Emirates Islamic Bank Business Gold Account

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Choosing a bank from a long list of top banks can be arduous and so can be selecting the perfect bank account that can fulfil all the needs of e a business account. Emirates Islamic Bank, in addition to Emirates Islamic Commercial Banking, will assist you in managing all of your business challenges.

Emirates Islamic Bank is an ideal choice for people who want to manage their business funds in the most efficient way. It offers an excellent offline and online banking experience along with an efficient and convenient account opening procedure. Emirates Islamic Bank Business gold accounts provide a range of options to its customers, including facilities of current account, savings account, and fixed deposits.

How to open the Emirates Islamic Bank Business Gold account

You can choose to open a Business Gold account with EIB bank using online and offline modes. Let’s take a look:

Using offline mode - Visiting the bank branch

To open a bank account offline, you can visit the nearest bank branch fill out the ‘account opening form’, submit your documents and you’re set to go.

Opening an Account Online

You can open an Emirates Islamic Bank Business gold account online if you wish to save the inconvenience of visiting a branch. You For discounts and deals, you may go to the official website or policybazaar.ae.

Benefits of opening a Business Gold Account

Following are the top benefits of opening an Emirates Islamic Bank Business gold accounts:

1) Easy and Smart Banking with Emirates Islamic Bank current account 

Customers can pay using a cheque, credit card, or any other method they wish to opt for. For example, if customers need cash or money to purchase merchandise, they will not need to visit a bank. They may readily acquire money anywhere, anytime and whatever amount they want. Customers may manage their finances on a daily basis by using a current account, which helps them to meet all of their financial commitments.

2) Customers can easily access and manage their Savings and Investments Digitally

Customers may benefit from saving money by opening an Emirates Islamic Bank Business Gold account, which offers a unique, easy and convenient combination of savings and liquidity. It also has fixed deposit accounts, which allow you to deposit money for a specified period and withdraw it at the end of the term. Customers can easily earn profits with their fixed deposit account.

3) Additional Benefits to manage your savings and investments

Discover the best compliance funds, including the Emirates Islamic Real Estate Fund, the Global Balanced Fund, the Dynamic Liquidity Investment Fund, and others. Top investment options, including specialist guidance and access to some of the best Sharia-compliant funds, as well as the following benefits:

• Investment Saving Accounts offer a unique balance between generating profit and liquidity.

•Fixed Deposits enable you to deposit your funds for a fixed period, which helps the customer to earn higher returns.

4. Simple and Secured Financing

The Emirates Islamic Bank Business gold account offers financing options to help customers manage their cash flow, acquire assets, and expand the business. Products are created to address the following business issues:

•Financing for working capital and fixed assets up to AED 5 million on a fully secured basis and up to AED 3 million on an unsecured or partially secured basis is available.

• Trade finance instruments such as Sight or Time Letters of Credit, Cash Letters of Credit, LC Murabaha financing, and other Letters of Guarantee.

• Financing for vehicle fleets, buses, and heavy vehicles like trucks, cranes, super loaders, etc.

• Funding for an Initial Public Offering (IPO) on a selective basis.

Why you should open an EIB Business Gold Account?

Since a business cannot escape from daily profit and loss scenarios, Emirates Islamic Bank Business gold account helps you to cope up with these difficulties in the most efficient way. Here’s a list of reasons to give you a sneak peek into the best features of business gold account: 

1. Safe and Reliable

As a consequence of technological progress, hacking tactics have changed, making passwords essential for preserving our privacy. Nowadays, many people attempt to hack into your account and take your money. Passwords are essential for maintaining privacy as technology progresses. As a result, Emirates Islamic Bank provides the customers with a strong and secure password in order to prevent unauthorised access.

2. Easy to Use

Emirates Islamic Bank accounts make banking simple and comfortable by automatically updating transactions in your messages without any effort. Customers no longer need to visit bank offices on a regular basis; they may simply accomplish all the banking activities like getting bank statements from the comfort of their own homes. With a user friendly online banking platform, EIB has transformed banking experience.

3. Easy to Use

Emirates Islamic Bank business gold account provides an easy switch between your recipient and debit orders so that you can do your transactions quickly and easily.

4. Custom banking services provided to different industries

Different sectors have different financial requirements. Emirates Islamic bank business gold recognises this; therefore, this account offers several banking systems that assist various sectors considering their needs.

Additional Perks of Opening a Business Gold Account with EIB:

1. Daily cash withdrawal limit

Emirates Islamic Bank business gold account allows you to withdraw cash daily with the help of a debit card. The limit of cash withdrawal in one day is AED 35,000.

2. Excellent Customer Support

Emirates Islamic Bank has a good record of customer service. With the assistance of Emirates customer care, you will be able to save a significant amount of time as all your queries will be resolved with just a phone call.

3. Discount offers on banking products 

Emirates Islamic Bank offers all of the fundamental banking services and products such as bank drafts and returns. You will get special pricing and discount offers if you become a member of the Emirates Islamic Bank’s Elite banking family.

4. 40 counter facilities for free

Emirates Islamic Bank business gold offers free counter transactions every month. Therefore, you can enjoy 40 counter facilities for absolutely free.

Let’s take a look into fee applicable for operating a business account with Emirates Islamic Bank:

Business Banking Schedule of Charges for current account

Categories Charges
*Minimum Monthly Balance (a) >= AED 100,000 to AED 250,000
Finance Facilities(b) Any Active Finance
Brokerage Accounts or Stock Trading Accounts (c) Any Active EIFB Brokerage/Stock Trading Accounts
Monthly Fee (only if conditions ‘a’ or ‘b’ or ‘c’ are not met) AED 400 per month 
Relationship Fee Nil
Account Maintenance Fee (from 1 July 2018) EUR 50
Teller Fees Cash Deposit & Withdrawal, Fund Transfer (Cheque / Intergroup) Free up to 5 transactions per month. Thereafter, AED 15 per transaction
Cash in bulk deposit & withdrawal 0.15% of the total cash deposited/withdrawn for amounts of 1 million and above on a daily basis
Customer Package Changes or Charges One-Off: Applied only for downgrade - 200/- if the package changed within 6 months

Other charges

Cheque Book Charges Free*
Certificate of Balance AED 50 per certificate
Manual Processing Charges  * Manual WPS processing allowed only for approved customers. AED 750 per file plus AED 3 per account (per account charge is Free for EI/ENBD Accounts)
Digitalized electronic platform AED 750 per file + AED 3 per account (per account charge is Free for EI/ENBD Accounts)
Copy of statement requested AED 5 per page. Minimum AED 25
e-statement (monthly) Free
Issuance of DD, MC, PO AED 20
Cancellation of DD, MC, PO Free

Eligibility criteria for opening a Business Gold account: 

  1. You are a financing facility
  2. Customers need to maintain an average monthly credit balance of AED 100,000 in their Current Account.

Documents Required

Following are the documents required for opening Emirates Islamic bank business gold account:

  1. Company profile and valid legal documents including
  • Passport copies of all owners
  • Commercial registration
  • Business and/or Trade License
  • Articles of Association or partnership documents
  • Chamber of commerce certificate
  1. Audited/in-house financial statements for 3 years
  2. Bank statements for 12 months
  3. Facilities request letter

Q1: Can I convert my existing package to EIB’s Business Gold account package?

Ans: Yes, any existing account can be converted to business gold account package. You can even have both the accounts simultaneously by simply applying for another account.

Q2: How can I convert my existing account to EIB’s business gold account package?

Ans: Your current account package can be easily converted in a single visit to the nearest branch.

Q3: What are the documents required to convert my account to business gold account?

Ans: Following are the documents required to convert your account to business gold account: 

• Trade license

• Memorandum of Association (MOA) 

• Identity documents of all the partners

• Stamp of the company

Q4: How can I make changes to my current Business Gold package?

Ans: You may contact Emirates Islamic Bank call centre on 04-3160065 or you can visit any of your nearest branches or business banking centres.