Cross Border Capital Advisors

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emirates islamic bank in uae dubai bank

How to open a bank account in Emirates Islamic Bank

Cross reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

  • 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

Cross rating

3/5

Beginning of cooperation

April, 2020

 Last contact

November, 2023

Last update

October, 2023

Success based fee

2500 USD

Mohamed Shabana Lead Consultant UAE Banking

Mohammed

Lead Consultant “cross-border-capital-advisors” UAE Banking 

 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

24 800

 Minimum balance, €

No restrictions

 Transactions permitted per month

24 800

 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

Order a consultation

    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 tr ansfer – 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

    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

    Bank

    The cost of opening an account, $

    Global rating

    Countrywide rating

    Cross rating

    Dubai Islamic Bank
    2 500
    N/A
    N/A
    3/5
    Arab African International Bank
    2 500
    N/A
    N/A
    2.5/5

    Sharjah Islamic Bank P.J.S.C

    2 500
    N/A
    N/A
    2.5/5
    Commercial Bank of Dubai (CBD)
    2 500
    N/A
    N/A
    3.5/5
    Banque Misr
    2 500
    N/A
    N/A
    3/5
    Emirates Islamic Bank
    2 500
    N/A
    N/A
    3.5/5

    Abu Dhabi Islamic Bank (ADIB)

    2 500
    N/A
    N/A
    3/5
    RAKBANK
    2 500
    N/A
    N/A
    3.5/5
    Abu Dhabi Commercial Bank (ADCB)
    2 500
    N/A
    N/A
    3/5
    Mashreqbank
    2 500
    N/A
    N/A
    3.5/5

    Ajman Bank

    2 500
    N/A
    N/A
    2.5/5

    Emirates NBD PJSC

    2 500

    239

    1

    3.5/5

    Bank

    The cost of opening an account, $

    Dubai Islamic Bank
    2 500
    Arab African International Bank
    2 500

    Sharjah Islamic Bank P.J.S.C

    2 500
    Commercial Bank of Dubai (CBD)
    2 500
    Banque Misr
    2 500
    Emirates Islamic Bank
    2 500

    Abu Dhabi Islamic Bank (ADIB)

    2 500
    RAKBANK
    2 500
    Abu Dhabi Commercial Bank (ADCB)
    2 500
    Mashreqbank
    2 500

    Ajman Bank

    2 500

    Emirates NBD PJSC

    2 500