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How to open a bank account in Emirates Islamic Bank

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GSL reference about the bank

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Main requirements:
- 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, UAE offshore companies; personal accounts for residents and non-residents;
- the minimum average monthly balance for Business Platinum package is from AED 250 000 (~ USD 68 000);
- 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 15 (~USD 4)*;
- a monthly maintenance fee is charged if the account drops below the minimum balance and is AED 500;
- online banking in English

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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    62 000 No restrictions 62 000 1 No restrictions
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    Minimum balance, € The minimum average monthly balance (Business Platinum package) is AED 250 000 (~ USD 68 000)
    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    4 0 0 N/A N/A
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    Outcoming transfer, € The fee for an outgoing transfer is 15 AED (~4 USD)
    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 500 (~USD 136)
    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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
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