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Product of the Month
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Emirates Islamic - Business Classic
AED 1200
Annual Fee
Yes
Islamic Banking
AED 10,000
Minimum Balance
X
Compare Business Account
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Compare Business Account
Provider Minimum Balance Islamic Banking Annual Fee
Mashreq Business Value Account Mashreq Business Value Account Minimum Balance: AED 100,000 Islamic Banking: No Annual Fee: AED 50 Compare
Mashreq Business Premium Account Mashreq Business Premium Account Minimum Balance: AED 150,000 Islamic Banking: No Annual Fee: AED 0 Compare
Mashreq Business Platinum Account Mashreq Business Platinum Account Minimum Balance: AED 350,000 Islamic Banking: No Annual Fee: AED 0 Compare
ADCB - Preferred Current Account ADCB - Preferred Current Account Minimum Balance: AED 100,000 Islamic Banking: No Annual Fee: AED 0 Compare
ADCB - Premium Current Account ADCB - Premium Current Account Minimum Balance: AED 50,000 Islamic Banking: No Annual Fee: AED 1,200 Compare
RAKBANK - SME Business Finance RAKBANK - SME Business Finance Minimum Balance: AED 25,000 Islamic Banking: Yes Annual Fee: AED 0 Compare
ADCB - Priority Current Account ADCB - Priority Current Account Minimum Balance: AED 500,000 Islamic Banking: No Annual Fee: AED 3,600 Compare
ADCB - Elite Current Account ADCB - Elite Current Account Minimum Balance: AED 1,000,000 Islamic Banking: Yes Annual Fee: AED 6,000 Compare
ADCB - Freezone Platinum Current Account ADCB - Freezone Platinum Current Account Minimum Balance: AED 250,000 Islamic Banking: Yes Annual Fee: AED 6,000 Compare
Dubai Islamic Bank - Al Islami Business Account Dubai Islamic Bank - Al Islami Business Account Minimum Balance: AED 25,000 Islamic Banking: Yes Annual Fee: AED 0 Compare
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Got a question?
Rates on loans can be calculated in two ways - as a reducing rate or as a flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan (the full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent (click here for more information)
This relates to the fee applicable if you decide to pay off your loan early. If, for example, you take a business loan for three years but expect to be in a position to pay if off before then, any early settlement fee becomes an important factor in choosing your loan provider.
This relates to what the bank will charge you at the beginning of the loan and is clubbed with your principal loan amount. Some banks may offer business loans with no arrangement fee but others may charge a fixed fee or a percentage of your total loan amount.
This will depend on your chosen provider but the key documents normally requested include:
  • Completed Application Form
  • Copy of company's valid Trade License
  • Company's Last 12 months Bank Statement
  • Valid Passport Copy and Residence Visa for the Authorized Signatoree
  • Copy of Company's Utility Bills e.g. office telephone or Water & Electricity bill
  • Copy of signed Memorandum and Articles of Association of the Company