Do you know Bank FAB Islamic bank, any reviews?

[lavel]

I just came across this bank because I was looking for an opportunity to invest in gold while also having easy access to my money with a credit or debit card. That's where So Bankfab came up!
https://www.bankfab.com/en-ae/personal
It's an Islamic bank, so as a Westerner, I assume I can't open an account with this bank, right?

 

[Clank]

Biggest bank in the UAE and one of the largest in the world.

 

[lavel]

If you don't live or have company in UAE you can't get a bank account‌ there ?

 

[Forester]

Just a general note: Many islamic‍ banks are open to anyone who is willing to accept this concept of banking and⁠ behave accordingly; and they do not ask about your religion. No particular information about FAB,⁤ though.

 

[Sols]

As @Forester said, Islamic banking is‍ just banking by Islamic economic principles (quite interesting, worth reading up on). Such banks do⁠ not generally discriminate based on the applicant's religion.

Non-resident banking in UAE is very rare. You can pretty much forget about it unless⁢ you're very wealthy and/or you have a local company with significant local presence (office, employees,︀ customers/suppliers).

 

[Cloudbanck]

And FAB just offers some islamic banking products, it's not like⁠ they follow islamic banking principles in their main banking operations. A friend of mine has⁤ a mortgage with FAB, and he pays interest on it: EIBOR + 3% or something.⁣ Very haram.

Also feels like every single person working for FAB is a hindu from⁢ India anyway.

 

[lavel]

interesting points & information, I consider setting up a company in UAE anyway.

 

[Forester]

Yes, worth noting.‍ It is in Dubai, I presume? (I guess that in Sharjah this really would not⁠ be welcome.)

 

[lavel]

Yeah I planned a Dubai company. So you say FAB is not working with me‌ then?

 

[Sols]

If you don't also live in UAE, it's going to be very hard to open‌ a bank account with any bank in UAE for your company.

If you live in‍ UAE, it's quite easy with most banks.

Whoever you work with to incorporate in UAE⁠ can usually help you out with picking a bank that fits your profile.

 

[5K1PP3R]

Just got my account frozen with them. Sent all the docs they wanted, they said‌ my ID is expired which is nonsense, the copy they had is valid until next‍ year, didn't get any reply, assumed everything was fine just to discover now that the⁠ account is frozen.
Stay away

 

[JackAlabama]

no one cares really if westerner or not. Thats not a concept in⁤ banking, bc they must adhere to the allmighty correspondence banks (mainly usd ones).
So, your⁣ money is as good as anyone elses, if you have the kyc, which means passport,⁢ residency visa for uae (very highly rec to get before doing banking there) and address︀ proof and what other extra questions they have.