Overview
A safety net for your SME when it's needed
Enjoy quick and easy access to collateral-free overdraft facilities.
Whether you're experiencing late payments from customers or need to replace equipment in an emergency, our business banking overdraft provides you with access to a continuous extra funding facility that's compliant with Shari'ah, whenever you need it.
Draw directly from your business account up to the approved Islamic overdraft limit - an ideal solution for businesses looking for a short-term option to boost cash flow.
Top features
Features and benefits
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Extra business funding when you need it: An extra cash flow reserve whenever unexpected expenses crop up or when delays in customer payments occur.
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Continuous line of credit on your business bank account: Credit line is available throughout the agreed overdraft term.
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Cost effective, flexible borrowing: Payback occurs whenever funds are available. profit is only charged when your business bank account is in debit
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Fast approval process with minimal additional support documentation requirements.
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Convenient multi-channel access (ATM, cheque, online banking, call centre and branch)
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Flexible facility tenure (subject to annual credit review)
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Fair pricing: Business overdraft arrangement fees and Profit rates amongst the lowest in the UAE
Fees and charges
| Covered Drawing Account (Islamic Overdraft) | |||
|---|---|---|---|
| List of charges | Requirements / Charges | ||
| Annual profit rate | As per prevailing rates and policies | ||
Eligibility criteria
| Covered Drawing Account (Islamic Overdraft) | Criteria |
|---|---|
| Business sectors | Open to all registered business entities operating in the trading, manufacturing, professional or service sectors. |
| Age limit | Applicants should be between 25-65 years during the finance tenure. |
Covered Drawing Account (Islamic Overdraft)
Required documents
- National ID or valid passport with UAE residence visa and Emirates ID of all signing authorities and shareholders, if applicable
- Valid legal and constitutive documents (i.e. Trade License, Certificate of Commercial Registration, Free Zone Certificate of Incorporation, Memorandum of Association, Partnership Agreement) as applicable
- Power of Attorney or Board Resolution, if applicable
- Proof of Address
- Details of Ultimate Beneficial Owners
- Bank Reference Letter and Company Profile, if applicable
- Audited financial statements
Disclaimer
All fees and charges mentioned are subject to change from time to time at the sole discretion of Commercial Bank of Dubai without prior notification. Charges for services not indicated in this List of Fees and Charges are available on request. Additional expenses, e.g. postage, cable, courier, fax, legal fees, etc. will be charged for, where incurred.
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