The Exchange Tower, Office 2401, Business Bay, Dubai, UAE

+971 4 5586339+971 54 582 1012
United KingdomGermany
Blog

How to Open a Dubai Islamic Bank Account

Updated 12 August 2024

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 […]

Brenda9 min read

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.

1

Al Islami Current Account

Account Type: Current Account | Benefits: It’s the account that’s as flexible as you need it to be.

  • Free Mobile Banking

  • Free Bill Facilities

  • Free Electronic Banking

  • Free Account Statements

2

Al Islami 2-in-1

Account Type: 2-in-1 Account | Benefits: Enjoy the best of both worlds.

  • Free Bill Payment Facilities

  • Attractive Expected Profit Rates

  • Free Online and Mobile Banking

  • Chequebook Facility

3

Al Islami E-Savings Account

Account Type: Savings Account

It’s the savings account you can open, operate and manage from the comfort of home.

  • Online Account Operations

  • Attractive Expected Profit Rates

  • Online Account Opening

  • Free of Charge

4

Al Islami Current Account Plus

Account Type: Current Account | Benefits: Banking solutions designed with you in mind.

  • Free Electronic Banking

  • Free Account Statements

  • Free Bill Payment Facilities

  • Free Mobile Banking

5

Al Islami Savings Account

Account Type: Savings Account | Benefits: Profit-bearing savings account designed for the long run.

  • AED and USD

  • Can be Opened for Minors

  • Attractive Expected Profit Rates

6

Shaatir Savings Account

Account Type: Savings Account

Simple, fun and designed for tomorrow, open a Shaatir account for your child today.

  • Can be Opened for Minors

  • Higher Expected Profits

  • No Minimum Balance

  • No Maintenance Fees

7

Johara Current Account

Account Type: Current Account | Benefits: It’s the account that’s as flexible as you need it to be.

  • Free Electronic Banking

  • Free Account Statements

  • Free Mobile Banking

8

Johara Savings Account

Account Type: Savings Account

A savings account with expected profit designed for the long run.

  • Attractive Expected Profit Rates

  • AED and USD

  • Can be Opened for Minors

9

Foreign Currency Account

Account Type: Others

You can manage all your funds in Dubai Islamic Bank’s select global currencies.

10

Al Islami Payroll Account

Account Type: Others

Dubai Islamic Bank has made significant efforts to understand all the needs of an organization and employees with regard to payroll.

  • Dedicated Relationships Manager

  • On-site Accounts Opening

  • Preferential Pricing

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:

1

Customised Finance Solutions

Business Finance: | The right business support, when you need it most.:

  • Trade Finance

  • Competitive Profit Rates

  • Flexible Repayment Options

  • High Finance Amounts

2

Business Finance

Business Finance: | Simple solutions, stress-free finance.:

  • Finance up to AED 2.5 Million

  • Flexible Tenure

  • Competitive Profit Rates

  • Financing Based on Salam Finance

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:

DIB Bank AccountsMinimum Account Balance Required
Al Islami Current AccountAED 3,000
Al Islami Savings AccountAED 10,000
Al Islami 2-in-1 AccountAED 3,000
Al Islami Business AccountAED 50,000
Al Islami Current Account
Minimum Account Balance RequiredAED 3,000
Al Islami Savings Account
Minimum Account Balance RequiredAED 10,000
Al Islami 2-in-1 Account
Minimum Account Balance RequiredAED 3,000
Al Islami Business Account
Minimum Account Balance RequiredAED 50,000

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:

Step 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.

Step 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.

Step 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:

List of Documents Required

  • 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

Q. Can I open a DIB account online?

A. Yes, you can open a Dubai Islamic Bank account online by visiting the official website and selecting the account type. There will be some information that will be mandatory to fill out. Once done, your account opening process will begin.
Q. Are Dubai Islamic Bank Shariah-compliant?

A. Yes, all of the bank accounts which are offered by DIB are in compliance with Shariah and Islamic law.
Q. Is there a fee for closing a DIB account?

A. You will need to pay AED 26.25 for closing a bank account. This is only if the bank account closing is done within a year. If the account has been used for more than a year then the bank will not charge any fee.
Q. Is there a maintenance fee?

A. Yes, DIB charges you a maintenance fee of AED 26.25 only if the minimum monthly amount average has not been maintained. Otherwise, there is no maintenance fee charged.
Q. Do I have to pay any fee to avail e-statements for my DIB account?

A. No, the DIB does not charge you anything for offering the facility of e-statements. This service is considered to be a complimentary service by the bank.

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.

Categories:

About the author

Brenda

View full profile

Published 16 May 2021 · Updated 12 August 2024