The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders in a way that would minimize the risk of propagating transcription errors. It was originally adopted by the European Committee for Banking Standards, and was later adopted as an international standard under ISO 13616-1:2007.
The official IBAN registrar under ISO 13616-2:2007 is SWIFT The IBAN was originally developed to facilitate payments within the European Union but the format is flexible enough to be applied globally. It consists of a ISO 3166-1 alpha-2 country code, followed by two check digits and up to thirty alphanumeric characters for the domestic bank account number (incorporating routing information), called the BBAN (Basic Bank Account Number). It is up to each country’s national banking community to decide on the length of the BBAN for accounts in that country, but its length must be fixed for any given country.
For UAE the IBAN length is fixed at 23 and it should start with AE.
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
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