How to open a bank account in Emirates Islamic Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

April, 2020

Last contact

January, 2025

Last update

August, 2024

founded in 2004, an Islamic bank with its headquarters in Dubai;
the bank opens savings (deposit) and business accounts;
the bank only opens accounts to local companies: LLC, Free Zone Company, personal accounts for residents and non-residents;
the bank may in some cases open accounts for non-Emirati companies;
the minimum deposit – from AED 100 000 (~ USD 27 000) + investment products (without them they do not take);
the beneficial owner must visit the UAE for account opening;
the bank issues bank cards;
pre-approval procedure: a positive answer means that the account is most likely to be opened;
incoming transfer – no banking fee, outgoing transfer – from AED 63 (~ USD 17)*;
a monthly maintenance fee is charged if the account drops below the minimum balance and is 26,25 AED (~ 7 USD);
online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

GSL rating

Beginning of cooperation

April, 2020

Last contact

January, 2025

Last update

August, 2024

Поиск консультанта...

+44 0 207 822 85 93

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

2004

History

Founded in 2004, the bank has 60 branches and more than 100 ATMs throughout the country. It became the first bank to launch mobile banking platforms

Personnel

The staff speak English

Bank’s shareholders

Emirates NBD PJSC (99.89%)

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

25 280

Minimum balance, €

No restrictions

Transactions permitted per month

25 280

Initial deposit of funds, €

Deadline for the initial deposit, month

Minimum balance, €

The minimum deposit - from AED 100 000 (~ USD 27 000) + investment products (without them they do not take)

Transactions permitted per month

There are no restrictions on the number of transactions

Initial deposit of funds, €

The initial deposit equals the minimum balance

Deadline for the initial deposit, month

The initial deposit is made at the time of opening the account

How fast payments are executed

The payments are executed same day

Tariffs and services

Outcoming transfer, €

Incoming transfer, €

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Incoming transfer – no banking fee, outgoing transfer – from AED 63 (~ USD 17)

Incoming transfer, €

No fees are charged on incoming transfers

Account maintenance, €/year

A monthly maintenance fee is charged if the account drops below the minimum balance and is AED 26,25 (~ USD 7)

Distant access to the account

Online banking in English

Financial products

Offering a broad range of products designed for individuals and small businesses as well as large corporations

Credit/debit cards

Yes

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

The beneficial owner must visit the country for account opening

Required

For a corporate account: set of the company’s corporate documents; completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.

For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.

The list is not exhaustive. The bank may request any other documents and information

Types of accounts

Savings; Current

Chances to open an account

Predictable

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