Bank Laws in Dubai

April 12, 2022by admin0

Bank Laws in UAE

In UAE, the Central bank governs the banking laws. It regulates commercial banks, investment banks, Islamic banks, money changers, financial and monetary intermediaries, financial investment companies, finance companies, and commercial banks. The banking laws in Dubai also govern locally established banks or branches of foreign banks. These establishments are offering commercial banking services in the country. The locally established banks are licensed in accordance with the provisions of Federal laws while the branches of foreign banks are licensed by the Central bank. The foreign banks also assist the customers with administrative formalities and have designated representative offices. The Federal law also states that the investment banks cannot accept deposits with maturity less than 24 months but are allowed  to borrow from its head office, from financial market or from local or foreign banks. The UAE also offers Islamic banking services, which are governed by Shari’a law and Federal Law . The law states that the Islamic banks can carry out all or part of the banking, commercial, financial and investment services. The Islamic banks have every right to engage in all types of services and operations being practiced by banks, referred in the Federal law.

The citizen and residents of the UAE can open their bank accounts for which the required documents include a copy of their family book, a salary letter or a letter of no objection from the employer. The expatriate residents need to furnish copies of their passport, Emirates ID, worker residents visa, and a salary letter or a no objection letter from the employer. Expatriate residents or the citizens of the UAE are also allowed to open a joint account with another legitimate resident of the UAE. The use of international bank account number (IBAN) is mandatory for all electronic payments and receipts except for making payments through a credit card.

admin

Leave a Reply

Your email address will not be published. Required fields are marked *

Dubai
1904, Al Moosa Tower 2, Near Emirates Towers Metro Station & Millennium Hotel, Sheikh Zayed Road, Dubai United Arab Emirates
+971 4 3585 133
Abu Dhabi:
M2, Al Sultan Bakery Building,
Sector 18-01, Muroor St. P.O. Box 26380
+971 2 564 8444
https://mbkauditing.com/wp-content/uploads/2021/02/fta-1.png
Social links
https://mbkauditing.com/wp-content/uploads/2020/03/facebook-1.png
https://mbkauditing.com/wp-content/uploads/2020/03/instagram.png
https://mbkauditing.com/wp-content/uploads/2020/03/linkdIN.png
AvantageHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
Our locationsWhere to find us?
https://mbkauditing.com/wp-content/uploads/2019/03/img-footer-map.png
Get in touchAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
Need Help? Chat with us
Please accept our privacy policy first to start a conversation.