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Business Account: Introduction
For businesses looking to open a business bank account online, Vision Bank offers a streamlined, fully digital onboarding experience. It also provides sophisticated online and mobile banking platforms for real-time tracking and management of transactions, ensuring transparency and compliance in the regulated financial sector.
Business accounts cater to corporates as well as fund managers, private equity firms, venture capital firms, fintech companies, family offices, law firms, and advisory firms. This account supports the unique needs of low-volume, high-value transactions common in the investment world. It facilitates the rapid movement of funds across borders, investments, divestments, and investor capital management. The account is structured to manage large sums of money with agility and precision, making it the best business bank account options for institutions dealing with significant financial flows.
Business 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 Business Account Terms & Conditions along with the other terms and conditions to be signed digitally to complete the onboarding process. Opening of the first business account is seamlessly integrated into the onboarding process and whether a client is offered the Business Account product is determined automatically by the system based on the jurisdiction in which the client entity is registered.
Choosing Vision Bank for opening a Business Account ensures that you partner with an institution committed to delivering the highest standards of security, agility, and performance.
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
Business 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 Business 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 Business Account:
- Qard Hassan
Business Account currency:
- USD
Minimum balance requirement for Business Account:
- No minimum balance requirement for opening an account
Profit on Business 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 31st March 2026 (will be applied thereafter as per the bank’s Schedule of Charges)*
Shari'ah basis for Business Account
The Business 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 Business 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 Business Accounts and shall return them on demand in full to the client irrespective of the results of the Bank’s financing or investment activities.
Benefits of a Shari'ah Compliant Business Account
Choosing a Shari’ah compliant Business 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 Business Account structure is particularly beneficial for businesses in regions where Islamic banking is the preferred financial model.
By opening a Business 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
High-level overview of Qard
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
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 31st March 2026 (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.
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.
FAQ
Frequently Ask Questions
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