Dubai Banks which both domestic and foreign banks existed and several are dedicated to Islamic Banking. Do you know that Dubai is one of the largest trade center in UAE where people come from everywhere around the world. Dubai has grabbed international businesspersons’ attention to itself. Therefore, Most of the businesspersons invest in Dubai because they know they can increase their income more here.
Dubai is a city of business, you do not need to hesitate whether to invest or not. You will satisfy when you explore its business facilities through digital media. There are many services provided for entrepreneurs to establish their business here. They can promote their business by utilizing the services provided by different banks in Dubai. Banks in Dubai are reliable and provide any type of service people need for both business and personal use.
Totally, there are almost 60 banks in Dubai from which 23 are domestic banks; 28 are foreign banks and others are dedicated to Islamic Banking. The General-Secretariat of the Union of Arab Banks, UAB, has announced the inclusion of 85 Arab banks among the top 1,000 banks in the world, including 20 from the UAE where it ranked the first for the number of banks listed. In this article, we have brought the top ten and most famous banks with more assets and many services.
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Banking Regulations in Dubai, UAE
For the credibility and transparency of the bank services and banking system, the Central bank of the uae issued some of the regulations.
- Finance Companies and Banks are not permitted to take blank cheques against loans
- Each borrower can just take a loan 20 times from his/her salary or regular income and repayment to be made in 48 months.
- Both Banks and Financial institutions have been proscribed by the Central banks because of telemarketing credit cards and phone loans.
The Requirements to Open an Account in Dubai, UAE Banks
The requirements and the needed documents for opening a bank account can differ from bank to bank.
- A Valid residence in Dubai
- Original Passport with residency visa or UAE citizenship documents
- Salary certificate and employer or sponsor no-objection letter
Here is a list of the Top 10 Banks in Dubai, United Arab Emirates
By reading the following details of each bank, you will be urged to open an account in any of them.
1. Emirates NBD – Dubai Banks
An EMIRATE NBD, the leading banking group in the region was formed on 16th of October 2007 when the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The Emirates NBD 2007 merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD).
It became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the United Arab Emirates (UAE) to form a banking champion with the largest asset base in the GCC region summing up to AED 281.6 billion as at 31st December 2009.
With a fast growing Islamic banking affiliated entities, strong investment and private banking services and a Leadership in the field of asset management products and Brokerage services, Emirates NBD is well positioned to grow and deliver outstanding value to its shareholders, customers, and employees.
Emirates NBD bank is 95.03% owned by national investors, 2.78% of Arab investors, and 2.02% of foreigners.
The National Bank of Abu Dhabi (NBAD) has one of the largest networks in the UAE with an expanding network of 125 branches and cash offices. Additionally, the bank has installed more than 585 ATMs where needed across the country.
The NBAD’s growing international network consists of about 60 branches and offices in 17 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks. Every year since 2009, NBAD has been ranked as one the world’s top 50 safest banks by Global Finance magazine. The bank’s majority (70.5%) is owned by the Abu Dhabi government.
The Abu Dhabi Investment Council has 58.08% of the ADCB’s shares. In fact, the Abu Dhabi Investment Council is an investment arm of the Government of Abu Dhabi. The Council started its operations in April 2007 and is responsible for investing part of the government’s surplus financial resources through a globally diversified investment strategy, targeting positive capital returns through an expansive portfolio of highly diversified asset classes and active investment management strategies. The Abu Dhabi Government owns 3.51% of the bank’s shares, and foreign investors 3.54%. The remaining 34.87%, owns by the other national investors.
ADCB, as a predominantly Government Owned Bank, is a key banker to and provides a unique banking proposition in the UAE to Government departments, Government agencies and wholly-owned Government commercial entities through a dedicated Relationship Manager, a single premium customer servicing platform and competitive pricing.Abu Dhabi Commercial Bank (ADCB) – Dubai Banks
“Best Local Bank in the UAE” was a nickname for First Gulf Bank in 2011 and 2012. The bank established in 1979. First Gulf Bank (FGB) had Shareholder Equity of AED 28 billion as of December 31st, 2012 making it one of the largest equity based banks in the UAE.
Today, FGB is recognized as a world-class organization committed to maximizing value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE’s dynamic economy. The Abu Dhabi Ruling Family owns 67% of the First Gulf Bank, and the remaining 33% is public shareholdings. FGB provides many types of family services.
Dubai Islamic Bank is dedicated to Islamic Banking. In June 2012, the bank has been named as the Best Islamic Bank in the region by Banker Middle East Magazine. With over 35 years of experience in Islamic banking, Dubai Islamic Bank has combined the highest ethical standards of Sharia with state-of-the-art technology to provide a range of innovative banking products.
In spite of experiencing exceptional growth since its establishment in 1975, the Bank today remains true to its roots as a customer-centered organization, where close personal service and honesty form the basis of all relationships. 28.63% of the Dubai Islamic Bank is owned by the Investment Corporation of Dubai.
In fact, the latter is a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. Saeed Ahmed Lootah owns 6.91% of the bank while 3.38% are general pensions for Social Security Authority.Dubai Islamic Bank – Dubai Banks
The very easy banking is provided here. Established as a Public Joint Stock Company in 1982, UNB is the only bank that is jointly owned by the Governments of Abu Dhabi and Dubai. The Chairman, H. H. Sheikh NahayanMabarak Al Nahayan, Minister of Culture, Youth & Community Development, is well supported by the Board of Directors that consists of eminent business personalities and our Senior Management team, which is made up of experienced professionals. Union Brokerage Company (UBC) and Al Wefaq companies are subsidiaries of UNB, which are established for the purpose of offering services in Brokerage field and Islamic Trade.Union National Bank – Dubai Banks
The Abu Dhabi Islamic Bank is dedicated to the public and is publicly owned. The bank provides any type of service the citizens need. In 2010, ADIB had introduced its new brand identity as a symbol of a new promise. ADIB has worked hard to implement these simple but powerful promises in the way we do business. The bank has introduced a number of new offerings and improvements already. ADIB has 70 branches and 460 ATMs.
8. Mashreq Bank
With Mashreq Bank you can access any type of facility that you will be able to benefit Loans, Card, Insurance, and any types of offers as well Mashreq has provided banking and financial services to millions of customers and businesses since 1967. Mashreq is invariably among the highest performing banks in the Region.
Its financial performance reflects on its commitment to continue leading the UAE banking industry. A rising market share, solid equity base, growing asset base and return on assets has meant that Mashreq has a strong financial position in the market.Mashreq Bank – Dubai Banks
RAKBANK, the trading name of the National Bank of Ras Al-Khaimah, is a public joint stock company the headquartered in the emirate of Ras Al-Khaimah, in the UAE. The bank is 52.75% owned by the Government of Ras Al-Khaimah.
Shares are publicly traded. The Board consists of several members of the ruling family of the emirate of Ras-Al Khaimah and businessmen from the UAE and Kuwait.
In addition, The bank is engaged in providing retail, wholesale and corporate banking services through a network of thirty-three branches in the United Arab Emirates, but all the transactions are handled on a strictly commercial basis. So here you can benefit from a RAK Money Transfer to Indian, Sri Lanka, Philippines, and Nepal.
Your dreams come true here. With the Commercial Bank of Dubai (CBC) you can expand your business. The bank offers Baking, borrowing, protecting, investing, and discovering services through personal, Business, Corporate, Islamic and Financial Services. CBD founded in 1969, by an Amiri Decree issued by the late Rashid Bin Saeed Al Maktoum. What started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait,evolved into a National Public shareholding company by 1982. CBD is a UAE banking and financial services corporation headquartered in Deira, Dubai with more than $10 billion in assets, Gulf Business listed CBD as the 35th largest bank in the Persian Gulf region.
I recommend you not to hesitate to open an account in any of them these are the most reliable and high-ranking banks in Dubai, which are at the customers, service at any time as well as the banks serve the way that satisfies every account holder and serve as providing us with Islamic Banking, Personal Banking, Business Banking (e.g. Commercial Banking, Corporate Banking, Financial Institution, Transaction Banking, and Treasury Services); Offer Zone (e.g. Travel, Shopping, Fashion, Wellness); Bank Rewards (e.g. Gifts, Discounts) and many more surprises.
These all are offered in different ways, such as: Internet Banking, e-Statement, Mobile Banking, ATM, CCDMS, SMS Banking, Telephone Banking, Branches, Safe Deposit Locker, Cheque Deposits). In fact, these banks help anyone to extend their business. So If you loved to read and know To know more about Dubai and UAE visit our BLOG.