Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) became the first UAE lender to provide small and medium-sized enterprises (SMEs) with remote account opening services through a mobile app.

The bank will deploy the Emirates Face Recognition (EFR) technology to secure identity verification before opening a new account for businesses in less than 24 business hours, according to a press release.

The new feature will enable enterprises to apply for a business account without visiting a branch or submitting physical documents or signatures. 

In the initial phase, the launch will only include the account opening for single owners with a Dubai mainland license. The same programme will be created for Abu Dhabi-based companies after signing a cooperation agreement with the Abu Dhabi Department of Economic Development (ADDED).

Last month, the ADX-listed lender became the first Islamic bank that went live on the UAE’s KYC (Know Your Customer) Blockchain Platform.

In the first quarter (Q1) of 2023, ADIB recorded net profits after Zakat and tax valued at AED 1.10 billion, an annual surge of 54% from AED 715 million.