At launch, the Client Money Current Account will be offered in USD. Over time, support for other currencies (except AED) will be added. Client Money Current Accounts will be opened only for duly onboarded clients of the Bank. Eligible clients wishing to open a Client Money Current Account will follow the standard digital onboarding procedure, which will result in opening of a Business Account for their own funds. The client can then submit a request to open a Client Money Current Account along with the relevant documentation.
The Client Money Current 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 Client Money Current 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 Client Money Current Accounts and shall return them on demand in full irrespective of the results of the Bank’s financing or investment activities.
Choosing a Shari’ah-compliant Client Money Current 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 is particularly beneficial for businesses in regions where Islamic banking is the preferred financial model. By opening a Client Money Current 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.
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).
Registered With
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
