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  • Shari’ah Compliant
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Corporate Account: Introduction

Corporate Account is a non-checking, non-profit-bearing business bank account which allows clients to hold, receive, and remit funds. It is also the account through which funds to support financing, foreign exchange, and other products will be routed, and is intended to provide clients with a simple and flexible solution to their operating account needs.

Corporate Bank Accounts will be opened only for duly onboarded clients of the Bank. All clients will follow the standard digital onboarding procedure and eligible clients will be presented the Corporate Account Terms & Conditions along with the other terms and conditions to be signed digitally to complete the onboarding process. Opening of the first corporate account is seamlessly integrated into the onboarding process and whether a client is offered the Corporate Account product is determined automatically by the system based on the jurisdiction in which the client entity is registered.

For businesses looking to open a business bank account online, Vision Bank offers a streamlined, fully digital onboarding experience. At launch, the Corporate Account will be offered in USD. Over time, however, support for other currencies other than AED will be added, to facilitate a broader range of trade and other financing, cash management, and foreign exchange transactions.
What is Corporate Account?
Our Features

Corporate Account: Key features

Flexibility and Convenience

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Overdraft Facility

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Digital Banking Excellence

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Digital Banking Excellence

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Value-Added Services

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Transparency and Security

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Customizable Packages

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Customizable Packages

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Our Features

Corporate Account: Key features

Eligibility for onboarding (all three criteria below must be met):

  • Potential clients not classified as Retail Clients as per the FSRA Rulebook https://en.adgm.thomsonreuters.com/rulebook/cobs-23-retail-clients
  • Potential clients not involved in activities prohibited by Shari’ah as per the bank’s Shari’ah guidelines
  • Potential clients not subject to sanctions or other target market restrictions

Eligibility for Corporate Account:

  • ADGM and DIFC entities are eligible for onboarding as per above criteria
  • UAE-registered entities other than those registered in ADGM and DIFC are not eligible
  • Potential clients in other jurisdictions can be considered on a case-by-case basis depending on regulatory and other considerations

Shari’ah basis for Corporate Account:

  • Qard Hassan

Corporate Account currency:

  • USD

Minimum balance requirement for Corporate Account:

  • No minimum balance requirement for opening an account

Profit on Corporate Account balances:

  • No profit or other return to be offered
  • Not to be offered to clients
  • No profit to be levied in case any unauthorized overdraft does occur

Fees and charges:

  • Minimum balance fees to be waived until Q4 2024 (will be applied thereafter as per the bank’s Schedule of Charges)*

Shari'ah basis for Corporate Account

The Corporate Account is based on the Islamic principle of Qard Hassan (benevolent loan) where clients will be placing funds as a loan from the clients to the Bank. As it is a loan, the clients will not be entitled to receive any amount in excess of their deposited funds. Otherwise, it will be Riba (or interest) which is prohibited under Shari’ah banking principles.

The Bank will be entitled to deploy the funds placed in a Corporate Account in Shari’ah-compliant activities for the Bank’s own benefit but at the Bank’s own risk. The Bank will guarantee the funds in Corporate Accounts and shall return them on demand in full to the client irrespective of the results of the Bank’s financing or investment activities.
Shari'ah Basis For Corporate Account

Benefits of a Shari'ah Compliant Corporate Bank Account

Choosing a Shari’ah compliant Corporate Bank Account aligns your business with ethical and Islamic banking principles while also ensuring that your funds are managed in compliance with Shari’ah banking standards. This corporate bank account structure is particularly beneficial for businesses in regions where Islamic banking is the preferred financial model. By opening a Corporate Account with Vision Bank, you are partnering with an institution committed to maintaining the highest standards of transparency, integrity, and compliance with Shari’ah law.

Shari'ah Compliance Document

Download the necessary documents to learn more about Shari’ah-compliant terms.

Fatwa – Transfers and Payments Services Executed

Fatwa – Vision Bank Corporate Account Executed

High-level overview of Qard

Qard can be defined as a contract through which a lender (in this case the client) transfers the ownership of a fungible wealth, such as money, to a borrower (in this case the Bank) on the condition that the latter should return the same either on demand or at a specified time. However, Qard Hassan is a loan that is provided without charging any interest (i.e., without any stipulated increase to the loan amount) or gaining any return/benefit from it (whether monetary or in kind).

The key features of Qard Hassan are as follows:

  • The Qard contract must be documented.
  • The lender cannot have any gain and does not bear any risk.
  • Stipulating repayment of an amount more than the original loan amount is strictly prohibited as it is seen as Riba (interest).
  • The loan amount remains repayable to the lender in full under all circumstances.
  • It is permissible to set a date for repayment where the lender may not demand any money prior to that date. If no date is stipulated, the borrower must pay on demand.

Digital Onboarding: Key features

  • Customized link to be created for each potential client to be onboarded
  • All relevant client information to be captured via a web-based portal
  • Selected information to be sourced via APIs directly from the ADGM public registry to streamline onboarding of ADGM entities and reduce the need for information verification
  • Potential clients to be able to provide all required documents in a paperless format
  • Digital identity verification of authorized signatories to be done via the Vision Bank mobile app (available for iOS and Android)
  • Fully digital process for signing the onboarding and account opening documentation
Business Banking Digital Onboarding

Transfers and Payments: Introduction

Transfers are defined as the transfer of funds between accounts held in the bank, whether between accounts held by a client or from one client to another. Payments are defined as outbound and inbound payments sent and received via SWIFT.

Our Features

Transfers and Payments: Key features

Shari’ah structure:

  • Ujrah

Currency:

  • USD

Features:

  • Transfers to accounts held under a different customer profile to be made only to previously added beneficiaries
  • Payments to be made only to previously added beneficiaries
  • Single payments only (bulk payments to be introduced later)

Fees and charges:

  • No charges for Transfers
  • Charges for outbound Payments to be waived till Q4 2024 (will be applied thereafter as per the bank’s Schedule of Charges)

Shari'ah basis for Transfers and Payments

The Transfers and Payments product is based on the Shari’ah contract of Ujrah (payment of service fee in exchange for services rendered). The bank will charge clients a fee for certain services that it performs on behalf of the client, which in this case is only outbound Payments, since Transfers and inbound Payments are free of charge.

Shari'ah Basis For Transfers And Payments

High-level overview of Ujrah

Ujrah is a permissible amount of fee charged by a service provider to the client for services that it performs for the client. Such a fee may be imposed on the client provided that the services do not contravene Shari’ah principles.

The key features of Ujrah are as follows:

  • The service must be a Shari’ah compliant service.
  • The Ujrah amount to be paid by the client must be known upfront and unambiguous.
  • The client must have agreed to the fee for the service which may be included in the general terms and conditions.

Shari'ah Compliance Document

Download the necessary documents to learn more about Shari’ah-compliance terms.

Fatwa – Transfers and Payments Services Executed

Fatwa – Vision Bank Corporate Account Executed

FAQ

Frequently Ask Questions

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Vision Bank Limited is a Prudential Category 1 Islamic Financial Institution registered with Abu Dhabi Global Market (ADGM) and regulated by the Financial Services Regulatory Authority (FSRA) of ADGM. The Bank offers Shari’ah compliant regulated activities (but not managing Profit-Sharing Investment Account) and has regulatory permissions for Accepting Deposits, Advising on Investments or Credit and Providing Credit

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