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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):

Eligibility for Corporate Account:

Shari’ah basis for Corporate Account:

Corporate Account currency:

Minimum balance requirement for Corporate Account:

Profit on Corporate Account balances:

Fees and 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:

Digital Onboarding: Key features

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:

Currency:

Features:

Fees and 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:

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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Join Vision Bank today and experience the power of our Corporate Account product.