Dubai
Islamic Bank

An independent review by our team of experts

Dubai Islamic Bank's two main services can be broadly classified into:

Personal
Business

Personal:

DIB offers various personal finance services such as transfer funds, cards and loans.

The 3 main personal banking services can be summarised below:

1. Wajaha Private Banking:

DIB claims to offer personalised banking assistance, privileges and dedicated services to all private clients.

In order to be eligible, a client must have:

A minimum account balance of AED 3,500,000 or
Receive a salary credit of AED 150,000.

In case the monthly requirements are not met, a fee of AED 200 would apply as membership fees.

Here are the features DIB claims to offer Wajaha Private Banking clients:

Phone banking
Dedicated relationship manager
Financing
Card privileges like infinite credit cards
Currency exchange
Investments

The investment services offered to DIB's private clients under Wajaha Private Banking are available in 3 currencies: AED, EUR and USD.

They come with different tenures and the investment options include structured products, commodities, share finance, mutual funds and more.

Dubai Islamic bank also offers their clients extensive brokerage services through DIFS (Dubai Islamic Financial Services).

2. Aayan Exclusive Banking:

Under this, DIB claims to offer personalised banking assistance, banking privileges on all products and monthly salary advance to clients.

In order to be eligible for this, clients would need to maintain a minimum of AED 350,000 or receive a salary of AED 35,000.

DIB's Aayan Exclusive Banking has centres in Dubai, Abu Dhabi, Al Ain and Sharjah.

The exclusive features offered to clients under this can be summed up below:

Signature cards
E-savings
2 in 1 account
Currency exchange
Salary advance
Dedicated relationship manager
Financing
Investing

Aayan Exclusive Banking's investment options range from structured products to commodity-linked structures and sukuk.

3. Mumayyaz Privilege Banking:

Under this, Dubai Islamic Bank provides a client with a dedicated relationship officer to manage their investment and banking needs.

Eligibility criteria for DIB's Mumayyaz Privilege Banking is as follows:

Required to have a minimum account balance of AED 100,000 - 350,000 or
A salary credit of AED 15,000 - 35000.

The privileges offered to clients under the Mumayyaz Privilege Banking includes:

Advance salary
Platinum cards
A range of financing options
Investment options

These investment options include managed portfolios that are Sharia-compliant (we would recommend reading the expert verdict section to make an informed decision).

2. Business:

Dubai Islamic Bank's business offerings includes corporate banking, business banking, treasury banking, investment banking and other foreign exchange and real-estate services.

NOTE:

We would highly recommend reading the 'expert verdict' section of this review before making any decisions.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> Strong brand name in the Middle East

The Cons

> Not a fiduciary

> Higher fees

What does DIB mean by smarter banking?

Dubai Islamic Bank offers a smarter banking option to clients.

This essentially means that they provide online, paperless and instant banking solutions.

Additionally, DIB also has a smart payments, mobile banking and online banking option.

Does Dubai Islamic Bank offer business finance?

Yes, Dubai Islamic Bank does offer business finance.

Financing can be available for up to AED 2.5 million.

DIB also offers a range of tenure options for their business financing services.

In order to be eligible for this facility, the business must be incorporated in the UAE for the last two years or more and have a yearly turnover of AED 1 million or more.

How can you qualify for DIB's Wajaha Private Banking service?

Dubai Islamic Bank's qualifying criteria is as follows:

Must receive a salary of AED 150,000 or
Maintain a minimum of AED 3,500,000

We would recommend reading the expert verdict before making a decision.

Expert assessment of Dubai Islamic Bank

With Dubai Islamic Bank, you are assigned an account manager, rather than a private banking specialist.

In financial services, this typically means fewer qualifications and the likelihood you are working with a salesperson rather than a fiduciary who has your best interests at heart.

If you are already a private banking client of Dubai Islamic Bank, we would recommend a no-obligation Second Opinion to ensure you are on track to reach your ideal future.

Additionally, we are happy to review the financial plan that has led to the investment portfolio you currently have.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

The Dubai Islamic Bank was founded in 1975 and is one of the largest Islamic banks in the UAE.

DIB currently operates 90 branches across UAE and employs around 4,233 people.

Dubai Islamic Bank offers various banking and Sharia compliant products and services to their 1.7 million customers.

Dubai Islamic Bank is regulated by the Central Bank of the United Arab Emirates (CBUAE) and follows the Pillar 3 disclosure requirement guidelines issued by the CBUAE.

Dubai
Islamic Bank

An independent review by our team of experts

REVIEW SUMMARY