Emirates Islamic Bank Dubai, UAE
Emirates Islamic Bank (EIB) is a cornerstone of the shariah-compliant banking system in the UAE. It was founded in 2004 and has recently been acquired by Emirates NBD. Over the years, it has won several awards locally and internationally, including ‘Best Overall Islamic Bank’ and ‘Most Innovative Islamic Bank’. With 40 branches and over 220 ATMs, it is headquartered in Dubai.
Why choose Emirates Islamic for banking services in Dubai?
- Shariah-compliant solutions for individuals and businesses
- Wide range of products, including personal, corporate, and business banking
- Competitive profit rates on savings and investments
- Convenient digital services via mobile app and online portal
- Diverse finance solutions like auto, home, and personal finance
Emirates Islamic offers many solutions suitable for a range of needs. The solutions include international debit/credit cards, account types, multiple currency options, loans, and several ways to access the services.
If you are looking for financial and investment services in compliance with Islamic law, Emirates Islamic is among your best options. This guide walks you through everything you should know about opening an account with Emirates Islamic in Dubai.
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Types of Emirates Islamic Accounts
- Current Account
- Saving Account
- Deposit Account
A current account is for daily usage. You can make countless transactions through your debit card and checkbook. You can access the services online or through an ATM/branch. It covers multiple major currencies like AED, USD, Euro, Riyal, Dinar, and more. The Minimum deposit required is AED 3,000, and the salary requirement is AED 5,000. This account type is perfect for individuals as well as businesses.
A savings account allows you to save your funds for a long time. Emirates Islamic offers several types of savings accounts to suit different preferences. They cover online banking, monthly draws, family accounts, and investment options. The minimum deposit for a savings account is AED 3,000. This account type is for you if you intend to save your money in compliance with Islamic laws.
A deposit account allows you to grow your wealth for the long term. You can make deposits and transactions based on the set tenure, which can be 3 months, 6 months, a year, etc. Emirates Islamic offers several types of deposit accounts with different perks.
Generally, the Islamic deposit account features a mudarabah system that is accepted under Islamic law. It’s for people who tend to maintain long-term savings and investment funds.
Steps to Open an Emirates Islamic Bank Account
Emirates Islamic offers current, savings, and deposit account options. Choose based on your requirements and long-term needs.
Prepare the documents required for your account type. Residents, expats, and businesses all require a different set of documents. Ensure your paperwork is complete and valid.
If you’re a new customer, you can register online or visit a branch to apply. Existing customers can log in to their account and fill in the new account application form. This will start the procedure.
Provide all the documents required and ensure their validity. They may ask for extra documents or information as required.
Upon approval, your account will be activated. You will receive your debit card and checkbook shortly after. You can access all services using your account information.
Understanding General Trading License in Dubai
Buying and selling goods
Importing and exporting products
Wholesale and retail trading
Selling items online (e-commerce)
Trading tools, equipment, and materials
Storing and delivering goods (logistics)
In simple terms, if your business involves handling different products, this license is required. It is one of the most useful and flexible licenses in Dubai.
Difference Between Mainland & Free Zone Online Business
- Mainland
- Free Zone
The mainland licenses are regulated by the Department of Economic Development (DED). It provides several benefits to online businesses. Here are some of the highlights:
- You can trade freely within the UAE market
- UAE residents and foreign investors can get government support
- Mainland partnerships may be better for the long term
Free zones are regulated by their own authority, offering many benefits to new e-commerce businesses in Dubai. Some of the highlights about free zone setup include:
- Free zones in Dubai offers 100% foreign ownership and tax benefits
- Limited to operating within the Free Zone
- License issued by Free Zone authority with simplified setup
Your Best Banking Options in the UAE
Emirates NBD
This bank started in 1963. Its one of Dubai’s oldest and largest banks. It leading in digital banking. Its strong local trust and wide service network give it a solid edge in both personal and business services.
RAKBANK
RAKBANK was founded in 1976 and focuses on helping individuals and small businesses. It offers both regular and system compliant to Islam. The bank’s strength is in simple services, e.g. fast opening, and easy loan access for startups and freelancers.
First Abu Dhabi Bank
FAB was founded in 2017 from a merger and is now the largest bank in the UAE. It offers strong financial support and global reach. FAB’s edge is in high-value services and safe, large-scale banking for professionals and growing businesses.
ADCB
Abu Dhabi Commercial Bank began in 1985. It is known for smart digital services. It focuses on saving time for users through applications and online tools. It has strong customer service and tech-based growth. Among the best for personal and corporate banking.
Emirates Islamic Bank
This bank started in 2004. It is known for blending laws of Islam with modern tools. It was the first shariah bank to launch WhatsApp banking. Its main strength is offering Shariah-compliant products with easy access and user-friendly digital support.
Benefits of Emirates Islamic Account
Shariah-compliant
Easy account setup
No hidden charges
Free debit card
Online access
Mobile app support
Salary transfer perks
ATM withdrawals free
24/7 customer service
High profit rates
Eligibility Requirements for EIB Banking Services in Dubai
- Must be a UAE resident or have a valid UAE visit visa (for select accounts)
- Valid Emirates ID and passport required for individuals
- A residence visa and salary certificate may be needed for salaried accounts
- The minimum age requirement is 18 years; minors require guardians' approval
- Proof of income or account statements may be requested
- Businesses must provide a trade license and incorporation documents
- Compliant with the UAE Central Bank KYC regulations for companies
- FATCA/CRS declaration required for international tax compliance
Required Documents for Individuals
- Valid passport (original & copy)
- UAE residence visa (for expats)
- Emirates ID (original & copy)
- Proof of address (utility bill)
- Salary certificate or payslip
- Bank statements (last 3 months)
- Completed application form
Required Documents for Businesses
- Valid trade license
- Commercial registration certificate
- Memorandum of Association (MOA)
- Emirates ID of all signatories
- Passports of all shareholders
- Proof of operating address
- Board resolution (if applicable)
Financial and Banking Solutions
Digital Services
Manage funds, trade, and transactions online on the EI+ Mobile App with foolproof security.
Loan Options
Get loans for personal, business, automobile, housing, and other purposes with easy access.
Customer Care
24/7 customer care to solve your regulatory and practical challenges and provide assistance.
Foreign Currencies
Access all major foreign currencies and quick remittance to multiple countries with ease.
Financial Support &
Banking Services
Loan Options
FAB provides multiple loan options for private, business, automobile, and housing purposes. The requirements and range differ for each type. Overall, the loans are provided at lower interest rates and on easier terms.
Digital Banking
FAB provides mobile and online account access, transactions, and alerts. It features digital integration of international standards with complete security using OTPs, biometrics, and other securitization tools.
Wealth Management
FAB provides wealth management facilitation to businessmen and companies. They provide an exceptional advisory panel with informed opportunities to trade globally. Bank’s Integration of high-end research and technology helps pick the best products.
Seamless Digital Financial Services with RAKBANK
Banking Packages
The bank offers several packages (Beyond, Emirati, and Plus Maximizer), allowing you to access free debit cards, up to 5 credit cards, exclusive rewards like cashback, insurance, and high-interest savings. These packages are suited to expats and nationals alike.
Loan Options
Need personal, auto, home, or national loans? RAKBANK offers flexible options with low rates, quick approvals, and no salary transfer. They even offer green loans for eco-conscious people to purchase solar panels.
Digital Banking
RAKBANK has digital platforms that ensure smooth account access and transactions with OTPs and RAKToken. They provide instant card blocking to secure logins. You can enjoy full control and advanced fraud protection at all times.
Banking Made Easy with IBG Consultancy in Dubai
Book a Free Consultation
Contact our experts to choose the right account for your business or personal needs.
We Prepare Your Documents
Our team gathers, reviews, and organizes all required paperwork for a smooth process.
Direct Bank Coordination
We connect directly with leading banks in the country to fast-track your application.
Account Opened
Get your account activated and ready to use, without any delays or confusion.
Why IBG Consultancy is Trusted for Financial Services in Dubai
IBG Consultancy makes your banking journey easy. We provide you with a new account suitable for your requirements. All you have to do is get in touch with us, provide the details, and wait for the due processing time. Contact us today to open your account with Emirates Islamic successfully.
Frequently Asked Questions
How is Emirates Islamic connected to Emirates NBD?
Emirates Islamic operates under the umbrella of Emirates NBD, giving it the strength and reliability of one of the region’s top financial groups.
Can I open an Emirates Islamic account using USD?
Is it possible to apply for an Emirates Islamic account digitally?
What types of credit cards does Emirates Islamic provide?
Does Emirates Islamic offer services for high-net-worth individuals?
Are there any options tailored for SMEs or entrepreneurs?
Can I manage my Emirates Islamic account from abroad?
What makes Emirates Islamic stand out as a leading sharia-compliant option?
Are there tailored financial tools for corporate-level users?
Does Emirates Islamic follow ethical models like Murabaha and Ijarah?
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