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

April, 2024

Last update

February, 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
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
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, €
    1
    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

    16
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    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

    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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    Comments

    • userpic round-small-mask

      13.01.2023 17:31:00 Muhammad Dilshad

      I need saving account

    • YOUR CONSULTANT round-small-mask

      01.03.2023 12:54:16 YOUR CONSULTANT, If you are ALREADY a GSL customer

      Dear Muhammad!

      We sent our response to the email you provided.

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