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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData