A list of banks in UAE that includes all commercial banks, private banks, Arab banks, local banks, domestic banks, foreign banks, and financial institutions.
UAE is the second richest Arab country in the world with diversified industries oil reserves, tourism, technologies, transportation, and more. The country is hugely dependent on travel and tourism as the highest building in the world Burj Khalifa is here.
Here are all the banks in UAE mentioned below with brief descriptions.
About banks in UAE
The United Arab Emirates (UAE) is known for its thriving banking industry, with a robust regulatory framework, modern infrastructure, and a stable political environment. The banking sector in the UAE is considered one of the most advanced and diversified in the Middle East region.
The Central Bank of the UAE is the primary regulatory body overseeing the country’s banking sector. It is responsible for maintaining monetary and financial stability and supervising the country’s financial institutions, including banks, investment companies, and insurance firms.
The UAE’s banking sector is dominated by both domestic and international banks, with more than 60 banks operating in the country. Some of the major domestic banks include Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, and Mashreq Bank. International banks such as HSBC, Standard Chartered, Citibank, and Deutsche Bank also have a significant presence in the UAE.
The UAE’s banking sector offers a wide range of financial services, including retail banking, corporate banking, investment banking, and Islamic banking. Retail banking is the most prominent segment, with services such as savings accounts, personal loans, credit cards, and mortgages being offered to individuals.
The corporate banking sector in the UAE serves businesses of all sizes, from small and medium-sized enterprises to large multinational corporations. The UAE’s government has implemented various policies to encourage foreign investment, which has attracted many multinational corporations to set up their regional headquarters in the country.
Islamic banking is also a rapidly growing segment in the UAE’s banking industry, with Islamic banks offering Sharia-compliant financial products and services. These products and services adhere to Islamic principles, such as prohibiting the charging of interest and investing only in halal businesses.
The UAE’s banking industry has played a crucial role in the country’s economic development, facilitating economic growth and providing employment opportunities. The sector has also helped to position the UAE as a leading financial center in the Middle East, attracting foreign investment and contributing to the country’s overall economic diversification.
The banking sector in the UAE is well-regulated, advanced, and diverse, offering a wide range of financial services to individuals and businesses. The sector’s growth and development have been instrumental in the country’s overall economic progress, and it is poised to continue playing a vital role in the UAE’s future economic growth.
Central Bank Of UAE
Central Bank of UAE: Central Bank of UAE is the main bank of the United Arab Emirates that operates the banking system, starting in 1980. The bank is 100% owned by the government of UAE and the currency is the United Arab Emirates dirham. It has many services in the UAE such as:
- controlling monetary policy,
- operating banking system
- managing the currency, financial services
- acting as a prime bank for all banks
National Banks in UAE
There are many local and regional banks in the United Arab Emirates to serve the nation.
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank is one of the largest national banks in UAE. It is located in Abu Dhabi since 1985 with services like commercial and retail banking services.
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank is a national bank among UAE banks that is based in Abu Dhabi and was founded in 1997
Ajman Bank is a leading bank among UAE banks that offers different services such as business loans, vehicle loans, personal loans, and more.
Al Hilal Bank
Al Hilal Bank is an Islamic bank that is operated under sharia laws & offering services such as retail banking, treasury, and wealth management started in 2007.
Bank of Sharjah
Bank of Sharjah is a Sharjah based local influential bank that has a huge number of customers in the United Arab Emirates.
Commercial Bank of Dubai
Commercial Bank of Dubai is a public bank that has several services such as corporate banking, finance and insurance, foreign exchange, business loans, credit cards, and more.
Dubai Islamic Bank
Dubai Islamic Bank is the first Islamic bank in the world that is based in Dubai established in 1975. The bank is also the largest Islamic bank in the United Arab Emirates.
Emirates Islamic is an Islamic bank among UAE banks that started in 2004. It is under control by the Sharia law and has services for small businesses and corporations.
Emirates NBD is one of the largest UAE banks that is based in Dubai. It is owned by the government of Dubai & has systems such as investment banking, commercial banking, retail banking, private banking, mortgages, and credit cards.
First Abu Dhabi Bank
First Abu Dhabi Bank is the largest bank among UAE banks that is considered the best bank in the UAE. It is known as FAB which offers financial services to businesses and personal needs.
Mashreq is one of the oldest United Arab Emirates banks that is based in Dubai. It has multiple branches in 12 countries in Asia, Africa, and the Middle East.
National Bank of Fujairah
National Bank of Fujairah is a commercial bank in the United Arab Emirates that provides commercial banking, and trade finances with shariah law services.
National Bank of Ras Al-Khaimah PJSC (RAKBANK)
National Bank of Ras Al-Khaimah PJSC (RAKBANK) is a leading public bank that has achieved many international awards in different bank functional sectors.
Noor Bank is a privately owned bank among national banks in Dubai that offers fully sharia law services. It has several products such as wealth management, Takaful (Islamic insurance), treasury and trading, etc.
United Arab Bank
United Arab Bank is another well-known Sharjah-based commercial bank that offers several categories of services to customers.
Foreign Banks In UAE
Foreign banks have several branches all over UAE as people are interested highly in them.
- National Bank of Bahrain – National Bank of Bahrain is a Bahrain-based foreign bank that has multiple branches, and ATMs in Riyadh and Abu Dhabi.
- Rafidain Bank – Rafidain Bank is a Government owned the largest bank in Iraq that started its work in 1941 with 165 branches around the world.
- Arab Bank – Arab Bank is one of the largest banks in the Middle East that is based in Jerusalem. The bank has many branches in the Middle East and other five continents.
- Banque Misr – Banque Misr is Egypt based foreign bank that is owned by the government of Egypt that is founded in 1920. It has multiple services such as investment finance, venture capital, real estate, wealth management, and more.
- National Bank of Oman – National Bank of Oman is the first local bank that is based in Oman, beginning in 1973 along with its international branches in Dubai, and Abu Dhabi.
- Credit Agricole – Credit Agricole is one of the largest financial institutions in France as well as Europe that originated in 1894.
- Bank of Baroda – Bank of Baroda is one of the largest banks among the local banks in India that is situated in Vadodara.
- BNP Paribas – BNP Paribas is an international bank that is based in Paris, France & it is also one of the largest commercial banks in Europe.
- Janata Bank Limited – Janata Bank Limited is a state-owned Bangladeshi bank that is also one of the largest commercial banks. It was founded in 1975 with systems like banking services, consumer banking, corporate banking, investment Banking, etc.
- HSBC Bank Middle East Limited – HSBC Bank Middle East Limited is one of the largest international banks in the world that has international branches in the world.
- Al Ahli Bank of Kuwait – Al Ahli Bank of Kuwait is a multinational bank that is situated in Kuwait including several branches in the United Arab Emirates.
- Habib Bank Ltd. – Habib Bank Ltd. is the first commercial bank in Pakistan among international banks founded in 1940 by the Habib family.
- Habib Bank A.G Zurich – Habib Bank A.G Zurich is a Swiss multinational bank among commercial banks that has branches also available in the UAE.
- Standard Chartered Bank – Standard Chartered Bank is one of the most renowned multinational British banks that serves also the UAE people.
- United Bank Ltd. – With the tag of where you come first, United Bank Ltd. is one of the largest multinational banks in Pakistan including international branches.
- National Bank of Kuwait – National Bank of Kuwait is one of the largest financial institutions with many branches around the world that is located in Kuwait.
- BOK International Bank – BOK International Bank is one of the oldest continuous commercial banks in the world that is originated in Sudan.
- Industrial & Commercial Bank of China – Industrial & Commercial Bank of China is a Chinese state-owned commercial bank, also one of the largest banks in the world.
- Deutsche Bank AG – Deutsche Bank AG is one of the largest multinational banks and a German International bank since 1869.
- KEB Hana Bank – KEB Hana Bank is an international bank based in South Korea that provides foreign exchange products.
- Barclays Bank PLC – Barclays Bank PLC is a British multinational bank based in London founded in 1690 that has many branches in the world.
- Bank of China Limited – Bank of China Limited is the national commercial bank of China and one of the largest banks in the world that have served in the UAE.
- Gulf International Bank – Gulf International Bank is a Bahrain-based international bank that was established in 1975 with numerous products.
- MCB Bank Limited – MCB Bank Limited is a multinational bank in Lahore, Pakistan with services loans, credit cards, Debit cards, savings, consumer banking, Home remittances, etc.
- Intesa Sanpaolo S.P.A – Intesa Sanpaolo S.P.A is the Italy-based largest international bank in the world that has branches in Abu Dhabi.
- Agricultural Bank of China Ltd. – Agricultural Bank of China Ltd. is an Agricultural based bank that is also counted as one of the biggest banks serving people globally.
- Bank Al Falah Limited – Bank Al Falah Limited is one of the largest commercial banks in Pakistan and also has international branches in many countries.
Hence, banks in UAE help to observe the economical and social updates and growth in the country.
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What are the most common types of banks in the UAE?
There are several types of banks in the UAE, including commercial banks, Islamic banks, investment banks, and offshore banks.
Are banks in UAE safe and reliable?
Yes, banks in UAE are generally safe and reliable. The Central Bank of the UAE regulates and supervises the banking sector to ensure that banks comply with regulatory standards and protect the interests of their customers.
What are the typical banking services offered in UAE?
Banks in UAE offer a wide range of banking services, including current and savings accounts, credit cards, personal loans, mortgages, insurance, investments, and online banking.
Are there any restrictions on foreign nationals opening bank accounts in UAE?
No, there are no restrictions on foreign nationals opening bank accounts in UAE. However, some banks may require additional documentation and information for non-resident customers.
What is the minimum balance required to open a bank account in UAE?
The minimum balance required to open a bank account in UAE varies depending on the bank and the type of account. Some banks offer accounts with no minimum balance requirement, while others may require a minimum balance of AED 1,000 or more.
Is it possible to open a bank account online in UAE?
Yes, many banks in UAE offer online banking services that allow customers to open accounts and manage their finances online.
Are there any fees associated with banking services in UAE?
Yes, banks in UAE may charge fees for certain services, such as ATM withdrawals, foreign currency transactions, and account maintenance. However, many banks offer fee waivers or reduced fees for certain customers or transactions.
What is the process for obtaining a loan from a bank in UAE?
The process for obtaining a loan from a bank in UAE varies depending on the bank and the type of loan. Generally, customers must submit an application and provide documentation to verify their income and creditworthiness. The bank will then review the application and may require additional information or documentation before approving or denying the loan.
Are there any restrictions on transferring money out of the UAE?
Yes, there are restrictions on transferring money out of the UAE. Customers may be required to provide documentation to verify the source of the funds and the purpose of the transfer, and some transfers may be subject to approval by the Central Bank of the UAE.
What is the best way to compare different banks and their services in UAE?
The best way to compare different banks and their services in UAE is to research online, read reviews, and visit the banks’ websites to review their products and services. Customers can also speak with bank representatives and ask for more information about their offerings and fees.