Abu Dhabi Commercial Bank (ADCB) offers five types of Islamic business accounts designed to cater to different business needs while complying with Shari’ah-compliant banking principles. This article provides a detailed overview of these accounts, their features, eligibility criteria, and the step-by-step process to open an account.
Types of ADCB Islamic Business Accounts
ADCB provides five business account options tailored to different business sizes and requirements:
1. Business Choice Current Account
This account is designed for small and medium-sized businesses, providing essential banking services.
- Minimum Average Balance: AED 10,000 per month
- Fall Below Fee: AED 150 per month
- Currency: AED only
- Features: Basic business banking services, cheque book facility, and online banking access
- Eligibility: Businesses with a valid trade license
2. Business Choice Gold Account
A step up from the Business Choice Current Account, this account offers additional benefits for growing businesses.
- Minimum Average Balance: AED 50,000 per month
- Fall Below Fee: AED 200 per month
- Currency: AED only
- Features: Enhanced banking services, priority support, and greater transaction limits
- Eligibility: Businesses with a valid trade license
3. Business Choice Platinum Account
This premium business account is designed for well-established businesses that require higher transaction limits and exclusive benefits.
- Minimum Average Balance: AED 100,000 per month
- Fall Below Fee: AED 300 per month
- Currency: AED only
- Features: Premium banking services, unlimited teller transactions, complimentary business Takaful
- Eligibility: Businesses with a valid trade license and higher banking needs
4. E-Business Account
A digital-first banking solution for businesses that prefer managing their finances online.
- Minimum Balance Requirement: None
- Monthly Service Fee: AED 150 plus VAT
- Currency: AED only
- Features: Fully digital banking, 24/7 access via online banking and mobile apps
- Eligibility: Businesses that operate mainly online or prefer digital banking solutions
5. SmartStart Business Account
An ideal account for startups and new businesses that require a hassle-free banking experience.
- Monthly Service Fee: AED 125 plus VAT
- Currency: AED only
- Features: No minimum balance requirement, free e-statements, access to ADCB Corporate Internet Banking
- Eligibility: Startups and new businesses with a valid trade license
How to Open an ADCB Islamic Business Account
Opening an ADCB Islamic business account is a simple process. Follow these steps:
- Prepare the Required Documents: Ensure all necessary documents, such as a trade license, memorandum of association, and Emirates ID, are valid.
- Visit an ADCB Branch: Locate a branch that offers Islamic business banking services.
- Consult with a Relationship Manager: Discuss your business needs and choose the right account type.
- Submit Your Application: Fill out the application form and provide the required documents.
- Account Activation: Upon approval, your account will be activated, and you can start managing your business finances.
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Conclusion
ADCB Islamic business accounts offer five tailored solutions to suit businesses of different sizes and operational models. Whether you need a basic account for small business transactions or a premium account with high transaction limits, ADCB provides reliable Shari’ah-compliant banking options. By understanding the features and requirements of each account, businesses can make informed decisions that align with their financial goals.
