The best banks in Dubai demonstrate reliability and impeccable reputation. Annually, they declare solid net profits. Their asset liquidity remains high even in times of pandemic and economic crisis. Experts consider them among the most stable in the world, as the dirham is pegged to the US dollar.
Competition in the city’s banking sector and the emirate is very high. Attracting and retaining customers can be achieved by providing the best service to private and corporate clients. In recent years, reliable online banking has gained increasing importance. Clients want a tool to manage savings and assets 24/7 from any corner of the globe. The bank’s management should handle this to preserve its position in a saturated financial services market like Dubai.
We will tell you about the best local and international banks in Dubai. Please note that you are reading an informational review of the emirate’s financial institutions, and for consultation on choosing a bank, please contact the specialists at Dynasty Business Adviser.
Types of Banking Institutions in Dubai
There are about 50 national and international banks in the UAE. Most are public joint-stock companies with varying proportions of government and private capital. They all operate based on licenses issued by the Central Bank of the UAE.
A notable feature of the Emirati financial system is Islamic banks in Dubai, which adhere to Sharia principles. What does this mean? They do not serve clients involved in:
- Manufacturing tobacco and alcohol products.
- Producing non-halal food products.
- Speculating on the stock exchange, which Islam equates to gambling.
Islamic banks do not provide loans with interest to clients because it is considered haram. They may become co-investors in projects that require borrowed financial resources. When choosing a bank, it is essential to understand its operations’ specifics. Those wishing to open a savings account should approach a bank where earning interest is not considered haram. Islamic banks do not accrue interest.
List of Banks in Dubai
The table presents the most well-known banks in Dubai.
| Name, date of foundation | Assets, bln AED | Network, number of offices, branches | Time to open an account, days | Minimum account balance, AED |
|---|---|---|---|---|
| Emirates NBD, 2007 | 742,0 | 220 | 2-15 | 25000 |
| EMIRATES ISLAMIC, 2004 | 77,9 | 60 | 2-15 | 20000 |
| The Dubai Islamic Bank, 1975 | 279,1 | 90 | 2-15 | 20000 |
| Commercial Bank of Dubai, 1969 | 36,7 | 26 | 2-15 | 25000 |
| RAKBANK, 1976 | 74,1 | 40 | 2-15 | 25000 |
| MASHREQ, 1967 | 48,2 | 29 | 2-15 | 25000 |
| ADCB, 1985 | 501,0 | 72 | 2-15 | 25000 |
| First Abu Dhabi Bank, 2017 | 919,06 | 73 | 2-15 | 20000 |
| Sharjah Islamic Bank, 1975 | 54,6 | 26 | 2-15 | 25000 |
| Noor Islamic Bank, 2008 | 6,0 | Many branches and locations in the UAE | 2-15 | 20000 |
International Banks in Dubai
Most foreign commercial banks are located in the Dubai International Financial Centre (DIFC). It is an independent financial territory governed by the UAE government. This powerful regional financial center includes banks from the Middle East, South Asia, and Africa.
Banks in Dubai are a magnet for vast flows of financial resources, which are easily multiplied through investments in:
- Housing construction and the production of building materials.
- Oil extraction and refining industry.
- Energy and transportation.
- Tourism.
Banking products are exciting to international businesses due to favorable service conditions and payment security. Thanks to a 50-year tax exemption and permission for financial institutions with 100% foreign capital to conduct business, and many large foreign banks have branches and representative offices in Dubai.
There are few places like Dubai where banks thrive and accumulate resources for rapid economic development. The UAE government provides them with:
- A favorable economic environment with minimal taxes and control.
- Wise legislation.
- Rapid implementation of innovations and digital technologies.
- Stability of the dirham and flexible economic diversification.
With such an attitude towards significant capital, the country has created an excellent image in the banking sector and attracted the most prominent foreign banks to the region.
Advantages of Having an Account in Dubai
Financial institutions in the region adhere to high standards of reliability and professionalism in servicing accounts. Among them are:
- Confidentiality of data about the account owner and the movement of funds in their account.
- Stability, reliability, and excellent online banking.
- Absence of taxes on interest.
- Minimal currency control over the movement of funds for individuals and companies.
- Minimal customer service fees.
- Over five thousand ATMs for cash withdrawals.
Dubai banks implement digital technologies while maintaining ancient reliability and banking secrecy traditions. They operate six days a week, except for Friday. Working hours may vary from 8 am to 2-3 pm or end at 8-9 pm. On Friday, the working day is shortened until 12 pm.
Accounts and Cards Offered by Banks in Dubai
Banking products include:
- Current and savings accounts for private and corporate clients.
- Unique banking products for children under 18, students, retirees, and women.
- Debit and credit plastic payment cards.
- Chequebooks are popular in the region.
Current accounts are available to UAE citizens and foreigners with residency visas. Typically, clients are offered a checkbook with these accounts. Account holders do not earn interest on their balance but can use overdraft facilities (short-term credit).
Savings accounts have restrictions on fund movements, but they accrue and pay interest ranging from 0.1% to 2.0%. They do not allow the issuance of checkbooks or the obtaining of loans. However, foreigners need residency visas to open them.
Top Banks in Dubai
Most banks in the city are well-known in the business world. Choosing the best banks in Dubai is challenging because every financial institution in the UAE has an excellent reputation. The top 5 include:
- Emirates National Bank of Dubai (ENBD).
- Abu Dhabi Commercial Bank (ADCB).
- EMIRATES ISLAMIC.
- Dubai Islamic Bank.
- MASHREQ.
Each has its own path and history but is united by stability, reliability, excellent service, and modern online banking.
How to Start Opening a Bank Account in Dubai
The process begins with collecting documents. A personal account cannot be opened without the following:
- Applicant’s passport.
- Resident visa.
- Emirates ID.
- Bank statements for the last six months confirm the receipt of funds from legal sources in sufficient amounts.
- Document confirming the actual place of residence (residential address) of the individual, such as utility bills.
- A resume containing information about education and professional experience.
If you need to open a corporate account for a company, the list of documents will include:
- Resumes of the director and founders with confirmation of their places of work, addresses, and phone numbers of the companies.
- Copies of the company’s immigration card.
- Utility bills dated by the last three months to confirm the place of residence.
- Documents on the sources of income of the director and founders (salary, dividends, company’s balance sheet).
- Memorandum, financial and business plan, lists of potential counterparties.
- Copies of documents on the distribution of shares among the founders.
Collecting, correctly formatting, translating into English or Arabic, and certifying copies takes a lot of work. It is best to entrust this work to a company specializing in relocation to Dubai.
How We Work: Advantages of Cooperation with Dynasty Business Adviser
We open all types of accounts for our clients in the emirate’s banks. The comprehensive service includes:
- Document preparation is according to the requirements of the selected bank.
- Organization of the client’s visit to the bank
- Comprehensive support of the application submission and account opening process.
Choosing a bank in free zones simplifies the import and export of capital. By opening an account in the UAE, you gain access to all the products and services of a bank with an excellent reputation and traditions.
Contact our company to:
- opening a personal account with a UAE bank;
- open a corporate bank account;
- opening an offshore account in the emirates to maximize the efficiency of financial management.
We will be glad to help you with opening of any type of bank account in a proper UAE zone. Our qualified specialists provide advisory services 24/7.
