"As per instructions received from the UAE Central Bank, it is now a regulatory requirement that all inward payments received for local UAE based beneficiaries without an IBAN must be rejected forthwith and returned to the remitting bank (after deducting charges) irrespective of amount (size of transfer) or size of the customer effective 15th June, 2012. We are therefore urging all our customers to keep their remitters informed of this development, as it would impact all inward transfers (both domestic and International) received without an IBAN, and Mashreq will have no choice but to return the funds to the remitting bank thereby delaying receipt of credits by our valued customers."
ABOUT IBAN :In compliance with Central Bank of UAE regulations, we are pleased to inform you that Mashreq has successfully applied the International Bank Account Number (IBAN) for all your accounts, which will be used for all inward and outward remittances from and to the UAE and salary payments through WPS. International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions. The Central Bank regulation is effective from 19th November 2011, whereby all banks in UAE are required to accept and process payment instructions with IBAN. Consequently, you will be required to provide an IBAN for all instructions for value date on or after 19th November 2011 when making payment from or receiving payments to your account. Please ensure that the IBAN for your account is communicated to all parties from whom you are expecting a remittance to your account. In case the IBAN is not used, the processing of both Inward and Outward payment in your account IS LIKELY TO BE REJECTED OR MAY be delayed with additional processing charges as may be prescribed by Central Bank from time to time. If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE other than Mashreq, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account. Please note, all Mashreq payment / instructions submission channels will be enhanced to accept IBAN from 19th November 2011. We thank you for banking with Mashreq.
|SWIFT Code / BIC||BOMLAEAD|
|Branch||All UAE Branches|
|Address||AL GHURAIR CITY, 339-C, AGC, AL RIQQA STREET, DUBAI – UAE|
IBAN is the acronym for ISO 13616 standard compliant International Bank Account Number. IBAN is a unique customer account number which can be used confidently in making or receiving payments (excluding checks and credit cards) within the country as well as abroad. The confidence comes from two sources: the first is the internationally accepted standard for numbering bank customer accounts and the second is the ISO standard methodology for verifying the accuracy of the IBAN.
Introduction of the IBAN is a strategic initiative that will further align the UAE banking system with the evolving standards applied in other global banking systems. The adoption of IBAN is a step in the direction towards increasing the efficiency of electronic payments in the UAE, while further strengthening the country’s status as a global financial centre.
Banks in UAE having customer accounts which are used for electronic payments are authorized to generate IBAN. No other party is permitted to generate IBAN for bank customers.
Bank customers, who receive or make electronic payments in UAE or abroad, will require IBAN. If you have more than one account at your bank, you will require an IBAN for each of your accounts.
Each of your account numbers will be converted into IBAN format from November 19, 2011, and you will be informed of the details by your bank. Your bank will also print your IBAN on your bank statement(s) starting November 19, 2011.
The main benefit of IBAN to the customer is the assurance of their transactions made to correct account to be processed efficiently and with no delay. Since banks check the accuracy of the IBAN at the point of initiating a payment, they can only make the payments which carry the correct IBAN.
According to the ISO compliant IBAN Standard issued by the Central Bank of UAE, all IBANs have a fixed length of 23 characters.
IBAN has 3 components i.e. the Country Code, the Check Digit & the Basic Bank Account Number
The country code (first and the second characters of an IBAN) helps to identify and country where the account is resident. It contains the ISO two letter country code ‘AE’ (the ISO country code for the UAE)
The Check Digit (third and the fourth characters of an IBAN) helps to verify the IBAN internationally is always generated by a bank in UAE and helps in verifying if the account number is correct or otherwisev The BBAN helps to identify an account number of a customer, as well as his bank, domestically. It comprises the Bank identifier (which identi?es the account holding bank) and the customer account number. In the case of UAE, the Bank Identifier is the 3 digits following the Check Digits.
The remaining part of the BBAN is the existing customer account number. The length of the customer account number in the IBAN is fixed as 16 characters. It can ONLY contain numbers (0 to 9).
An IBAN can always be distinguished from a normal customer account number by the following:
Two letters at the beginning of the IBAN, which refer to the country code where the account resides;
When you write or print an IBAN on a document, it has to be split into 6 groups of four characters each, e.g.: AE07 0331 2345 6789 0123 456 to support easy recognition. The last group of the IBAN for a customer in UAE contains three characters.
There should not be any spaces when entering the IBAN in an electronic payment message. The IBAN should be presented in an electronic payment message as a continuous string of characters i.e. AE070331234567890123456
No. Your existing account number will continue to be valid. IBAN is not a new account number. It simply represents the existing account number in an electronically recognizable ISO standard format. The adoption of IBAN in UAE does not require changing or replacing the existing account numbers.
IBAN can be used for the domestic and cross-order payments. Additionally, the IBAN will be mandated for use in the Wages Protection System.
No, Customers have to use IBAN in making and receiving international as well as domestic electronic payments.
Banks will not reject such transactions from November 19, 2011 to April 12, 2012. However, it is likely that your transfer may get processed with delays and additional processing charges as may be prescribed from time to time.
Banks will not process and will reject such transfers if they do not contain a valid IBAN account number after April 12, 2012. Furthermore, there may be additional rejection charges applied to the transfer. This is only applicable for payments made to bene?ciaries in the UAE.