How to Open a Bank Account in Dubai?

• Managing money and finding the right place to invest is something that crosses our minds at some point of time in life.

• For expats this is a greater concern as the rules and regulation of a foreign land come into play.

• If you have just moved to Dubai and would want to know more about the banking rules there, keep reading on.

• Before you decide where to invest money in Dubai, it is important that you understand a few requirements of the place. Here are a few things that you would require to set up a bank account in Dubai:

1. For expats who are wondering on how to open a bank account in Dubai, the procedure is quite simple. You will first need to set up a resident visa first before opening a basic bank account in Dubai. For savings account, the bank will ask for your passport and two months’ bank statement from the bank in your own country.

2. Each bank has a monthly minimum balance, which you will have to maintain. If you account balance falls below the specified amount, a monthly deduction

called the ‘fall below fee’ will be made from your account.

• The UAE has about 50 banks and a myriad of banking products for you to choose from. You can avail of personal loans, credit cards, car loans etc from these banks.

• Another popular banking system in the UAE is the Islamic banking system.

• List of Islamic banks in the UAE includes Islamic banks and Sharia compliant banks which refer to the same type of bank as they follow Islamic principles with their operations.

• The Islamic banking system is one of the most popular banking systems in the UAE.

• The difference between conventional and Islamic banking system is that while the former is governed by man-made regulations and rules, the latter follows the rules of the Sharia.

• This system does not follow interest based transactions and avoids any economic activities that would contradict the religion.

• When an Islamic bank lends out money, it does that on a profit rate. The borrower and the bank will split the profits between them.

• The fact that there is no interest rate attached to a loan from an Islamic banks makes it a popular go to for those looking for financial assistance.

• If you are wondering on how to invest money in Dubai, the best way would be to first understand the banking system and its liabilities before you entrust your money with a third party.

• You can search for a list of all banks in the UAE and then decide on whose services you want to avail of.