Emirates Islamic Bank

Emirates Islamic Bank was registered in 2004 and is focused primarily on Islamic clients. However, many services are available to individuals of other faiths and non-resident legal entities, including offshore companies. It should be noted that non-resident individuals must obtain a resident visa to open an account with this bank. In contrast, a corporate account is opened only if a physical office in the jurisdiction is confirmed. Prífinans lawyers can help with these issues.

Bank advantages

Opening an Emirates Islamic Bank account has many advantages:

• high standards of service when the bank is positioned as a partner of the client;
• availability of modern Internet banking, including mobile banking;
• absence of hidden payments (forbidden by Sharia law).

Account opening procedure

Potential clients can open a personal or corporate Emirates Islamic Bank account, including a multi-currency account. The bank’s services are standard except for lending – it is provided on special terms, which are not contrary to Sharia law, often without interest. Within the credit lines, a service fee is charged. The bank is interested in clients whose annual turnover exceeds 1 million U.S. dollars or euros.

Individuals must obtain an identification number in advance. Religion does not play a role when deciding to open a bank account in this case. Individuals to open a new bank account submit originals and duly certified copies of the following documents:

• passport;
• visa;
• identification number.

Individuals also submit income information. Non-residents additionally submit a bank statement from the bank with an active account (starting from 3 months).

Corporate clients open accounts with the bank in question by submitting original and duly certified documents:

1. Constituent documents.
2. Certificate of good reputation (for legal entities that have existed for more than one year).
3. Information on the types of activities, including a business plan.
4. Information on shareholders, beneficiaries, and management of the legal entity (for each):
   • resume;
   • passport;
   • bank statement;
   • utility bills as proof of address of residence.

In all cases, applicants fill out an account application form. Some types of accounts may require a deposit to form a minimum balance. The bank staff reviews the application within two weeks. The bank reserves the right to refuse to open a bank account. The most common reasons for such a decision are non-compliance with the bank’s policies or submission of unreliable, in the bank’s opinion, information. Prifinance lawyers are available to accompany the process of opening a new bank account to avoid the risk of rejection by the bank.

How Prifinance lawyers can help

If you plan to open an Emirates Islamic Bank account, Prifinance lawyers are ready to provide comprehensive support at all stages of the process, including:

• evaluate the profitability and likelihood of the option in your particular case, including proposing no less favorable alternatives;
• collect and process the required documents and data;
• negotiate with local authorities and bank officials;
• provide legal support in resolving issues that arise in the course of further work on the account.

Provide input for individual advice and suggestions.