Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has launched a Digital Business Banking package that empowers entrepreneurs, Small and Medium Enterprises (SMEs) and new start-ups in the UAE, to open an account with a minimum balance requirement of just AED10,000.
The new account builds on Emirates Islamic’s ongoing commitment towards supporting the UAE’s SME sector, which represents more than 94 percent of the total number of companies operating in the UAE and employs over 86 percent of the private sector workforce, according to the Ministry of Economy.
The lower minimum balance requirement is especially designed to support entrepreneurs and enable start-ups as well as emerging and established small business owners, by continuing to provide them with access to superior banking services without the pressure of maintaining high balances.
Digital Business Banking account holders will get a Debit Card with a daily limit of AED 50,000, and be able to use Emirates Islamic’s smartBusiness e-banking platform for their transactions instead of visiting a branch. In addition, customers will benefit from lower charges for online payments and receive preferential pricing for online transactions. Customers will also be able to make local fund transfers for AED 1.
Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic, said:
“As part of our ongoing strategy, we remain committed to developing innovative products and services for SMEs, while ensuring that customer excellence remains at the heart of our proposition. We designed our latest package based on the needs of start-ups and SMEs to relieve the stress on their cashflows, helping them focus more time and resources on growing their business.”
Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic added,
“We are committed in playing our part to foster a business environment conducive to realising the aspirations of UAE national and resident entrepreneurs. The SME sector is a key contributor to the national economy and will boost the UAE’s global competitiveness while contributing to increase the non-oil GDP and advancing economic diversification.”
In 2019, Emirates Islamic was named ‘Best SME Bank’ at the Enterprise Agility Awards, presented by du, in recognition of its innovative and business-friendly proposition for small and medium enterprises (SMEs), and its status as a preferred bank for UAE national entrepreneurs seeking Shari’a-compliant products and services for their businesses.
Emirates Islamic currently supports the banking needs of more than 46,000 UAE-based SMEs, and its Business Banking segment saw double-digit growth in 2019.