Emirates Islamic introduces digital business banking package

By Edil Corneille

Emirates Islamic has launched the Digital Business Banking package for entrepreneurs, Small and Medium Enterprises (SMEs) and new start-ups in the UAE to open an account with a minimum balance requirement of AED 10,000.

The bank has mentioned about its ongoing commitment towards supporting the UAE’s SME sector, representing over 94 per cent of the total number of companies in operation and the sector is said to employ over 86 per cent of the private sector workforce, according to the Ministry of Economy.

Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic apprised, “As part of our ongoing strategy, we remain committed to developing innovative products and services for SMEs, while ensuring that customer excellence remains at the heart of our proposition. We designed our latest package based on the needs of start-ups and SMEs to relieve the stress on their cashflows, helping them focus more time and resources on growing their business.”

The lower minimum balance requirement is has been designed specially to support entrepreneurs and enable start-ups as well as emerging and established small business owners. Banking services can be accessed without the pressure of the maintenance of high balances.

Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic added, “We are committed in playing our part to foster a business environment conducive to realising the aspirations of UAE national and resident entrepreneurs. The SME sector is a key contributor to the national economy and will boost the UAE’s global competitiveness while contributing to increase the non-oil GDP and advancing economic diversification.”

Digital Business Banking account holders will get a debit card with a daily limit of AED 50,000, and will be able to use Emirates Islamic’s smartBusiness e-banking platform for their transactions instead of visiting a branch. In addition, customers will benefit from lower charges for online payments and receive preferential pricing for online transactions. Customers will also be able to make local fund transfers for AED 1.