How to open a bank account in Dubai in 3 easy

steps

Initially the customers of Islamic banks were only Muslims who wanted a systematic banking procedure that followed all religious rules and regulations. As these banks expanded and flourished, Non-Muslims also became a part of it.

Islamic banking is based on Shariah law, according to which taking and paying interest is strictly prohibited. Today, a number of banks from the west have set up their branches in the UAE and other Islamic countries and are following the Islamic banking methods to attract customers. There is a long list of Islamic banks in UAE that follow this procedure.

When it comes to opening a bank account there are a lot of legal procedures one has to go through, especially when it is a foreign country. Since the Dubai government has always been encouraging employment opportunities in the city, the process for opening a bank account for the Non-UAE residents has become simpler over the years.

First you need to select a bank to open your account, the list of Islamic banks in UAE can be found on the internet.

Once you have selected the bank, as a proof, you need to present your passport and other documents as requested by the bank to open your account.

After the verification process, your Savings Account will be opened in no time!

Here are 3 easy steps on how to open a bank account in Dubai:

With a savings account and tax free income it is easier to save money that can be invested later. Any investment made in Dubai will bring profitable results. Here’s a guide on where and how to invest your money in UAE:

Property: Purchasing a property is one of the best investments one can make here. As properties in Dubai are always in demand, owners can get good returns while selling the property or giving it out on rent.

Stocks and Shares: Buying shares and stock is another smart investment. Expats need to take help of a broker or bank to make a purchase. You can select from a variety of companies in areas like real estate, banking and construction.

National Bonds: National Bonds help you save and earn profits. They are set according to Sharia laws in UAE. This is the best option for small savers as the minimum subscription is Dh 100. A number of banks also provide the facility called ‘National Bonds Monthly Saver Plan’ under which money is transferred from the customer’s account to the Nationals Bonds account as directed by the customer.

If you have recently moved to Dubai or planning to move anytime soon these tips can come handy, at least when it comes to taking care of your money and using it effectively.