The UAE central bank has announced that IBAN
numbers will have to become mandatory.
The IBAN number will, as of 19 November, be a
requirement in order to make electronic transactions, both in the
UAE and for cross-border payments.
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The IBAN standard, although initially
developed for payments within the European Union, is now recognised
internationally and minimises the risk of transcription errors in
cross-border payments.
Some Middle Eastern banks have begun to deploy
the IBAN standard already.
UAE-based Al Salam Bank-Bahrain has migrated
to the IBAN standard in September and Islamic lender Ithmaar Bank
has begun educating customers about IBAN as well.
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By GlobalData
