Islamic Bank
For your Shuraa activity review, use code 6419002 to identify Islamic Bank within Dubai Mainland. Compare the supplied record with the work your company intends to undertake.
Activity code 6419002
Listed activity name: Islamic Bank
- Activity code
- 6419002
- Jurisdiction
- Dubai Mainland
- Licence type
- Commercial
- Group code
- 651912
Activity description
Includes financial institutions perform a form of modern banking based on the principles of sharia law, the underlying concept in this regard is designing investment operations contrary the interest-based commercial banking system, the approaches applied are Mudarabah (profit sharing), Ijarah (lease), Bai Salam (advance purchase), Istisna (manufacturing finance), Mudarabah (profit sharing), Musharakah (joint venture), Qard hassan (good loan), it involves conducting conventional banking against charges such as opening accounts, accepting deposits, opening letter of credits, issuing letters of guarantee
Additional requirements
No additional requirements are supplied in this record. This does not mean that no approvals are required; check the requirements for your application.
Authority reference: Invest in Dubai. Confirm the latest scope and requirements with the authority.
Scope checks for your Shuraa consultation
- Write down the exact work your business will carry out and compare it with the supplied description above.
- Identify any parts of your operation that the description does not clearly address.
- Keep any approval notes with this activity code and ask which requirements apply before submitting an application.
Plan your next step with Shuraa
Bring this activity code to your Shuraa consultation to discuss the intended scope of work, jurisdiction choice and application requirements.
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