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's two main services can be broadly classified into:
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:
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:
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:
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:
The privileges offered to clients under the Mumayyaz Privilege Banking includes:
These investment options include managed portfolios that are Sharia-compliant (we would recommend reading the expert verdict section to make an informed decision).
Dubai Islamic Bank's business offerings includes corporate banking, business banking, treasury banking, investment banking and other foreign exchange and real-estate services.
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:
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.
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.
Dubai Islamic Bank's qualifying criteria is as follows:
We would recommend reading the expert verdict before making a decision.
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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.