Overview of Banks in UAE
The Central Bank of UAE is the primary regulator of the banking system in UAE. The central bank has the responsibility to formulate and implement the banking, credit and monetary policies across UAE. It maintains the gold and foreign currency reserves and acts as the bank of Banks operating in UAE. The central bank serves as the state’s financial agent.
Commercial Banks in UAE are of two major categories:
- Locally Incorporated Banks: These are public shareholding Companies licensed in accordance with provisions of Union Law (10) of 1980
- Branches of Foreign Banks: These banks have obtained Central Bank’s license to operate in the region as per the law
There are 46 commercial locally incorporated Banks in UAE. The Banks in UAE are dominated by the local banks owned by the governments of various Emirates.
The Top Banks in UAE provide various financial services to customers like private banking solutions, commercial banking, loans, credit cards, asset managementAsset ManagementAsset management is a method of managing funds and investing in both traditional and specialized products in order to generate returns consistent with the investor's risk tolerance. , investment banking, Islamic Banking, etc. Islamic Banking has expanded considerably in the region with 7 dedicated banks providing Islamic Banking products which are Shariah-compliant and other banks have started providing Islamic Banking services.
Top 10 Banks in UAE
Here is the list of top 10 banks in UAE –
#1. First Abu Dhabi Bank:
It is the largest bank in UAE which was formed by the mergerMergerA merger is a voluntary fusion of two existing entities equal in size, operations, and customers deciding to amalgamate to form a new entity, expand its reach into new territories, lower operational costs, increase revenues, and earn greater control over market share. of two banks – National Bank of Abu Dhabi (NBAD) and First Gulf Bank in 2017. This top Bank is headquartered in Abu Dhabi and provides services in Corporate, retail, private and Islamic banking services. The bank has assets of US $ 183 billion as of 2017.
#2. Emirates NBD:
Emirates NBD was formed in October 2007 after a merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD) forming one of the largest groups in UAE. The headquarters of the Bank are in Dubai. The Banks provides lots of services to the customers and operates through various business units – Retail BankingRetail BankingRetail banking or personal banking refers to the financial services offered by the financial institutions exclusively to the individual clients. The consumer banking provides personal loan, savings account, debit cards, credit cards, locker, etc. and Wealth Management, Wholesale Banking, Islamic Banking, Investment Banking, Mortgages and Credit Cards.
#3. Abu Dhabi Commercial Bank (ADCB):
Abu Dhabi Commercial bank is headquartered in Abu Dhabi. The government of Abu Dhabi holds a 65% stake in the Bank formed in 1985 by the merger of three banks. With total assets of US $ 70.32 Billion, the Bank provides retail, commercial, Islamic Banking, and Financial services through its various business segments.
#4. Dubai Islamic Bank:
Dubai Islamic Bank was founded in 1975 as the first Islamic Bank with the principles of Islam in its practices of banking. It is also the largest Islamic Bank in the UAE. The Bank is headquartered in Dubai. Being the first Islamic Bank, it acts as a torchbearer for Shariah Compliant banking provided by other banks across the world and promotes the innovative range of products in accordance with Shariah Law. The Bank has many business segments which include Consumer Banking, Corporate Banking, Real Estate Development, Treasury etc.
#5. Union National Bank:
Union National Bank is a leading domestic Banks in UAE founded in 1982 and headquartered in Abu Dhabi. The Bank is jointly owned by the government of Abu Dhabi and Dubai. The Bank has the International and Financial Institution Division along with Treasury and Investment Divisions. The Bank provides various financial products and services to salaried individuals, self-employed personnel, high net worth individuals, and business entities in UAE. The bank also has overseas offices in Egypt, Qatar, Kuwait, and a representative office in China.
#6. Abu Dhabi Islamic Bank:
A Public Joint Stock Company,Joint Stock Company,A joint stock company is one in which the company's shares or stocks are jointly held by shareholders in some proportion and in which they have share in the profits based on their shareholding. Each holder is only liable for the amount of their shareholding, and they are free to transfer their shares. Abu Dhabi Islamic Bank is an Islamic bank headquartered in Abu Dhabi. Established on 20 May 1997, the Bank is the Shariah-Compliant lender and provides personal, business, private and corporate banking services. It operates through its business segments – Global Retail Banking, Global Wholesale Banking, Private Banking, Treasury, Real Estate, etc. The Bank has an overseas presence in Egypt, Iraq, Saudi Arabia, and the UK.
#7. National Bank of Ras Al- Khaimah (RAKBANK):
National Bank of Ras Al- Khaimah or known by its trading name RAKBANK. The Bank was founded in 1976 and is headquartered in the emirate of Ras Al-Khaimah. 52.8% of Bank is owned by Government of Ras Al-Khaimah. The Bank provides retail and commercial services to individuals and businesses in UAE. The Bank was awarded SME Bank of the Year’ by the Arabian Business StartUp Awards 2016 and best internet banking product of the year award in the Middle East by The Asian Banker.
#8. National Bank of Fujairah:
National Bank of Fujairah is a commercial bank found in 1982 headquartered in Fujairah, UAE. The Bank and its subsidiary received following recognitions at the 2017 Banker Middle East UAE Product Award
- Best Customer Service – Corporate & Investment Banking;
- Best Treasury Management,
- Best SME Internet Banking Service,
- Best SME Trade FinanceTrade FinanceTrade Finance is the funding of trade transactions (both domestic and international). It is conducted in the presence of both buyer and seller and can be facilitated with the help of various intermediaries like banking and financial institutions. Offering, and
- Best Corporate Advisory Service
Mashreq Bank was founded in 1967 and headquartered in Dubai. It is the oldest and the largest privately-owned top Bank in UAE. The Bank is an associate Company of HSBC Bank. It provides retail banking, commercial banking, investment banking including corporate finance and investment advisory on mergers and acquisitions, initial in public offeringInitial In Public OfferingInitial Public Offering (IPO) is when the shares of the private companies are listed for the first time in the stock exchange for public trading and investment. This allows a private company to raise the capital for different purposes. and underwriting, asset management, Islamic Banking, brokerage services to its customers. The Bank was the first in UAE to issue Debit cards, install ATM dispensers, and introduce consumer loansConsumer LoansA consumer loan is a type of credit given to a consumer to finance specified set of expenditures. The borrower must pledge a specific asset as collateral for the loan, or it may be unsecured depending on the loan's monetary value.. It has a wide global presence in countries like Qatar, Kuwait, Egypt, and Bahrain.
#10. Commercial Bank of Dubai (CBD):
Commercial Bank of Dubai was founded in 1969 and is headquartered in Deira, Dubai. The Bank provides various services like corporate banking, commercial banking, personal banking, Islamic banking, and other financial support services.
We hope you liked this guide to top banks in UAE. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –