Emirates Islamic Bank UAE (EIB) was opened in Dubai in 2004. The bank was established to provide banking services in compliance with Shariah principles. The bank offers a wide range of products designed for individuals and small businesses as well as large corporations. Emirates Islamic Online Banking is well known inside the country. Emirates Islamic Bank branches comprise 60 offices and more than 100 ATMs nationwide.
Basic Information About Emirates Islamic Bank
- Ways of managing the account: Emirates Islamic Bank Internet Banking.
- Languages: English, Arabic, Farsi.
- Account currencies: USD, AED, EUR (during the first 6 months of using the account incoming and outgoing payments can be made in USD/EUR but with obligatory conversion through AED. After 6 months from the account opening date payments in USD/EUR are made directly without conversion).
- Plastic cards: Visa, Master Card.
- Account types: personal, corporate, current, savings, investment.
- Account opening time: from 6 weeks (approximate).
Documents Required to Open an Emirates Islamic Bank Account
Emirates Islamic Bank Business Banking provides you with the opportunity to open Emirates Islamic Bank account in UAE for your company.
The client will be required to submit:
- Statutory documents of the company registered in the UAE.
- The original passport of the shareholder/account holder.
- Document confirming the residence address of the account manager.
- Extended resume of the account manager in English.
- Corporate documents of a home company with similar business activities in the country where the client is a resident (minimum 10% ownership in the specified business). Extract from the unified state register is suitable as proof.
- Bank statements of the corporate bank account of the household company for at least the last 6 months in English with details of the purpose of payments and the amounts of daily withdrawals/collections.
- A detailed account statement from the shareholder’s personal account for at least the last 6 months (in English).
- Source of origin of funds. Applicable to personal account statements. It must contain information on the operations from which the capital has been generated (dividends, salaries, borrowed capital, sale of assets, etc.). The information must be documented.
- Completed questionnaire for opening an account with a UAE bank.
- If the shareholder of the company is a legal entity, the company’s constitutional documents certified at the level of the UAE Ministry of Foreign Affairs (full consular/embassy legalization) should be submitted:
– Registration Certificate,
– Articles of Association of the company,
– Shareholders’ Certificate,
– Good Standing Certificate if the company has been operating for more than 1 year.
- If the owner of the company is a legal entity, information should be provided/disclosed up to the ultimate beneficiary.
- Copies of contracts and invoices of at least 3 suppliers and customers of the shareholder’s home company, as well as their addresses, e-mail and web sites must be attached to the document package.
Emirates Islamic Bank Fees & Commissions
Account maintenance fee is charged in case the minimum balance is reduced and amounts to:
- for GOLD service package –AED 400;
- for PLATINUM package –AED 500;
- subscription fee for internet banking is AED 200.
Incoming and outgoing payments:
- for GOLD service package:
– first 5 transactions per month – free of charge;
– more than 6 transactions per month – AED 15.
- for PLATINUM service package:
– first 10 transactions per month – free of charge;
– more than 6 monthly transactions per month – AED 10.
Bank Account Closing: Less than 6 months of account usage – AED 200.
Timelines of Emirates Islamic Bank corporate account opening: usually, it takes not less than 6 weeks to open Emirates Islamic Bank account in UAE, starting from the day the bank receives all the above documents and information.