Ardan International Limited’s Post

Check out the reasons to have an alternative Corporate Bank Account in UAE!!! 1. Risk of inaccessibility of your corporate funds It can be an unpleasant surprise to find out that your one and only business bank account is frozen. When a bank freezes your account, you still have limited access to it and ability to check your past transactions. However, you are not able to receive or transfer money until the issue that caused the account to be frozen is resolved. In case you have two bank accounts, business would not stop. 2. Flexibility If you have two bank accounts, you have flexibility in terms of transfer rates/charges, transfer time-frames and currency conversions. 3. Indecisiveness.  You can try out local as well as international banks to gauge their levels of service and keep you in the safe zone. 4. Security Do not put all eggs in one basket. Be really organized and keep your funds safely by spreading it within alternative Dubai bank accounts. 5. Efficiency If your Relationship Manager in one bank take time to reply or provide conversion rates, having another option will save time and gets you that efficiency a good business requires. To get another Bank option for your business, reach out to us today on E 📧 : banking@mybusinessconsulting.ae M 📞 : +971 52 128 8891 Visit our Website 🌐 - mybusinessconsulting.ae/ #uaebusiness #uaebanks #internationalbanks My Business Consulting DMCC Keren Jadhav

I am writing this post to raise awareness and seek urgent resolution regarding an ongoing issue I’ve been facing with Dubai Islamic Bank (DIB). Over a month ago, DIB charged me double the amount for my monthly loan installment. Since then, I have been tirelessly trying to resolve this matter through various channels. I contacted DIB’s customer service and waited for 32 minutes on the call, but never received a response. I sent an email to Contactus@dib.ae, yet still no resolution was provided. I visited the Sharjah branch near Sharjah Stadium, where I registered a complaint. The customer service representative assured me the issue would be resolved, and the amount would be released within 24 to 48 hours. Unfortunately, that never happened. As a result of DIB holding this amount without explanation, another bank has charged me cheque bounce fees due to insufficient funds in my account. This has caused me undue stress, financial loss, and frustration. I am deeply disappointed with the lack of accountability and response from DIB. It is unacceptable that when a customer is even 1 dirham short for any installment, they are charged penalty fees of 250-300 AED, but when the bank holds a customer’s money without any valid reason, there is no satisfactory explanation or resolution. If this issue is not resolved soon, I will be left with no choice but to escalate the matter to the Central Bank of the UAE. I hope this matter gets the urgent attention it deserves. #DIB #DubaiIslamicBank #CustomerService #BankingIssues #UAE

Hi.. I am writing to seek some guidance and attention of people who can help , regarding an issue someone, is currently facing with DIB Dubai Islamic Bank. The individual concerned previously resided in Dubai and recently returned on a visit visa. During her absence, her DIB account was closed, and the bank issued her a manager's cheque for the remaining balance. Upon attempting to encash the cheque at DIB branches, she was informed by branch managers that they can only transfer the amount to another DIB account holder or another bank account in her name, and they cannot provide the money to her in cash. The problem is she currently does not have any other bank account in the UAE, and cannot open a new one as she is on visit visa. She also doesn't want to transfer the amount to another DIB account holder because of the personal risk involved. This situation raises concerns about the legality of withholding her funds and imposing such conditions on encashment. I would like to inquire: 1. Is it legally permissible for DIB (Dubai Islamic Bank) to retain her funds and impose these conditions on encashment? 2. Does the Central Bank of the UAE allow such practices by any bank? I believe it doesn't but would like to confirm. Central Bank of The UAE Knowledgeable insights and guidance would be greatly appreciated, as I seek to understand the options she has to access her rightful funds (lifes savings). Tag those who can help. #UAEBanking #CustomerRights #FinancialServices #BankingRegulations

Fuse, a cross-border #payments firm based in the #MiddleEast, has obtained a #DIFC license to cater to the growing demand for remitting money into the #UAE. The UAE's #digital remittances market is projected to exceed $7.5bn this year, with transaction value forecasted to grow by 3.08% to reach nearly $8.5bn by 2028. Fuse's DIFC license is regulated by the Dubai Financial Services Authority (#DFSA), which is crucial for the company's mission to make MENA simple and accessible for global businesses. The DFSA's focus on innovation and regulation that supports global #financialinstitutions and local #fintechs made Fuse's choice easy. Fuse's long-standing banking relationships helped expedite the process of obtaining a client money account in the UAE, allowing it to serve new and existing global corporate customers looking to expand their #products and services to the Middle East. Fuse has committed to compliance with DIFC, hiring its chief compliance officer, Kathryn Willis, as a founding team member. The DIFC enjoyed a record-breaking 20th anniversary last year, with combined revenues amounting to AED1.3bn. Fuse aims to further solidify DIFC's first-place regional rank while simplifying payment processes for global #customers in collaboration with the DFSA.

What happens when you cross the Credit Limit Boundary on your UAE card? Don't let the fear of exceeding your credit limit in the UAE stress you out. Trust us to have your back and guide you through it all. Message us now! . . . . . #creditcard #creditscore #creditcardtraps #mybanker #financialfreedom #moneymatters #financialempowerment #creditcardpoints #smartspending #creditcardinsights

In the first 11 months of 2023, the value of transactions in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) reached around AED15.4 trillion, as per the Central Bank of the UAE (CBUAE). This shows a 34.5 percent increase compared to around AED11.49 trillion during the same period in 2022. These transactions included AED9.907 trillion in transfers between banks and AED5.543 trillion in transfers between bank clients. The UAEFTS, established in August 2001, is a system developed by the CBUAE to facilitate quick money transfers between registered entities. #money #UAE #banking #sector #transactions #period

In the first 11 months of 2023, the value of transactions in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) reached around AED15.4 trillion, as per the Central Bank of the UAE (CBUAE). This shows a 34.5 percent increase compared to around AED11.49 trillion during the same period in 2022. These transactions included AED9.907 trillion in transfers between banks and AED5.543 trillion in transfers between bank clients. The UAEFTS, established in August 2001, is a system developed by the CBUAE to facilitate quick money transfers between registered entities. #money #UAE #banking #sector #transactions #period

I noticed that issuing banks in Saudi Arabia and the UAE have incredible win rates for chargebacks (80-90%). Why? Digging through the data, it seems that certain banks have a much higher rate of declining pre-arbitration: ie, they see the merchant's chargeback representment, and reject it at a far higher rate than other banks. Their pre-arb response often has nothing to do with the rebuttal and simply claims that the cardholder still rejects having a part in the transaction, even if the evidence suggests otherwise. Their willingness to escalate a chargeback to arbitration seems like a game of poker: challenging the merchant to call their bluff and risk the hefty $500 arbitration fee. Many banks in the UAE have the funds to make win rates and scheme compliance an afterthought, so they can force their way into higher win rates by playing the hand of merchants who don't want to take the gamble. What can we learn? Issuers need to stand their ground and know when they can escalate cases. Having a good dispute team that understands the scheme rules and how to argue cases will move the needle. #chargebacks #disputemanagement #issuing #acquiring