Islamic Trade Finance
SIB is one of the leading Islamic business finance pioneers in the industry. SIB offers Trade Finance products and services that are innovative and flexible, so that clients can realize optimum value from the benefits and practicality of Islamic banking. The bank is geared to handle all forms of Letters of Credit and Letters of Guarantee whether importing for local consumption or for exports, SIB offers appropriate solutions.Learn More
Transaction Banking Services
State of the art solution for your business needs
Our Transaction Banking team offers comprehensive trade finance and cash management solutions, that suite your requirements and maximize opportunities. Our dedicated team focused on client service to ensure superior service with a quick turnaround time. Be it Trade Finance products and service, different types of accounts, cash collections and payments, our broad digitally based solutions are provided by our team of experts.
Transaction Banking Services
Enjoy the many benefits offered to businesses by SIB's wide-ranging account services that come as part of the Current, Watany and/or Fixed Deposit account offering.
Focus on what's important to your business on a daily basis and leave the collection services to a bank you can trust. With SIB, businesses can safely consider their cash, cheque and document collections done.
SIB offers our Corporate Banking Customers a variety of payment services, including online payments, Demand Draft /Cashier Order, Cash Delivery, Payroll and customized cheques with logo.
A full range of products and services that caters to all your needs.
- Current Account
- Watani Account
- Fixed Deposit
Standard cash-management tools that support a customer’s liquidity and working capital requirements.
- Companies, sole traders and partnerships of all sizes looking to optimize profit on combined surpluses deposits, minimize costs on financing to improve overall liquidity.
- Sweeping and Pooling deliver improvements to a business’ liquidity.
- You can use your group or company funds to keep cost of financing as low as possible.
- You can optimize your profit position on a combined surplus deposit.
- These services support your working capital needs.
- Notional Pooling aids account reconciliation, as there is no physical movement of funds.
A unique type of feature, once availed system will automatically transferred the funds from other account, if falling short due to some payment either becomes due or any cheque is presented in the account
Reporting MT 940Show
Reporting MT 940
The purpose of this service is to forward a statement of an account with SIB to those entitled (e.g., international owners of subsidiaries, international banks) by a safe, internal channel in the form of a SWIFT Message. SIB could provide and receive all types of MT reporting. SIB MT940 service will provide following benefits:
- Efficient control of balances and transactions.
- Display of the daily account balances and overview of liquidity position held with SIB.
- Account information updated continuously.
- Statement could be shared and received from worldwide bank.
Our Escrow Trust Account services are developed in line with Dubai’s Real Estate Regulatory Agency (RERA), and provide a reliable and seamless solution. As a developer, you can be assured of control and accuracy – over cash flows, audit trails, bulk and straight transactions and multiple deposits – with regulatory compliance. Meanwhile, your customers can benefit from our MIS on payments, schedules and validations. Following are key benefits:
- Customized solution for real estate developers in line with Dubai Land Department/RERA regulations.
- Automated platform for delivery (Trust Account Management System – TAMS).
- Controlled processes, efficient turn-around-time and value added MIS.
Required documents for opening an Escrow account
- RERA approval
- Escrow Account Agreement and Account Opening forms signed
- Land Title Deed /Sales & Purchase Agreement in name of developer
- Trade License, Commercial Registration & Chamber of Commerce Certificate or Offshore company documents
- Passport copies of authorized signatories
- Cash flows/Audited Statements of the Project
- Technical documents related to construction and consultancy contracts (required after account opening)
- If applicable: Memorandum/Articles of Association Power of attorney, Board resolution, Partnership deed
Our Bulk Payments Service is a simple, convenient and secure way to make regular payments such as wages, expenses and supplier payments. Managed via Online for Business, the service is ideal for companies that wish to make up to bulk payments in one batch.
You can initiate online transfers to your own account, as well as third party and vendor accounts, with SIB.
Demand Draft / Cashier OrderShow
Demand Draft / Cashier Order
Make payments to your business partners and suppliers conveniently without the need to provide the payee account details with SIB Demand Draft and Cashier’s Order for payees located where SIB has branch Locations and SIB Demand Drafts for payees located in where SIB does not have branches. We issue the order based on your instructions and pay the payee when we receive your amount. Cashier’s Orders and Demand Drafts are suitable for recurring and non-urgent payments to beneficiaries who do not accept cash.
We offer a comprehensive range of cash collection and delivery services, such as insured pickup and overnight storage, to help make your banking experience more efficient and manageable. We deliver cash at your door step anytime
- Increased security with our highly specialized secure cash delivery providers.
- Reduced risk for insurance premiums and costs usually associated carrying a large quantity of cash, hence minimized risk of having cash in transit
- Better convenience with flexible cash delivery timings
- Increased efficiency through managing funds’ flow position effectively from a central location
- Enhanced productivity with focus directed at core business activities
Payroll / WPS and Non-WPSShow
Payroll / WPS and Non-WPS
Our electronic salary transfer feature, in compliance with the UAE Central Bank requirements for Wages Protection System (WPS), helps you to manage your staff's salary payments, as well provides facility to companies who does salary transfer without using WPS system, which means you could Initiate salary payments to domestic and cross-border employee accounts with any bank.
- The solution is customized to your needs and easy to set up
- Hassle-free, timely and systematic disbursement of staff salaries
- No cash-handling risk and cost
- Reduction in cost of resources
- Compliance with the Ministry of Labour - Wages Protection System (WPS)
Host to HostShow
Host to Host
A host-to-host channel facilitates automated exchange of files between customers ERP management system and SIB system. If the company process large transaction volumes or require an integrated banking capability directly into ERP systems, a host-to-host solution from SIB will allow customer to execute payments, receive funds, verify accountholder information and receive transactional information related to customer account activity directly into ERP systems.
Bulk Cheque PrintingShow
Bulk Cheque Printing
Give your business a powerful marketing tool with customized cheques with your logo and design. We can also provide special artwork for you to print cheques in-house if you have the proper technical capabilities.
Cheque and Cash CollectionHide
Cheque and Cash Collection
with benefits that facilitate the utmost convenience. This innovative service provides complete peace of mind, reduces the cost of keeping cash reserve in hand, as well as at the same time provide convince of cash management.
FEATURES & SERVICES
Secure cash handling services include:
- Insurance of funds
- Overnight storage facility
- On-demand Service
- UAE wide coverage
Post-Dated Cheques WarehousingShow
Post-Dated Cheques Warehousing
Management of Post-Dated Cheques Made Easy Turn-over your post-dated check collections to SIB for warehousing and safekeeping. SIB will monitor and manage your PDCs until these mature. The checks will be immediately credited to your SUIB account upon due date.
- It’s Secure. Your PDCs are kept with us, ensuring the safety of your cheques.
- It’s Convenient. You no longer have to worry about keeping track of PDC due dates. Let us manage and monitor your PDCs.
- Reduce expenses spent for daily trips to the bank to deposit maturing checks
- free up your accounting and finance staff of the tedious process of monitoring and managing PDCs
Remote Cheque DepositShow
Remote Cheque Deposit
If you’re a SIB customer, just scan your cheques and will do the rest. We made it easy for you 24 x7, now any time at your convince, you could deposit the cheques in your account. All you need to do is to scan the cheques. Now you can deposit unlimited number of cheques, in just one go, no need to fill deposit slips as we have made it simple for your day to day business needs. The bank may arrange collections of these cheques at your designated location and safely delivered it to the bank. This gives you peace of mind of doing more business activities then operational work.
Benefits and Features
- Deposit cheques into your own account via SIB Internet Banking without visiting a branch.
- Track the status of your Remote Cheque Deposit payments, through bank’s online system
- Fully secured way of depositing cheques, with full reconciliation reports available
- Immediate funds transferred in the account, post clearing by Central Bank UAE-FTS
- No cut-of time to deposit cheques in branch, no queue, no traffic jams.
Islamic Trade FinanceSIB's wide-ranging Trade Finance solutions comprise innovative and flexible products and services.
Letter of Guarantee
SIB Letters of Guarantee are a valuable tool that helps customers grow their businesses by providing peace of mind to suppliers and contractors, who are in turn assured of timely payment thanks to the firm backing and support of a reputable and financially sound banking institution.
Export LC Murabaha
For businesses that are looking to boost their export capacity and business activity, as well as bridge the gap between cash inflow and outflow, the Export LC Murabaha is the ideal solution. It is a unique product, featuring a combination of two Sharia’a-compliant structures: the Export Letter of Credit and Murabaha
Wakala Collections Murabaha
Is your bank not financing imports due to the company name on the invoice? The innovative WCM improves cash flow by reducing the gap between the payment of imported goods and the payment of the after sale. WCM enhances business opportunities of both local and global suppliers. For more details contact your RM.