Banking Business Account Key Facts (Download)
Sharjah Islamic Bank offers customers a host of accounts, which are customized to meet your everyday banking needs with commitment in delivering progressive Islamic Banking solutions. You can send and receive money, make payments, enjoy debit card and cheque book facilities and a lot more. For details on other benefits under business banking accounts, visit www.sib.ae/Business | ||||||||||||||||||||||||||||||||||||||||||||||||
| Structure of Sharjah Islamic Bank’s Business Current Account: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Business Current Account is based on the principles of Qard-Hassan (benevolent loan) where an Account Holder is able to deposit or withdraw funds from the Bank on an on-going basis. The subject product is governed by the principles of a profit-free Qard with the balance guaranteed and payable by the Bank on demand by the account holder. The deposited amounts under this product do not generate profits and the customer bears no risk whatsoever. The Bank, being a risk bearer, shall have the right to utilize these funds at its own risk without any return to the Account Holder. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Types of Business Current Accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||
| 1. Business Plus: Zero minimum balance & monthly maintenance fee of AED 250 (+VAT) 2. Business Premium: Average monthly balance of AED 25,000 or equivalent in other currencies 3. Business Platinum: Average monthly balance of AED 100,000 or equivalent in other currencies | ||||||||||||||||||||||||||||||||||||||||||||||||
| Requirements to open a Business Current Account | ||||||||||||||||||||||||||||||||||||||||||||||||
| To open a Business Current account, you should meet the eligibility criteria and the identification requirements as per regulatory guidelines and Bank’s internal policies. This is applicable to Customers classified as Sole Proprietors or Small & Medium Enterprise(s), who obtain financial products/services for commercial uses only. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Eligibility Criteria | ||||||||||||||||||||||||||||||||||||||||||||||||
| • Valid Trade License • Completion of KYC requirements • Turnover: Entities with annual turnover up to AED 250 million • At least one partner/signatory on the account should be a UAE resident | ||||||||||||||||||||||||||||||||||||||||||||||||
| Key Features & Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
| Learn more about the features and benefits of each account at http://www.sib.ae/Business | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Minimum Balance Required, Pricing Plans and Fees | ||||||||||||||||||||||||||||||||||||||||||||||||
*For detailed and updated fees/charges, visit: www.sib.ae/en/tariff | ||||||||||||||||||||||||||||||||||||||||||||||||
| TRADE LICENSE & KYC/ID Expiry procedures | ||||||||||||||||||||||||||||||||||||||||||||||||
| The following restrictions apply to Business Account if trade license or owners/partners ID (Emirates ID/passport) is not updated.
*For detailed Schedule of Charges please visit www.sib.ae/en/tariff | ||||||||||||||||||||||||||||||||||||||||||||||||
| Documents | ||||||||||||||||||||||||||||||||||||||||||||||||
| 1. Valid Trade license 2. Owners/partners (passport and Emirates ID) 3. 6 months bank statement (expired trade license) 4. 6 months bank statement of the owner (valid trade license) 5. Commercial registration 6. Memorandum and articles of Association (if applicable) 7. Power of Attorney (if applicable) (Original EID & Passport of the agent) 8. Board of directors/ shareholders resolution (if applicable) 9. Partnership Agreement(if applicable) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Profit on Business account : Not applicable | ||||||||||||||||||||||||||||||||||||||||||||||||
| Debit Cards | ||||||||||||||||||||||||||||||||||||||||||||||||
| One Debit card* per entity, specifically for sole proprietorships, partnership accounts that operate with singly authorized signatories as per the board resolution or Memorandum of Association (MOA). *Debit cards are issued only for AED accounts. | ||||||||||||||||||||||||||||||||||||||||||||||||
| For detailed Schedule of Charges please visit www.sib.ae/en/tariff | ||||||||||||||||||||||||||||||||||||||||||||||||
| Key Terms and Conditions | ||||||||||||||||||||||||||||||||||||||||||||||||
| 1. The new to bank business account is activated subject to KYC and compliance checks satisfactory to the Bank. The Customer agrees to abide by the Terms & Conditions mentioned in this Key Fact Statement detailed and updated at www.sib.ae and undertakes to regularly provide the Bank with: | ||||||||||||||||||||||||||||||||||||||||||||||||
| a) All updated and other documents and information reasonably required by the Bank to maintain compliance and to confirm the ongoing validity of the entity or account holder documents; and b) All necessary documents in respect of the Customer’s commercial and banking transactions connected to or involving the Account. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2. The Customer acknowledges it is aware of the Bank’s schedule of charges and expected profit rates prevailing at the time. Such fees, expected profit rates and Bank’s charges may be revised from time to time by the Bank on giving prior written notice of 60 days through SMS or emails of such change. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3. In case of non-maintenance of Monthly Average Balance in Business Account, the ledger Fees as per the agreed schedule of charges to be charged for non-maintenance of the committed Monthly Average Balance. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 4. The customer can always request receipt of electronic account statements either through initial account opening process or through any of the digital banking channels such as Mobile or Online Banking, the charges of which are detailed in schedule of charges and can be viewed at www.sib.ae/en/tariff. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 5. If an Account is denominated in a foreign currency, withdrawals and cash deposits is subject to the existing bank’s policy. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 6. Customers may apply initially for a Ten (10) leaves cheque book facility with an AED Current account subject to a successful Al Etihad Credit Bureau (AECB) check. *For detailed Schedule of Charges please visit www.sib.ae/en/tariff | ||||||||||||||||||||||||||||||||||||||||||||||||
| 7. There are monthly charges on not maintaining the minimum average balance requirements, the required monthly average balance to be maintained based on the account type(Business Premium/Business Platinum) before the last day of each month. These charges will continue to be accrued if balance is not maintained and if funds are not available in the account for Bank to collect those charges. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 8. The average monthly balance (Business Platinum/Premium) is calculated at overall portfolio level, including any term/fixed deposit under the same entity/ establishment account. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 9. In case of any account reclassification (account upgrade/downgrade) request, the new account variant is applicable from the same month onwards. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 10. For Business Plus accounts, depositing the one time requisite minimum amount (AED 5K) will enable your banking essentials. The Account opening application form should be completed with all the supporting documentation to initiate the account opening process. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 11. The Bank will review your file to ensure all documents are complete, eligibility criteria being met and compliance with SIB’s policy. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 12. The Bank may contact you for any additional documents requirement | ||||||||||||||||||||||||||||||||||||||||||||||||
| 13. Based on provision of all additional documents or clarifications, the Bank will complete the Account opening along with any other request like Cheque Book, Debit Card, and Online Banking access (if applicable). | ||||||||||||||||||||||||||||||||||||||||||||||||
| 14. An account number will be issued upon completion of all required documents and checks as per the Bank policy. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 15. The Bank is committed to full transparency in terms of how your personal data is handled and shared and how it is protecting your privacy and ensuring that your personal information is secure. Please check our Privacy Policy at www.sib.ae/en/privacy-policy , which sets out the type of information we collect, and how we use, collect, and process your personal information. | ||||||||||||||||||||||||||||||||||||||||||||||||
| General Terms and Conditions | ||||||||||||||||||||||||||||||||||||||||||||||||
| - The account closure shall be processed according to the UAE Central Bank’s regulations and/or guidelines issued from time to time and/or any other applicable laws of the United Arab Emirates. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - In order to close the account (Customer initiated), customers are requested to visit any of Sharjah Islamic Bank branch along with original valid identity document. The Bank shall perform certain mandatory checks prior to account closure. Any products, services or facilities linked with the account shall automatically be cancelled / deactivated prior to the account closure. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - If the Current Account is closed within a period of 6 months from the date of opening, a fee is applicable for early account closure. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - In order to ensure that there is no interruption in the services being provided by the Bank, it is customer’s responsibility to ensure that its personal details in the Bank’s records are always updated such as contact information, address, identification documents, and visa/residency renewals along with other related documents. The update of such information can be done by visiting a branch or through Online/Mobile Banking. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - The Bank may refuse to pay the amount of the cheques drawn on the Customer’s account if there is no sufficient funds regardless of the fact that other accounts of the same Customer may be in credit balance, unless he/she/ it authorizes the Bank in writing to cover the cheque amounts or any other withdrawals from its other current or saving accounts with the Bank. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - In the event of the Customer’s death, his/her account shall be frozen and no amount whatsoever available in the Customer name held by the Bank shall be paid to the Customer heirs or their attorney unless there is an official request from the competent court addressed to the Bank to that effect. The Bank shall not be obliged to freeze the account before the date on which it has been formally notified of the death in writing, while the bank is not accountable for any authorized withdrawals before courts/attorney’s instructions. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - In case of insufficient balance in your primary account, outstanding fees and charges will be debited from the secondary accounts else will be kept under “Track receivable” which will be recovered once the account has been funded. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - Governing law and Jurisdiction of Court: the terms and conditions of this product shall be governed by the federal laws of the UAE as applied by the competent court of the UAE to the extent they are not in conflict with the principles of Sharia. | ||||||||||||||||||||||||||||||||||||||||||||||||
| - Safe custody of access tools to customer account like Debit card, PINs, T-Pins, Cheques, Online/Mobile Banking usernames, passwords; other personal information, etc. is customer own responsibility. The Bank cannot be held responsible in case of a security lapse at customer’s end. The Central Bank of UAE or Sharjah Islamic Bank will never call/ SMS/ Mail/ Email to ask for customer’s confidential details or any other sensitive information related to bank accounts. Customer must be aware of this fact that sharing such information with anyone might cause financial fraud. Similarly, customer must be cautious of phishing emails asking the customer to click on link and for instance, change the password of his/ her bank account | ||||||||||||||||||||||||||||||||||||||||||||||||
| - Detailed Terms & Conditions are available on the Bank’s website at the following link: (www.sib.ae). The Bank reserves the right to change the Terms & Conditions anytime, with a 60 days’ notice as applied by the Bank | ||||||||||||||||||||||||||||||||||||||||||||||||
| - Non-compliance with the Bank's Terms & Conditions can lead to account closure | ||||||||||||||||||||||||||||||||||||||||||||||||
| - Please refer to the Bank’s fees and charges available on Bank’s website (www.sib.ae/en/tarifff) to check the minimum balance requirement for Non-AED accounts | ||||||||||||||||||||||||||||||||||||||||||||||||
| *For detailed terms & conditions, please visit website-en-terms2022-all.pdf | ||||||||||||||||||||||||||||||||||||||||||||||||
| Warnings | ||||||||||||||||||||||||||||||||||||||||||||||||
| · Return cheque policy: Please ensure to write cheques with utmost prudence and care since dishonor of a cheque (with a bad faith) is an offence in the UAE. Four (4) or more returned cheques in a year, due to insufficient funds, can lead to account closure and/or a negative report to Al Etihad Credit Bureau (AECB). | ||||||||||||||||||||||||||||||||||||||||||||||||
| · Account Closure: The Bank has the right to close the account(s) according to the Bank’s best interest and in accordance with UAE Central Bank’s regulations and notices. Please ensure that the fund is available in your account within 180 days from the date of opening. Otherwise, your account will be subject to closure if it remains inactive (no transactions) for 180 days from the date of opening | ||||||||||||||||||||||||||||||||||||||||||||||||
| · In the event that the Bank initiates the closure of an account, the account holder shall be notified of the decision in writing at least 30 days prior to the account's closure, except in circumstances involving fraud or suspected fraudulent activity or when the bank is acting in accordance with the financial crime compliance requirement, where no notice shall be required, the bank shall, in its discretion and without being obliged to give any prior notice or disclose any reason therefore, restrict, curtail, suspend, or cancel the operation of an Account or the provision of any or all types of banking services or facilities. In exercising such discretion, the Bank shall not be subject to or incur any liability for any claims, losses, disruption, or inconvenience which may be caused | ||||||||||||||||||||||||||||||||||||||||||||||||
| · Customer Information: Keep the bank informed of any changes in your contact details, including IDs (Trade license status, residency status, visa, Emirates ID and employer details etc.), failing to do so may restrict transactions or place an account debit freeze in case KYC is not updated. | ||||||||||||||||||||||||||||||||||||||||||||||||
| · Revision of Tariff: To the extent permitted by applicable laws, the Bank may amend, replace, modify, supplement or delete any Terms and Conditions at any time, in its sole discretion. If there are any changes to the Terms and Conditions or to any specific features, the Bank will give the Customer 60 days’ notice prior to such changes taking effect through the Sharjah Islamic Bank’s website (https://www.sib.ae/en/Business) and/or via e-mail and/or through any other means of communication as deemed appropriate by the Bank. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Disclaimers: · This document is provided for information and illustration purposes only based on customer’s request. All account products are granted at sole discretion of the Bank. · The Bank reserves the right to amend any of the above outlined key facts and we may also at our absolute discretion amend/modify any of the terms and conditions at any time by giving customers 60 days prior notice. We may give notice of amendment/modification by any means available, including but not limited to email and secure e-message service and by publication on our website (www.sib.ae). · This product has been approved by the Bank’s Internal Sharia Supervision Committee. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Promotional Communication: I agree to receive updates on Sharjah Islamic Bank’s latest offerings, products and services through all media channels | ||||||||||||||||||||||||||||||||||||||||||||||||
| Yes () No () | ||||||||||||||||||||||||||||||||||||||||||||||||
| To stop this services, SMS (OPTOUT) to 6667 | ||||||||||||||||||||||||||||||||||||||||||||||||
| How to File a complaint: Kindly access the secured SIB Digital Mobile Banking APP or Online Banking, or SIB website www.sib.ae/complaints. You may also call us on 065999999 or you may contact your dedicated Relationship Manager (if assigned to your bank account) to file your complaint and we will get back to you within 7 working days | ||||||||||||||||||||||||||||||||||||||||||||||||
| Acknowledgment: | ||||||||||||||||||||||||||||||||||||||||||||||||
| I acknowledge and understand that: · I have read and understood the above information for the business account including the product details, features, terms and required documents. · The information and the documents enclosed with the application form are true and accurate, and I agree that they become part of the Bank records, and will not be returned in case of rejecting the application. · The Bank is entitled, at its sole discretion, to accept or reject my application. | ||||||||||||||||||||||||||||||||||||||||||||||||
| By signing this document, we acknowledge that we have, read, understood, received a copy of the key facts of this product and agree to all of the above terms and conditions outlined which have been explained to us and I agree to abide by the terms and conditions as set out in the application of the product. | ||||||||||||||||||||||||||||||||||||||||||||||||
| First Applicant: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Name: Signature: Date: | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Name: Signature: Date: | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Fourth Applicant: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Name: Signature: Date: | ||||||||||||||||||||||||||||||||||||||||||||||||
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