How to open a bank account in Sharjah Islamic Bank P.J.S.C

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

October, 2022

Last contact

April, 2024

Last update

February, 2024
  • the bank was founded in 1975, switched from commercial to Islamic banking in 2002;
  • the largest bank in Sharjah and the first bank in the world to successfully convert a traditional bank into an Islamic bank;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies: Mainland, Free Zone Company (a very strict compliance), personal accounts for residents;
  • the bank does not open accounts for non-Emirati companies;
  • minimum deposit – AED 15 000 (~ USD 4 080)* – per currency account;
  • account opening requires a visit from the account signatory and sometimes shareholders in the UAE;
  • available currencies: AED, USD, EUR;
  • issue bank cards;
  • there’s no pre-screening and no concept of Business Banking;
  • transfer fee AED 52,5 (~ USD 14)*;
  • Internet Banking in English;
  • account Opening Time: at least 1-2 weeks

*There are approximate rates, as they may ultimately vary depending on the customer’s chosen service program at the bank.

GSL rating
Beginning of cooperation
October, 2022
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
Sharjah Islamic Bank was founded in 1975. In 2002, it switched from commercial to Islamic banking
Personnel
There are English-speaking employees
Bank’s shareholders
Sharjah government - 37.6%; Kuwait Finance House K.S.C.P. - 18.2%; foreign investors - 40%
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

    3 800
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    3 800
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum deposit - AED 15 000 (~ USD 4 080) - per currency account
    Transactions permitted per month
    For current accounts there are no restrictions on the number of transfers
    Initial deposit of funds, €
    The initial payment is equal to the minimum account balance
    Deadline for the initial deposit, month
    Initial payment is made immediately upon account opening
    How fast payments are executed
    Payments are executed on the day or the next day

    Tariffs and services

    13
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The transfer fee AED 52,5 (~ USD 14)
    Incoming transfer, €
    The bank does not charge for crediting
    Distant access to the account
    There is Internet-banking in English
    Financial products
    Sharjah Islamic Bank is financial institution providing a broad variety of Sharia'a-compliant, retail, corporate and investment products

    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
    A visit to the UAE to open an account requires a signatory on the account and sometimes shareholders (depending on their share)
    Required
    For legal entity: License; Memorandum and Articles of Association; Director's Resolution on account opening and appointment of account manager; completed Company Profile; completed bank form forms for company and owner; bank statements of company account for last 6 months (if company is new, bank statements of other company of owner may be provided); copies of current contracts with counteragents; office lease agreements, cash flow chart, ownership structure chart, etc.

    For a natural person (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + bank ID for 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
    N/A
    N/A
    2 500
    239
    1
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