Al Salam Bank (ASBS)
Personal Account Opening in Seychelles
Al Salam Bank Seychelles (formerly known as BMI Offshore Bank) provides a wide range of personal banking solutions, including internet banking facilities and a debit card.
It is an Islamic bank that is Shari'a-compliant in its financial product and service offerings
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FACTS & INFO
REQUIREMENTS FOR ACCOUNT SETUP:
- Personal presence is not required.
- Minimum balance of US$10,000.
- The account will be activated within 7-10 business days (upon receipt by the bank of all duly completed forms and relevant information).
- Notarized copy of a valid passport. The passport must be signed and the signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of a utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of a bank reference letter, dated within 3 months.
- Power of attorney (where applicable).
- Personal CV.
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to your order during checkout. Shipping costs for international courier services are set automatically depending on geographic zones.
About the Bank
BMI Offshore (BMIO) was first registered in Seychelles in July 2008 as a joint venture between BMI Bank in Bahrain, and the Seychelles-based bank Nouvobanq. After the bank's reorganisation, the Al Salam Bank of Bahrain (ASBB) acquired BMIO's shares in 2014. In May 2015, the Central Bank of Seychelles approved the rebranding, and Al Salam Bank Seychelles (ASBS) was born.
The bank resumed regular operations after being acquired by a new joint venture between ASBB, as a 70% shareholder, and the Seychelles Pension Fund (SPF), as a 30% shareholder, with a total paid-up capital of US$4.8m (SR63.9m). The majority shareholder, ASBB, is a leading full serviced commercial bank offering Shari’a-compliant products, and is headquartered in the Kingdom of Bahrain. The Bahrain-based bank was established in 2006 with a paid up capital of US$318m (SR4.2bn).
ASBS bank is regulated by the Central Bank of Seychelles and licensed to conduct offshore banking business for both corporate and private customers around the world. The license to conduct offshore banking business is only the second such license issued by the Central Bank of Seychelles in the last 7 years.
The Bank of Baroda is ASBS's foreign correspondent bank through its branches in New York, London and Frankfurt (for USD, GBP and EUR currency transfers respectively).
ASBS Bank currently offers its customers a wide range of products and services, including current and term deposit accounts, internet banking, and personal relationship management.
WHAT ASBS BANK OFFERS:
- Personal and corporate accounts
- View access internet banking
- Debit Visa card in EUR and USD
- Accounts in GBP, USD, and EUR
- No fees for inward transfers and competitively priced transfer charges
- Free monthly or quarterly bank statements
- Customer support in English and French
BANK TARIFFS AND CHARGES
Al Salam Bank can be considered a medium-cost bank with respect to incoming/outgoing payments and account maintenance. Depending on the amount of transfer and date, the incoming and outgoing charges will vary from US$50 to US$150 (plus correspondent charges). The monthly account maintenance fee is US$20.
PLEASE NOTE: Bank tariffs may be changed anytime at the sole discretion of the bank. Therefore, we suggest that you contact us or visit the bank’s website for updated details on specific fees and charges.
The Starting Business professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit, or minimum balance.