Are your clients paying you on time?Turbo charge your payment receivables and get paid faster with the most efficient collection system in UAE.

Can women open bank accounts for their children in the UAE?

 

 

It is a UAE Central Bank regulation that women cannot open bank accounts for their children even if they are the child’s sponsors or custodians. Only fathers can open bank accounts for their children as they are deemed to be their natural guardians or custodians under the Central Bank’s interpretation of Sharia law.

The regulations state that banks may only open accounts for individuals who are aged 21 or over. Alternatively, if a customer is aged 18 and employed by a government or semi-government entity, they may open their own account. Under those ages, assistance from an appropriate parent or guardian is required.

Once an account has been set up on behalf of a minor by the father, the father can then provide a Power of Attorney so that the mother can manage the account on an ongoing basis without the father being present. Although the bank should take a copy of the Power of Attorney, it is likely that the original will need to be produced for each transaction.

Related Posts

Can you take the bank to the court?
When does someone have grounds to take a bank to court over credit card debt?Here at Wire Stork,we explain how someon...
Read More
The personal debt problem
At the time of David Oliver’s arrest for unpaid debt in the UAE, he had no idea he was in trouble. In fact, he says h...
Read More
How an Abu Dhabi resident took three UAE banks to court and cleared Dh700,000 debt?
When Susan first moved to Abu Dhabi to take up a post as a teacher in 2007, she hoped to build a nest egg for retirem...
Read More
How to deal with sexual harassment at work?
Sexual coercion is an unwanted sexual activity that happens when you are pressured, tricked, threatened, or forced in...
Read More

Leave a comment

Please note, comments must be approved before they are published