IBAN - Frequently Asked Questions
1) What is IBAN?
The International Bank Account Number (IBAN) is a 23 digit number introduced to standardize the identification of bank accounts that includes the existing account number and few other additional information, like the country code, the bank code and check digits.
IBAN is not a new account number. Your existing account numbers will not be replaced; only additional characters will appear in front of your existing bank account number. The original bank account number, plus the new additional characters, will be known as the IBAN.
2) What is the benefit of IBAN?
The main purpose of IBAN is to facilitate automatic processing of money transfers and to improve the speed and accuracy of your payment transactions. IBAN will also improve the accuracy of electronic payments passing through Central Bank payment systems namely: UAEFTS and Wages Protection System (WPS).
3) Is IBAN being implemented by all Banks in the UAE?
The Central Bank of UAE has instructed all banks in UAE to implement IBAN.
4) How do I get my IBAN for my Noor Islamic Bank accounts?
Noor Islamic Bank will communicate IBAN to all customers through a letter and account statements (effective November statement).
You may also refer to:
- IBAN Generator at www.noorbank.com and know your IBAN
- Log in to your Noor Internet Banking (after 19th November, 2011)
- Contact your Relationship Manager
- Contact our contact center at 800-6667 (800-NOOR)
5) Can Noor Islamic Bank also obtain me IBAN for my account(s) with another Bank(s)?
We regret that Noor Islamic Bank will be unable to provide IBAN for account(s) held with another bank(s). We request you to please approach the respective bank for IBAN.
6) What happens if I don't quote beneficiary’s IBAN while initiating a payment with UAE?
With effect from 19th November 2011, in case the beneficiary’s 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 UAE Central Bank from time to time.
7) What happens if the IBAN is not quoted when receiving payments?
The Bank will not reject the payments received before 19th November 2011 with a valid account number. However, starting the 19 November, 2011, these payments will be rejected.
8) Do my overseas remitters need to quote my IBAN?
Yes, you should communicate your IBAN to your remitters and they should quote your IBAN when making payments to you.
9) Do I need to quote IBAN for inter-account (within Noor Islamic Bank) transfers?
If both the debit and credit accounts are with Noor Islamic Bank, you can continue to provide the Noor Islamic Bank account number.
10) Currently I use the electronic channels to make transfers within UAE. Do I need beneficiary’s IBAN ?
Yes, please ensure that you provide a valid IBAN at the time of initiating the payment instruction to ensure that your beneficiary gets the credit on time.
11) I have standing instructions; do I need to give revised instructions with IBAN?
Yes, if you currently have standing instructions set-up you must amend the instructions and provide Beneficiary’s IBAN. Please provide the amendments at the earliest to ensure smooth processing at our end.
12) Do I need IBAN for cash deposit/ cheque deposit.
No, IBAN in UAE is for domestic electronic payments only. IBAN is not required for cheque deposit and cash deposit.
13) I receive monthly payments into my account from my creditors/employers; what instructions do I need to give them?
Please provide your IBAN to your creditors/employer, to ensure timely receipt of funds into your account.
14) We are currently forwarding bulk salary payments instructions, will this impact us?
Yes, for salaries, IBAN is required for all accounts including accounts which are in Noor Islamic Bank.