Dubai is one of the most developed cities in the United Arab Emirates and a provincial business center in the middle east. When it comes to financial services of Dubai and its banks, it is considered the most reputable as a banking center with its economic stability.
There are more than 20 local and around 30 foreign banks that operate in Dubai through their branch offices. Dubai banking laws are the main frame of Dubai that controls financial operations and another legal counsel in UAE regulates the banking and commercial laws.
Moreover, banking lawyers in Dubai can offer special information on the banking laws in Dubai you need to know whether you are opening a financial company or going to buy a property.
If you are interested, you can contact Dubai banking lawyers. There are so many legal administration available in Dubai and Abu Dhabi who can give you proper guidance of banking regulations.
Central Bank of UAE has issued some regulations and rules in order to enhance the reliability of the banking system of Dubai. Here are some of the banking laws you must know:
- The borrower can take up to 20 times his salary and need to make compensation in 48 months.
- Banks and finance companies cannot take blank cheques against loans.
- The central bank of Uae has banned banks and finance companies from telemarketing credit cards.
- You must have a valid residence in Dubai for opening an account in Dubai bank.
Other Formalities For Opening An Account In Dubai Bank Are:
- Original passport
- Valid residency visa
- Documents that prove Uae residency
- Salary certificate and
- No objection letter from the employer of your company
The banking laws for opening an account in UAE may vary from time to time as per the notice issued by the Central bank of UAE. Click this link to know about the Dubai banking system and how to deal with them.