About Mashreq Bank

Mashreq has provided banking and financial services to millions of customers and businesses since 1967. We are one of UAE's leading financial institutions with a growing retail presence in the region including Egypt, Qatar, Kuwait and Bahrain. We focus on providing our customers access to a wide range of innovative products and services.

MASHREQ BUSINESS BANKING

Trusted partner of SMEs.

Frequently Asked Questions

Frequently Asked Questions

What is a TWC ?

Trade and Working Capital (TWC) is a credit facility given to business entities to meet their working capital requirement and other business needs

What is the eligibility criteria to get a TWC facility?

To be eligible for this facility, you need to be in business for at least 3 years and have an annual turnover of minimum AED 5 million and maintain audited financials for the company.

What type of business entities are eligible to apply for a TWC facility?

Following entities are eligible to apply for an MOD:
1. Limited Liability Company (LLC)
2. Sole Proprietor
3. Partnership
4. Free Zone Companies

(Not belonging to a Prohibited / Restricted sector applicable as per Bank’s policy)

What are the documents I need to provide to avail Trade and Working Capital Facility?

To avail TWC, you must initially submit the following documents for the purpose of evaluation:

  • Application Form
  • Incorporation Documents
  • Proof of address
  • Borrowing Powers
  • 3 years Audited Financials
  • Personal Details for Stakeholders & Guarantors
  • Last 6 months bank statement (not required from Mashreq bank customers)
  • Details of Receivables
  • What is the minimum & maximum facility amount Mashreq can offer?

    Minimum AED 1 million and Maximum Limit: AED 4 million for existing customers and
    AED 3 million for new to bank customers.

    What is the minimum and maximum tenor I can apply for?

    This facility is for 12 months and is renewable at the time of expiry.

    Can I go for the early settlement of my facility?

    Yes. You may go for an early settlement of your facility. This would be subject to pre-closure charges, as applicable.

    What is an MOD?

    Merchant OverDraft (MOD) is a credit facility given to companies who holds POS (Point Of Sale) machine as an Over Draft limit in customer’s Mashreq company current account and will be valid for 12 months with renewal required at the end of the tenor.

    What is the eligibility criteria to get an MOD facility?

    To be eligible for this facility, you need to be in business for at least 3 years and have an annual turnover of minimum AED 1.5 million and a monthly POS average of AED 35,000

    What type of business entities are eligible to apply for an MOD?

    Following entities are eligible to apply for an MOD:
    1. Limited Liability Company (LLC)
    2. Sole Proprietor
    3. Partnership
    4. Free Zone Companies

    (Not belonging to a Prohibited / Restricted sector applicable as per Bank’s policy)

    What are the documents I need to provide to avail Merchant Over Draft Facility?

    To avail MOD, you must initially submit the following documents for the purpose of evaluation:

  • Application Form
  • Incorporation Documents
  • Proof of address
  • Borrowing Powers
  • 3 years Audited Financials ( in case of limits greater than AED1MM)
  • Personal Details for Stakeholders & Guarantors
  • Confirmation from merchant to continue routing POS credits through Mashreq account
  • Last 6 months bank statement (not required from Mashreq bank customers).
  • What is the minimum & maximum facility amount Mashreq can offer?
  • The minimum facility amount is AED 250,000
  • Maximum Limit: AED 1MM without audited financials and 1MM-2MM with last 3 years Audited Financials.
  • What is the minimum and maximum tenor I can apply for?

    This facility is for 12 months and is renewable at the time of expiry.

    Can I go for the early settlement of my facility?

    Yes. You may go for an early settlement of your facility. This would be subject to pre-closure charges, as applicable.

    Do you have any suggestions on how I can be safe with my Business Credit Card?

    The following guidelines could be helpful for you.

    • Ensure that you are aware of the limits on all cards
    • Ensure that you monitor the spends on all cards
    • Ensure that you inform Mashreq Bank for cancellation in case an employee with a supplementary

      card resigns or is terminated

    • In case any card is lost or misplaced, inform the bank immediately
    • Ensure that you look through the detailed statement sent to you on your card

      * Multiplying savings for your business is simple

      Take a look at the annualised savings that your business makes with Mashreq Platinum Business Credit Card

    Savings with your Mashreq Platinum Business Credit Card

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    Annualised savings

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    Guaranteed cash back on local retail spends*

    On a retail spend of AED 15,000 p.m. in UAE

    2,250

    Guaranteed cash back on international retail spends*

    On a retail spend of AED 5,000 p.m. internationally

    1,500

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    Complimentary Travel Insurance & Wallet Protection

    For free Insurance on Primary and 1 Supplementary card p.a.

    500

    Mashreq Flavours – discounts on business dining

    Business dining discount of up to 25% – assuming 4 business lunch per month @ AED 400

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    4,800

    Complimentary airport lounge access

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    2 visits per month @ 100 per visit

    2,400

    Discount on air tickets

    ~ 10% discount on air tickets on select airlines approx. value per return ticket p.m.

    2,400

    Discounts on office equipments, hotel apartments, stationery, rent a car, business support and IT solutions and more.

    ~ 10% discount on a spend ~ value of AED 10,000 per month on business expenses

    12,000

    ANNUALISED SAVINGS ON YOUR MASHREQ PLATINUM BUSINESS CREDIT CARD

    25,850

    The above example is for illustrative purposes only. The maximum combined cash back on each card issued is capped at AED 1,000 per month. The cash back is applicable only on local and international retail spends. Certain categories like

    utilities do not qualify for cash back.

    What do I need to do if my employee holding a supplementary card resigns or is terminated?

    You need to call Mashreq Bank immediately in order to request for supplementary card cancellation for that employee. Please note that the company / authorized signatory is fully liable for all the Business Credit Cards issued under the company.

    Who bears the liability for all Principal and Supplementary Business Credit Cards?

    The company / authorized signatory is fully liable for all the Business Credit Cards issued under the company.

    Are cash transactions like specific queries on Govt. bonds, Mashreq Millionaire payments eligible for cash back? Also what about regarding Credit Shield or any other insurance purchase?

    Any cash or cash like transactions will be excluded from earning of cash back and only Purchase transactions made on the card will be qualify for cash back.

    How do we check our cash back balances?

    The new cash back balance will appear in the monthly credit card statement sent to the Authorised Signatory. The cash back mentioned in the statement will be the cash back earned during that particular billing cycle.

    I am Self Employed person with a Mashreq Platinum Elite Credit Card, If I switch from my existing Mashreq Credit Card to the new Mashreq Platinum Business credit card, will I earn Salaam points on my Mashreq Platinum Business Credit Card?

    No. The Salaam points you have earned will remain. You can choose to redeem the Salaam points using your Platinum Elite Credit Card prior to cancellation of the Platinum Elite Credit Card. However, you will not earn any Salaam points on the Mashreq Platinum Business Credit Card. You will only earn cash back on purchases made on the Mashreq Platinum Business credit Card.

    Will my cash back earned be cancelled when the Company cancels the Card?

    Cash back will be forfeited if it has not been redeemed prior to 18 months or in case of cancellation of the Card.

    Will the Cash back earned apply directly to the outstanding balance of the Credit Card? How does the minimum amount due get affected if the Company redeem the Cashback covering the partial amount of the total outstanding?

    The cash back earned can be redeemed upon the choice of the Company to the Credit Card account and will be applied directly to the outstanding balance of the Card but does not count towards the minimum monthly payment on the Card. The cash back is considered as a credit towards the Card account and not as a payment; hence the Company must still make the minimum monthly payment due on the Card.

    Is it possible for the Company to lose the cash back?

    As long as the Credit Card account is open and in good standing, the cash back will not be lost. Cash back will not be earned for transactions on accounts that are delinquent. Similarly, Cashback cannot be redeemed on accounts that are delinquent.

    Will the cash back ever expire?

    Yes, the cash back earned has a maximum validity of 18 months from the date of the cash back earned. Cash back not redeemed within this period will be expired.

    How does the Company get the cash back?

    The cash back earned can be redeemed anytime once the cash back balance has reached AED 100/-. To redeem, Authorised Signatory (the person whose name was mentioned in the application form as Authorised Signatory and thus captured on the Bank’s system) can simply call the SME Call Center at 04-424 47 63 and place a request for the same. The Cash back will be credited within a maximum of 3 working days into the Mashreq Platinum Business Credit Card account.

    When can the Company redeem the cash back earned on Card(s)?

    The cash back earned can be redeemed on achievement of a minimum of AED 100/- in the Cash back balance.

    Can the Company redeem the cash back earned for something other than cash?

    No. The cash back earned can be redeemed only as cash credit to the card account.

    Who can request for redemption of the cash back earned on all the Mashreq Platinum Business Credit Cards issued to the Company?

    The Authorised Signatory (Principal Cardmember) can request for cash back redemption through SME Call Center and get it credited to the card account.

    What happens to the cash back earned in the case of a reversal?

    In the case of a reversal of a transaction, the cash back earned for that transaction will also be reversed. Cash back will be awarded to only actual purchase transactions.

    Do all the transactions on Mashreq Platinum Business Credit Card(s) earn Cashback?

    All qualified purchases made on the Mashreq Platinum Business Credit Card will earn cash back. Spends not qualified for earning Cash back are Balance Transfers, Easy Cash, Utility Bill Payment through Mashreq Channels, Credit Card cheques and Fees & charges.

    Is the cash back earned tiered based on the purchase amount?

    No. Cash back earned on the Mashreq Platinum Business Credit Card is not based on purchase amounts. You can get cash back of upto 1.25% on local purchases and 2.5% on international purchases. Unlike other Business Credit Cards in the market, your Company does not have to wait till you reach minimum spend threshold before your Company start earning the cash back. Your Company earns cash back from the very first dirham that the cardmember(s) spend.

    Is there a minimum spend threshold to start earning Cashback?

    The Mashreq Platinum Business Credit Card does not have any minimum spend thresholds. This means

    your Business will start earning 1.25% cash back from as little as AED 1/-.

    In addition, when the Cardmember(s) will spend in Partner Outlets the Company will enjoy the specific discounts. So your Company is saving and earning at the same time.

    Is there a cap on the cash back earned on retail spends?

    Yes, the maximum combined Cashback that can be earned per month on domestic & international spends is capped at AED 1000 per card per month. For eg. If the Company has 4 (Supplementary) Credit Cards, then each cardmember can earn Cashback up to maximum AED 1,000 per month. Therefore total maximum cash back that the Company will earn will be AED 4,000/- for that month.

    What are the Annual fees on the Mashreq Platinum Business Credit Card?

    The Mashreq Platinum Business Credit Card is free for life for both the Primary & all the Supplementary Card(s)

    Will we get cash back on discounted spends we make on the Mashreq Platinum Business Credit Card?
    Absolutely. You will earn cash back on the discounted spends on the Card. Example; if Marlin Furniture is on SALE and is offering a flat 25% discount. As a Mashreq Platinum Business Credit Card customer you will not only get 25% discount during the sale period but also earn additional 1.25% cash back during the sale period. That is whooping 26.25% saving!
    Will we have to shop at certain outlets or categories of outlets to earn the Cashback?
    The Mashreq Platinum Business Credit Card allows you to save more on your business spends. This means that you can earn Cashback on just about any purchase like dining, office furnishing, electronics, travel or any other made on your Card (s); excluding utility expenses through Mashreq Channels. The Cardmember(s) will earn Cashback on all qualified transactions.
    Will we earn Cashback on all utility expenses?
    If the Utility Bill Payment is made through external channels then the Cashback will be accrued. However if the Utility Bill Payment is done using any Mashreq channel like Mashreq Online, Mashreq Branches etc then the Cashback will not be accrued.
    How much cash back will the Company earn?

    Your Company will earn cash back on the purchases made on the Mashreq Platinum Business Credit Card

    • Cash back on local purchases – 1.25% of the amount of purchase. For all retail purchases made within the UAE, each Cardmember will earn cash back of 1.25% on the purchase amount
    • Cash back on International purchases – 2.5% of the amount of purchase. For all retail purchases made internationally in a currency other than UAE dirham, customers will earn 2.5% of the purchase amount.
    • No minimum Spend threshold and no complicated tiers – Your Company starts earning cash back from the very first dirham that the Cardmember(s) spends using Mashreq Platinum Business Credit Card.
    What is so special about the Mashreq Platinum Business Credit Card?

    The Mashreq Platinum Business Credit Card is a Free for life Credit Card with a unique cash back offering. Because there are no minimum spend thresholds, the Mashreq Platinum Business Credit Card allows you to earn Cashback from your first spend.

    In addition, the cash back is not limited to select categories of purchases or shops. So you can earn cash back across all your business spends. Moreover your business can earn cash back of up to AED 1000 on each of your Supplementary credit card(s) per month.

    You will also have an annual savings of worth AED 25,850*(approximately) with your Mashreq Platinum Business Credit Card through our exclusive offers and benefits.

    So while you spend your business earns!

    Why should I apply for a Mashreq Platinum Business Credit Card?

    Apart from the value features, the Mashreq Platinum Business Credit Card is the ONLY cash back credit card that offers you the highest Cashback of upto 1.25% across in the UAE, 2.5% Cashback across all retail purchases anywhere in the world. This Credit Card allows you to earn genuine cash back from your first spend. That’s not all, you get up to 25% discount at our partner outlets making it much more easier to save MORE on your business expenses. This is the only Credit Card in the UAE that combines the convenience of a credit card with value packed offers designed to give your business that extra edge.

    Who will receive the SMS for any transaction carried out on the Business Card(s)?

    Transaction SMSes will be sent to individual cardmembers. All other messages will be sent to the Principal Cardmember.

    Will the Supplementary cardmembers have access to activate and block their cards through DBC?

    Yes, the Supplementary credit cardmembers will have access to activate and block their respective credit cards through DBC.

    Can we give Supplementary credit cards to our partners and employees?

    Yes, the supplementary credit cards can be issued to the partners/employees upon request from the Authorised Signatory on behalf of the Company. In fact, the Company can request for as many as 99 Supplementary credit cards.

    Which airports have these complimentary lounge accesses?
    Complimentary Airport access is provided at the following International Airports:

    • UAE – Dubai International Airport. Marhaba Lounges (Terminal 1 )
    • UAE – Dubai International Airport. Marhaba Lounges (Terminal 3)
    • JORDAN – Amman International Airport. Crown Lounge
    • EGYPT – Cairo International Airport. VIP Lounges (Terminal 1 and 3)
    What are the other benefits/ features associated with Mashreq Platinum Business Credit Card?

    You will enjoy:

    • Exclusive travel offers like travel discounts, complimentary travel insurance and complimentary access to Airport Lounges at major International Airports across the Middle East.
    • Dining discounts of up to 25% at over 650 restaurants across UAE on your business lunch through Mashreq Flavours – UAE’s Biggest Dining Programme.
    • Cash advance facility of up to 40% of your available credit limit
    • UAE’s largest 0% EPP for purchases made by Cardmember(s)
    • Utility Bill Payment, and Free Online and Phone Banking.
    How is the Mashreq Platinum Business Credit Card the Best Value Credit Card?

    The Mashreq Platinum Business Credit Card is your perfect business partner and is designed to meet your business needs offering you annualised savings worth approx. AED 25000*. With worldwide acceptance, this card can be used to make payment for your business related transactions in the Local and International market while earning Cash back on the retail purchases from the first purchase.

    You will discover the freedom to give upto 99 supplementary cards while keeping control over the limits. You can issue cards to partners/employees with individual spend limits thus ensuring that the business spends remain within Company’s budget.

    You can also manage your cash flow more prudently with 56 days interest free credit period. That’s not all; every Mashreq Platinum Business Credit Card comes with your Company name embossed on the Card.

    The Mashreq Platinum Business Credit Card allows you to experience the convenience of a credit card with extra-ordinary savings through the widest network of relevant partner outlets offering exclusive discounts on rent a car, hotel apartments, courier services, business support, IT solutions, travel, dining, stationery etc.

    All this and much more absolutely ‘Free for Life’. Yes that’s true! Your Mashreq Platinum Business Credit Card comes with no annual fee and that includes all the Supplementary credit cards issued under the same Principal credit card account.

    What are the product offerings of the FX services?
    • Foreign Exchange solutions including Cash & Spot deals to meet daily FX requirement.
    • Forward Foreign Exchange to manage exchange risk arising due to currency fluctuations.
    • Foreign Exchange options to manage exchange risk arising due to currency fluctuations.
    • Margin / Leverage Trading
    • Structured deposits and notes potential to earn a higher return than the standard term deposit.
    What are the features and benefits of FX Services?
    • Product bundling with Business checking current account
    • Competitive Foreign Exchange Rates
    • Cash / Spot Forex lines without any collateral to cover Forex exposure on spot basis.
    • Specialized FX / Rate sales and service Managers
    • Access to World Currency Market through FX & Rate Service desk
    What are the salient features of Business Current Account?
    • Visa Business Debit Card with the highest transaction limit and host of privileges
    • Dedicated Relationship Manager providing proactive Account management services
    • State-of-the art Online Banking & Mobile Banking services
    • 24-hour Phone Banking
    • Foreign exchange services with fine pricing and trade services
    • Conveniently located CCDMs for deposits & withdrawals
    How long does it take to open a Business Current Account?

    Business Current Account is opened within 3 business days upon receipt of all the documents mentioned above.

    What are the documents required to open a Business Current Account?

    Please refer below for the list of documents required to open a Business Current Account

    • Duly completed Application Form
    • Passport with Valid Visa page Or National ID Card (Copy with Original Sighted)
    • Valid Trade License, Commercial License, Professional License, Free Zone Authority Letter as applicable
    • All legal documents as applicable (Partnership Deed/MOA/AOA)
    • Power of Attorney/Board Resolution (if applicable)
    • Share certificate (if owner details not provided on the TL)
    • Certificate of Incorporation, Good standing/Bank reference letter (if applicable)
    Who is eligible to open a Business Current Account?

    All owners/partners or signatories who are above 21 years of age are eligible to open a Business Current Account.

    What are the different types of Business Current Accounts availaible at Mashreq?

    Mashreq offers 3 different variants of Business Current account from which the customer can choose as per their business requirement. These are:

    • Business Value Plus- MAB requirement is AED 25,000/-
    • Business Premium- MAB requirement is AED 150,000/-
    • Business Platinum- MAB requirement is AED 350,000/-
    Who can I contact in case I need to know further details on SEPL?

    You can walk into any of our Mashreq branches across UAE or alternatively you may contact our 24-hours Call Center at 04-4244763 in case any further information or assistance is required.

    Do I have to open an account with Mashreq?

    It is advisable. You have to open personal current account (in case you do not have one already) for your loan amount to be credited to that account and you to enjoy a host of other benefits.  This Mashreq account can also be used as a recovery account to pay your monthly installments.

    Can I go for the early settlement of my SEPL?

    Yes. You may go for an early settlement of your loan. However, this would be subject to pre-closure charges, as applicable.

    Can I go for a top-up SEPL in the future?

    Yes. Once you have completed 12 months of satisfactory re-payments of the loan, you may apply for a top-up loan.  However, in case if you have applied for a 12-month SEPL, then you may apply for a top-up after 6-months of re-payment.

    Can I make partial repayment?

    No. Mashreq does not provide any facility for the partial repayments.

    What are the repayment modes available?

    The repayment modes can either be through a Standing Instruction from a Mashreq account or through UAE Direct Debit System from other banks to Mashreq.

    What are the applicable interest rate and fees & charges when applying for an SEPL?

    Our interest rates are competitive in the market and starts from as low as 20% p.a.  In addition, there is a one-time processing fee of 1% of the loan amount and 1% p.a. of the loan amount as insurance fee will be applicable.

    What is the minimum and maximum tenor I can apply for?

    The minimum tenor is 6 months and the maximum tenor you can apply for is upto 48 months.

    What is the minimum and maximum loan amount Mashreq can offer?

    The loan amount which Mashreq can offer is from AED 50,000 to AED 750,000 per loan.

    Is there an option for partial repayment?

    Yes. The company has to maintain a business current account (in case it does not have one already) for the loan amount to be credited to that account and for the company to enjoy a host of other benefits.

    Can the company do an early settlement of the loan?

    Yes. The company can choose to go for an early settlement of business loan. This would be subject to pre-closure charges, as applicable.

    Can we apply for a top-up loan in the future?

    Yes. Once the company has completed 12 months of satisfactory re-payments of the loan, the company may apply for a top-up loan.  However, in case if the company has applied for a 12-month Small Business Loan, then the company can apply for a top-up after 6-months of satisfactory re-payment history.

    What are the repayment modes available?

    The repayment mode is through a standing instruction order from the company’s account at Mashreq.

    What is the minimum and maximum tenor I can apply for?

    The minimum tenor is 6 months and can go up to a maximum of 48 months.

    What is the minimum and maximum loan Mashreq can offer?

    The minimum loan amount is AED 125,000/- and it can go up to AED 1.75 Million.

    What are the documents the company needs to provide to avail Mashreq Business Loan?

    To avail Mashreq Business Loan, the company needs to initially submit the following documents for the purpose of evaluation:

    • Application Form.
    • Copy of company’s valid Trade License.
    • Company’s Last 12 months Bank Statement.
    • Valid Passport Copy and Residence Visa for the Authorized Signer.
    • Copy of Company’s Utility Bills e.g. office telephone or Water & Electricity bill.
    • Copy of signed Memorandum and Articles of Association of the Company.

    Once the above documents have been submitted to Mashreq, the application will be evaluated.

    What type of business entities are eligible to apply for a Mashreq Business Loan?

    Following entities are eligible to apply for a Mashreq Business Loan:

    • Limited Liability Company (LLC)
    • Sole Proprietor
    • Partnership
    • Free Zone Companies
    • Branches/Subsidiaries of Offshore Entities
    What is a Mashreq Business Loan?

    A Mashreq Business Loan is an installment loan for business entities to meet their working capital requirement and other business needs.

    What is a Self Employed Personal Loan (SEPL)?

    Self Employed Personal Loan (SEPL) is an easy installment personal loan for Self Employed & Professionals which allows you to meet your personal financial needs.

    Who do we contact for any service related query?

    As a Mashreq Business Banking customer, you will have access to:

    • Mashreq’s Direct Banking Centre for all queries
    • Mashreq online for an enhanced experience of convenience

     

    Terms and conditions apply. All loans are granted at the sole discretion of Mashreq.

    For more information, call on +971 (4) 424 4763 or walk into any Mashreq branch.

    What is the Eligibility criterion to get a SEPL?

    To be eligible for a SEPL, you need to be in business for 3 years and have an annual turnover of AED 360,000 in your personal account and an annual business turnover of AED 1.5 million.

    What type of business entities are eligible to apply for a SEPL?

    Following entities are eligible to apply for an SEPL :

    • Limited Liability Company (LLC)
    • Sole Proprietor
    • Partnership
    • Free Zone Companies
    • Branches/Subsidiaries of Offshore Entities

    (Not belonging to a Prohibited/Restricted sector applicable as per Bank’s policy)

    What are the documents I need to provide to avail of a SEPL?

    To avail of a SEPL, you should initially submit the following documents for the purpose of evaluation:

    • Application Form.
    • Copy of Trade License/Professional License.
    • Copy of Passport with valid Residence Visa.
    • Copy of utility bills e.g. office telephone or electricity bill.
    • Copy of signed Memorandum and Articles of Association of the business.
    • Last 6-months Bank Statement of the business (stamped and signed by the bank).
    • Last 12-months Personal Bank Statement (stamped and signed by the bank).

    Once the above documents have been submitted to Mashreq, your application will be evaluated. All the documents should be valid at the time of evaluation.