The banking sector in Dubai falls under the regulations of the Federal Law no. 10 of 1980 and Federal Law no. 6 of 1985 dedicated to the Islamic banking sector. The Central Bank of the UAE is the supervisory body of financial institutions in Dubai and in the other emirates. One of the particularities of the UAE currency is that it depends very much on the US dollar. All commercial banks in Dubai must obtain a license with the Central Bank that requires International Accounting Standards (IAS) to be employed by all financial institutions. The banking services sector is a successful one, which is why many international banks have opened branches in Dubai.
The first step for opening a bank account in Dubai is to obtain the residence visa, as one must submit proof of his or her right to be in the city and then select the bank for setting up the account. The documents required when setting up a bank account in Dubai are:
Certain banks may also require possible clients to submit proof of the residential address, such as a rental contract of a property in Dubai. When opening bank accounts in Dubai, individuals will also receive a debit card, a credit card or a cheque book, depending on the type of account.
The most employed type of bank account in Dubai is the current account. This can be used for day-to-day operations, for paying utility bills and for purchases. Another type of Dubai bank account is the deposit or savings bank account. One can open deposit accounts with any retail bank in Dubai. Individuals opting for a savings account may also receive a passbook that will keep records on all transactions. Many Dubai banks allow clients to set up bank accounts in foreign currencies.