non-Emirati companies;
  • minimum balance for account opening – from AED 50 000 (~ USD 13 600), AED 250 000 (~ USD 68 000), AED 500 000 (~ USD 136 000) and AED 3 500 000 (~ USD 953 000) – depending on the tariff;
  • a visit of the account signatory (and sometimes shareholders) to the UAE is required to open an account;
  • available currencies: AED, USD, EUR, GBP;
  • bank cards are issued;
  • pre-approval is possible before the account opening process;
  • transfer fee is AED 63 (~ USD 17)*;
  • Internet Banking in English (annual fee is AED 1 050 (~ USD 285) + additional fee for activation);
  • account opening time: from 1-2 weeks.

*The rates shown are approximate as they may ultimately differ depending on the service program chosen by the client in the bank.

GSL rating
Beginning of cooperation
March, 2023
Last contact
April, 2024
Last update
February, 2024
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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
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

    12 640
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    12 640
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for account opening - from AED 50 000 (~ USD 13 600), AED 250 000 (~ USD 68 000), AED 500 000 (~ USD 136 000) and AED 3 500 000 (~ USD 953 000) - depending on the tariff
    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

    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. The annual fee for Internet Banking is AED 1 050 (~ USD 285). The same amount is paid separately as a lump sum for activation
    Financial products
    DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients
    Credit/debit cards
    Bank cards 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
    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

    Banks of UAE

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    239
    1
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