Overview of Banks in Dubai (UAE)
In UAE, Central Bank of UAE is the regulatory authority of banking system, Central bank of UAE regulates all banking policies, Credit, and financial policies in PAN Dubai. It is the representative of UAE global Banking and financial services. It also manages gold and foreign reserves. Central banks of UAE act as state’s financial agent.
There are two types of Commercial banking system in Dubai (UAE)
1. Local Banks: These type of banks are locally incorporated as public shareholding Companies as per the law (10) of 1980.
2. Foreign Banks. These are basically branch of foreign banks, have gained license from central bank of UAE.
In UAE , There are 46 local commercial incorporated banks . These local banks of UAE are most dominating banks owned by different emirates government.
These top level banks supply all banking and finance related services like Loan , Credit Cards, Debit Cards, Asset Management, Investment Banking, Private Banking Solutions, Commercial Banking, Savings Account, Current Account, Islamic Banking.
There are total 7 banks in UAE providing Islamic Banking and its Product like Shariah Complaint etc.
Top 10 Banks in UAE (Dubai)
In this article we discuss about top 10 banks in UAE (Dubai)
1. Union National Bank:-
Union National Bank is top domestic bank in UAE (Dubai), its headquarter located in Abu Dhabi. It is incorporated in 1982 . This Bank is joint venture of Dubai and Abu Dhabi. Union National Bank provides a lots of financial and banking services to customer like Salaried Individuals, High Net worth holders, Self employed and business Bodies in UAE. It has Financial institutions and International division with Investment and Treasury Division. Union National Bank serves globally in some country like Qatar, Kuwait, Egypt and as representative in China Also.
2. National Bank of Fujairah:-
National Bank of Fujairah is a popular commercial bank of UAE. This Bank founded in 1982 and its headquarter is located in Fujairah, UAE. This bank got many awards in 2017 by Banker Middle East UAE Product Award.
The Bank has Awarded in these following categories :-
- Best in Corporate Advisory
- Best in treasury Management
- Best in SME Internet Banking Services
- Best in Corporate and Investment Banking
- Best in SME Trade Finance offering
3. Abu Dhabi Islamic Bank:-
Abu Dhabi Islamic Bank is popular public bank in UAE. Its headquarter is located in Abu Dhabi incorporated in 20th of May, 1997. The bank operates as joint stock company. It is a shariah-complaints lender type bank that provides various banking services like private, business, personal and Corporate. Abu Dhabi Islamic Bank is also present in these segments – Global Wholesale Banking, Private Banking, Treasury, Retail and Real Estate. The bank serves globally in these countries- Saudi Arabia, United Kingdom, Egypt and Iraq.
4. Mashreq Bank:-
Mashreq Bank is one of the largest and oldest top private bank in the UAE. It was founded in 1967 and its headquarter is situated in Dubai. The bank is associated with HSBC Bank and offers banking solutions like commercial, retail, Corporate Banking , Investment advisory on acquisition and mergers, IPO and underwriting, Islamic Banking, Brokerage and Asset Management. Mashreq Bank is first in UAE to issue Debit Card, ATM Dispenser Machine and consumer loan facility. Mashreq Bank expanded globally itself in Bahrain, Qatar, Egypt and Kuwait.
5. Commercial Bank of Dubai
Commercial Banks of Dubai was incorporated in 1969 and its headquarter is located in Deira, Dubai. The Bank offers a lots of banking services like Islamic Banking, Commercial Banking, Personal Banking, Corporate Banking and many more Financial and Banking Solutions.
6. National Bank of RAS Al-Khaimah :-
National Bank of RAS Al-Khaimah, well known as RAKBANK by its Trading name, was incorporated in 1976. Its headquarter is located in Emirates of RAS Al-Khaimah. 52.8% stake of bank is owned by the government of RAS Al-Khaimah. The bank offers to its consumer commercial and retail services to corporates and individuals in the UAE. National Bank of RAS Al-Khaimah has awarded in middle east by The Asian Banker for Best Internet Banking Product and SME Bank of the Year by the Arabian Business Start Up Award 2016.
7. Emirates NBD :-
Emirates NBD Was incorporated in October 2007 and its headquarter is situated in Dubai. It is one of the biggest groups in UAE by merging two banks- Emirates Bank International (EBI) and the National Bank of Dubai (NBD). The bank offers many services to its customers and has other Business entities like- Wealth Management, Real Estate Market, Financial Institutions, Retail Banking, Large Corporations, Investors, Mortgages and Credit Cards.
8. First Abu Dhabi Bank:-
First Abu Dhabi Bank was incorporated in 2017 by merging two banks- First Gulf Bank and The National Bank of Abu Dhabi. It is one of the largest bank in UAE and its headquarter is situated in Abu Dhabi. The bank offers various banking and financial services to its customer like- Retail, Islamic Banking Services, Private, Corporate etc. As of 2017, Bank has total assets of $183 billions.
9. Dubai Islamic Bank:-
Dubai Islamic Bank was incorporated in 1975. It was the first Islamic bank in UAE that follows principles of Islam in its banking and financial services. It is the largest bank in The UAE and its headquarter is located in Dubai. It is first Islamic bank in world that leads the other bank in world for Shariah-complaint Banking. It offers Banking and financial services as per Shariah Law. The bank operates in many segments of businesses like- Corporate Banking, Real Estate, Treasury, Mortgage, Credit Card, Consumer Banking etc.
10. Abu Dhabi Commercial Bank (ADCB):-
Abu Dhabi Commercial Bank (ADCB) was incorporated in 1985 by merging three banks. Its headquarter is located in Abu Dhabi and Government of Abu Dhabi owns 65% stake in bank. The bank offers various banking and finance related services like- commercial banking, Islamic, Banking, Retail. Abu Dhabi Commercial Bank (ADCB) has total assets of $70.32 billion.
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