Emirates Islamic Bank Unveils Digital Business Banking Package and Slashes Minimum Balance Requirements for SMEs

The United Arab Emirates (UAE)-based Emirates Islamic Bank (EIB), has launched a novel digital business banking package and lowered the minimum balance to open accounts for the benefit of start-ups and small and medium-sized enterprises (SMEs) while lowering the minimum balance requirement to AED 10,000 to open a new bank account.

According to local media reports, this initiative is a part of EIB’s commitment towards empowering entrepreneurs and SMEs, which accounts for 94% of the UAE's operating companies and represents over 86% of the private sector employment. 

Under this new program, account holders will get a Debit Card with a daily limit of AED 50,000 whilst they will als...