How to Open a Dubai Islamic Bank Account

The Dubai Islamic Bank (DIB), as the name suggests, was first established in Dubai by Haj Saeed Bin Ahmed Al Lootah. The basic purpose of this bank creation was to incorporate the principles of Islam and its practices in the banking sector; in the long run, DIB managed to do this successfully and is now the largest Islamic bank in the whole of United Arab Emirates (UAE).

Dubai Islamic Bank was established in 1975 and its headquarters are based in Dubai. There are over 4,200 employees which are currently working at Dubai Islamic Bank, which has 90 branches within the UAE and is present in 7 different markets worldwide. The company has challenged itself and remains keen on expanding its services to more countries across the globe. There are roughly 1.7 billion customers to which DIB is offering its premium services.

DIB is renowned for offering a wide range of value-driven facilities to its customers which have been proven time and time again in the feedback. It is worth mentioning that all the services DIB offers are completely in accordance with the Shariah principles.

Dubai Islamic Bank Account

As mentioned before, DIB offers a wide range of banking facilities and their bank account remains one of the most stand-out features the company offers. There are two basic types of accounts in which DIB operates:

1. Personal Accounts
2. Corporate Accounts

Personal Accounts

As the name states, the personal accounts are opened by individuals who are looking to utilize the account for their personal lives. These accounts are very simple to open and can be opened by just visiting the branch once and providing them with the verification they require. It is important to understand that there are a number of options to choose from even in personal bank accounts which we will look into next.

DIB offers a wide range of variety to people even while opening personal accounts. Here are all of the personal accounts which the bank offers.

Corporate Accounts

The DIB is renowned for offering its premium services in the corporate world as world. The bank is currently operating with a variety of different companies across the UAE and helping them meet their demands. The DIB defines its corporate banking in three words: Innovation, Experience, Infrastructure. DIB claims to have a solution for every problem in the business world, which is not far from reality. The DIB operates in various sectors which are as follows:

• DCM, Syndication, and Cross Border
  • Market leader for Sukuk & Syndicated Financing – Unmatched global credentials in the Islamic Capital Markets and Islamic Financing
• Private Sector
  • A wide range of Sharia-compliant banking solutions designed to meet the needs of modern multinationals.
• Public Sector
  • Giving the public sector access to essential financial solutions, geared toward the country’s development and infrastructure.
• Transaction Banking
  • Flexible cash management services to meet your company needs – effectively and efficiently.
• Real Estate
  • Paving the road to the future with Sharia-compliant finance solutions that work with your plan at every step of the way.

It is worth adding that DIB offers two different banking products to the corporate world which are as follows:

Features and Benefits of Dubai Islamic Bank Account

There are a number of reasons why one should look to open their bank account in DIB because it has been one of the most trusted banks in the entire world and not just in the UAE. However, if you need some solid facts then consider the following things:

• Attractive Profit Rates: DIB offers various attractive profit rates to its customers. The customers can avail themselves anytime they like.
• Multiple Currencies: The bank account can be opened and DIB offers various currencies in which they can do that.
• Mobile and Online Banking: Keeping up with the technology, the DIB has one of the best mobile apps in the industry and also offers online banking to all its customers.
• Bill Payment Facilities: Through your DIB account, you can easily pay almost all the bills. The options for bill payments are DEWA, FEWA, SEWA, Du, Etisalat, and Salik.
• Account Statements: The account holders can avail their bank statements with just a click of the button or in hard copy. This service is offered to the customers free of cost.

Eligibility Criteria to Open a Dubai Islamic Bank in UAE

Every bank has some eligibility criteria which need to be met prior to filling out the application for a bank account. The DIB’s eligibility criteria mainly hinge on minimum account balance and different accounts have different limits. Here are the exact numbers:

Process of Dubai Islamic Bank Account Opening

Every organization wants to simplify its processes to attract as many customers as it possibly can. If the process is tedious or costly, the customers will be inclined to look at other options which might not be better suited to their needs. This is exactly the principle on which DIB has based its ideology on. The DIB bank account opening process is extremely simple and can be done in either one of the three methods:

1. Online Application

The first method is the online application as it provides a lot of ease to the customer and they can have their bank account opening process started without having to leave the comfort of their own house. The customer will be required to log on to the official website of DIB and simply navigate to the account they want to open and click the Apply Now button. The customer will be required to fill in some essential details and after that, the process of account opening in DIB will commence.

2. Branch Visit

The second method is the traditional one and it will require you to visit the branch. There are over 90 Dubai Islamic Bank branches in UAE and you can choose the one that is either closest to your house or your workplace. Once you are at the branch, you need to talk to a financial officer who will guide you through the process and they will require you to either submit a copy of your Emirates ID or your passport for the process to start.

3. Phone Banking

Lastly, the process can also be initiated through phone banking as well. However, this method is least recommended because although the bank will start the process you will still need to submit the documents through either one of the above-mentioned methods anyway.

List of Documents Required

Although different account types have different documents requirement here is the list of documents which are required to open a Dubai Islamic Bank account in the UAE:

• Nationality, if you do not have a nationality then passport details
  • Passport number, passport issue, and expiry date
• Emirates ID number and expiry date
• Country of residence, origin, and residency status
• Source of income and anticipated transactions
• List of countries from where you will be receiving funds from

The bank will require copies of one or all of the mentioned above documents in order to process the application.

FAQs about DIB

Riz & Mona Role

At Riz & Mona, we aim to provide our expert services to all the customers. We have a number of qualified professionals with over 10+ years of experience dedicated to helping you with your every need; from company formation to license registration, and from bank account openings to providing valuable business advice. We take pride in our hands-on approach with the clients and guiding them through tedious processes so they can focus on bigger tasks which can lead them to make better business decisions and expanding their businesses. Contact us for more information regarding bank account openings.