About IBAN
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.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE other than Noor Islamic Bank, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.
All customers have been informed of their respective IBAN in writing. However, you may also generate your IBAN via our online IBAN generator.
You can also get further information via the following:
- Contact your Relationship Manager
- Visit your nearest Noor Islamic Bank branch
- View Frequently Asked Questions for more information on IBAN
- Log in to your Noor Internet Banking
IBAN & International Inward Transactions in UAE
Effective 15th June 2012 and as per Central Bank of UAE guidelines, all inward payments received from international parties for credit in a customer account held with Noor Islamic Bank should contain the IBAN. Any payment received without IBAN may be returned to the remitting bank and is subject to additional processing fee from the remitted amount.
Please communicate your IBAN to all remitting parties to avoid non-processing of inward transactions and deduction of charges.
IBAN & Transaction Type Code
The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS). These enhancements will improve payment and returns processing times for electronic payments within the UAE.
The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed via your accounts maintained in UAE from 14th April 2012.
- Effective 14th April 2012, all customers are required to provide a valid Transaction Type Code (listed below) to allow banks to accept and process payment instructions. Any payment instruction submitted to Noor Islamic Bank without a valid Transaction Type Code may be rejected, OR delayed. Salaries processed via The Wages Protection System (WPS) do not require a Transaction Type Code.
- IBAN was implemented on 19th November 2011 with a grace period ending on 12th April, 2012. Therefore, effective 14th April 2012, all domestic payment instructions are required to contain an IBAN in the beneficiary account number. Any payment instructions including WPS payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the UAEFTS.
- If you have standing orders/instructions for effecting payments in future, you also need to amend the same, by providing a valid Transaction Type Code and IBAN equivalent for the beneficiary account.
- Please be advised that, as per Central Bank guidelines, starting April 14th 2012, credit to accounts held in banks operating in the UAE will be affected solely based on the beneficiary IBAN. As a valued customer of ours, we would advise you to provide your proper IBAN to your payers and also obtain valid IBAN numbers from your payees.
The list of valid Transaction Type Code with description is as below. Please be advised, the codes that can be used are dependant on the type of account that you hold in the books of Noor Islamic Bank.
| CODE | Description | Usage Restriction |
|---|---|---|
| SAL | Salary The code is to be used for making salary payments to employees. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| ALW | Allowances The code is to be used for making payments to employees for allowances. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| BON | Bonus The code is to be used for making bonus payments to employees. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| COM | Commission The code is to be used for making commission payments to employees. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| COP | Compensation The code is to be used for making payments to employees for compensation. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| EOS | End of Service The code is to be used for making payments to employees for their end of service benefits. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| LAS | Leave Salary The code is to be used for making leave salary payments to employees. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| OVT | Overtime The code is to be used for making payments to employees for overtime |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| TKT | Tickets The code is to be used for making payments to employees for tickets |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| ACM | Agency Commission The code is to be used for making payments to other companies for agency commissions |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| CCP | Corporate Card Payment The code is to be used for making payments to cards held in the name of the company. |
Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES. |
| CRP | Credit Card Payments The code is to be used for making credit card payments |
Only to be used RETAIL account holders (Individuals) |
| CHC | Charitable Contributions The code is to be used for making contributions to designated accounts held by charitable institutions |
Can be used by all types of Customers. |
| REM | Remittance The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above. |
Can be used by all types of Customers. |
| CBP | Cross Border Payments | Can be used by all types of Customers. |
| INV | (MIS) Miscellaneous Payment with Invoice Details | Can be used by all types of Customers. |
| RBC | (MIS) Miscellaneous Payment with Beneficiary Customer Reference | Can be used by all types of Customers. |
| ROC | (MIS) Miscellaneous Payment with Ordering Customer Reference | Can be used by all types of Customers. |
For Transaction Type Code (INV, RBC, ROC) please provide the reference number to be propagated, for example Invoice Number 1234 dated ________ for ABC (commodity name).