The largest banks in the UAE embody the best practices in the banking sector. Their core principles include stability, reliability, security, and confidentiality. The government comprehensively supports the functioning of financial institutions, implementing wise policy and creating the best conditions for developing the banking segment of the economy.
The UAE’s top five financial institutions include traditional and Islamic banks. Each of them has its own history and exclusive services. The information presented in the article is not financial advice but is purely informative. For assistance in choosing a bank, consult the experts at Dynasty Business Adviser.
Which bank to choose in the Emirates?
When choosing the best bank to open a corporate or personal account in the United Arab Emirates, you should first of all focus on the level of security and reliability of the financial institution. In this regard, national banks of the UAE will be the best choice for individuals and legal entities.
The main advantages of servicing in national Emirati financial institutions are:
- confidentiality of personal data – banking secrecy is regulated by the laws of the country;
- international access to various financial products;
- high level of service;
- political and economic stability.
Emirates National Bank of Dubai (ENDB)
Founded in 1963.
It is considered the most potent and reliable bank in the country. It leads the list of the largest banks in Dubai and ranks among the top three “Strongest Banks in the Middle East.” Its assets amount to 742.0 billion dirhams.
In 2016, the reputable agency Asian Banker Research ranked Emirates NBD as the top bank in the “AB 500 Strongest Banks in 2016” rating. What allowed it to become number one among 500 banks? High economic indicators (assets, income, net profit), implementation of digital technologies, and the creation of online banking.
The bank serves private clients and legal entities:
- In both traditional and Shariah traditions.
- In the UAE, the Gulf countries, and other regions.
It has 200 branches and over 700 ATMs only in the Emirates. Clients from many countries use its services, and are recognized as a leader in the GCC region’s financial market.
Аbu Dhabi Commercial Bank (ADCB)
Founded in 1985.
This financial institution ranks among the largest banks in the UAE both in terms of assets (501.0 billion dirhams) and the volume of services provided. Over four decades, the bank has gained a reputation as the leading financial partner for trading companies and enterprises operating in commercial, investment, and futures markets.
The government of Abu Dhabi owns 65% of its shares. With 72 branches and 450 ATMs in the UAE, the bank also has branches in India and the United Kingdom. An online platform called ADCB ProTrade has been created for trading enterprises, making financing of trade deals transparent and much less costly.
First Abu Dhabi Bank (FAB)
Founded in 2016.
It is the first bank in Abu Dhabi that the Global Finance Agency considers the safest in the UAE. It operates 73 branches and over 500 ATMs across the country.
Clients are particularly interested in:
- Personal credit offers at 1.62%. Clients with a monthly income of at least 7,000 dirhams can obtain a loan.
- 19 options for credit cards for individuals with an interest rate of 3.25% for clients with a monthly income of at least 5,000 dirhams.
- The FAB Accelerator loyalty program is for clients with a monthly turnover of at least 15,000 dirhams. It offers bonus points, cashback, and air travel miles.
FAB offers a full range of services and demonstrates friendliness towards its staff. This is evidenced by free salary accounts to employees and their material support during the adaptation period.
Mashreq Bank
Founded in 1967.
Meet one of the oldest and most respected banks in the UAE. The bank’s good reputation is based on nearly half a century of serving companies and private clients. Among the pioneers, the bank has transitioned a significant portion of its services to online banking, reducing the number of branches to 29 while maintaining 400 ATMs across the country.
The bank offers loans with an interest rate of 5.99% for individuals. A monthly income of 3000 dirhams is required to qualify for a loan. The bank has created Islamic Brokerage products (brokerage services) for clients operating on Sharia principles.
The first digital bank in the UAE, Mashreq Neo, operates without branches. It issues several credit and debit cards, provides personal loans, and facilitates money transfers. The main advantages include:
- They offer high security for financial transactions, protected by biometric client identification, instant system notifications, and multi-level transaction limits.
- Continuous digital support is provided through chatbots on the website and smartphone applications.
- Easy management of digital cards, with the ability for clients to independently block or unblock their card accounts.
Mashreq Bank is a leader in creating digital online banking in the UAE.
Dubai Islamic Bank
Founded in 1967.
The Dubai Islamic Bank is one of the largest banks in Dubai. It ranks among the top three most potent Islamic banks in the world. Clients are offered banking products that comply with Sharia principles.
With a rich history, this financial institution serves over 1.7 million clients, including individuals and companies. They choose it for its quality financial products and meticulous adherence to Sharia principles.
What attracts clients to Dubai Islamic Bank, the world’s first Islamic bank with a wide range of services:
- Current and savings accounts for Emirati companies and resident individuals, with 1-2 weeks opening times.
- Operations in multiple currencies.
- Internet banking is available in English.
The account opening fee for all the banks listed in the publication is $2,500.
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Choosing the best bank and understanding the nuances of their operations can be quite challenging. The most prudent and rational approach would be to turn to a company that assists foreigners with all relocation-related matters, opening an offshore accounts, etc.
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