The UAE Central Bank oversees the nation’s banking industry. In the UAE, there are 23 regional banks as well as 26 international banks. Even though there are 49 banks overall, the resources of the banking industry are held by the top banks to a degree of roughly 60%. This image makes it abundantly evident that big banks control the market in this nation. Top banks in the UAE include Islamic banks as well; together, they make up about 19% of the entire banking industry. In the United Arab Emirates region, there are eight fully operational Islamic banks as well as twenty-three Islamic windows operated by other conventional banks.
The following banks have maintained excellent growth in terms of assets and net earnings despite the difficulties and ongoing oil price fluctuations that have undermined investors’ confidence.
- Emirates National Bank of Dubai
The ENBD is by far the biggest and most dependable bank to originate from the UAE, with representation in over 10 countries across three continents. Dubai’s National Bank and Emirates Bank Worldwide merged to form the bank in 2007. The bank, which has its main office in Dubai, provides a wide range of services to its clients. The bank offers a range of services to individuals, businesses, HNWIs, and organizations, from prioritized bank services to custom investment management options. Additionally, the bank provides the most ATMs in the nation.
- Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank was founded in 1985 and offers retail, business, Islamic banking, as well as other banking sectors. Financial services, investing and Treasury wealth management, trade finance, and property maintenance are among the banking services offered by the bank. Its main office was in Abu Dhabi.
About 17,000 people are employed by Abu Dhabi Commercial. The company’s cash reserves as of January 2017 were US$72.14 billion, as well as its net income was US$1.17 billion.
The bank’s customer support is one of the best features. ADCB goes above and above to help customers by breaking down the barriers of the banking system.
- Mashreq Bank
One of the earliest banks in the United Arab Emirates to be founded, Mashreq Bank has its headquarters in Dubai. The Joint Stock and HSBC Company are partners with The Mashreq Bank. It offers services in trading, consumer banking, financial services, Islamic banking, wealth management, and investment management. The bank is located in Egypt, Qatar, Bahrain, and Kuwait with approximately 46 domestic as well as 21 foreign branches. It employs 4,000 people.
- Dubai Islamic Bank
Dubai Islamic Bank, which was founded in 1975, is the biggest Islamic bank in the UAE and the very first to provide customized Islamic financing alternatives. The bank, which has its headquarters in Dubai, sets standards for other Shariah-compliant banks to match with its Islamic banking regulations and solutions.
The bank will give account opening services for children with no hidden fees or maintenance costs, and it assures favorable profit rates are based on investments that comply with Shariah.
Johara Women: utilizing cutting-edge technology to offer a variety of new financial solutions that are compliant with Sharia
Sukuk (Financial Products): Sukuks as well as other Sharia-compliant assets are offered by Dubai Islamic Bank Treasuries at the most affordable pricing in the market, coupled with custodial operations.
The bank’s annual net assets in 2018 totaled US$37.3 billion, as well as its declared net income, was $620 million US dollars.
- Union National Bank
Founded in 1982, Union National Bank offers commercial financial services and investment options to salaried employees, wealthy individuals, independent contractors, and corporate entities in the United Arab Emirates and other nations. The company’s headquarters are in Abu Dhabi. 76 locations of The Union National Bank are spread out over the world. It functions through the divisions of Foreign, Treasury, Banking Institutions, and Investment.
The bank has US$28.2 billion in total resources and $420 million US dollars total revenue.
- RAK Bank
Ras Al-Khaimah, United Arab Emirates, is home to RAK Bank, which was established in 1976. The National Bank of Ras Al Khaimah is another name for it (P.J.S.C). Individuals and businesses in the UAE can use the bank’s the consumer and business banking products and services. Financial services, commercial banking, banking operations, Treasury, as well as insurance market are the five divisions under which the company operates. It serves about 700,000 consumers and has a system of 39 locations.
The stated total assets were approximately $13.21 billion US dollars, as well as the net income was $ 250 million US dollars.
Business equipment financing is available for a variety of equipment types, including general, construction, medical, as well as commercial trucks.
RAKmoney offers transfer services to Sri Lanka, the Philippines, India, and Nepal.
- Standard Chartered
One of the top worldwide banks around the world, Standard Chartered offers a variety of alternatives and services to help people get higher interest rates. To maintain its position as a pioneer in technological advancement and innovation, the Financial Services Authority places a high emphasis on automated processes and customer support.
- Abu Dhabi Islamic Bank
The bank manages to combine alternative investments compliant with Islamic Sharia and modern banking alternatives to give consumers the finest of both worlds, which decided to make it one of the most well-known and dependable banks in the nation. Abu Dhabi Islamic Bank has more than 70 sections and 460 Cash machines spread throughout the UAE.
- Nationl Bank of Fujairah
The National Bank of Fujairah has established itself as one of the leading financial institutions in the area:
Tasered Prepaid Card – specialized financing for Emirati Ladies. Fast and safe method of paying for public services in Fujairah.
Home loan from National Bank of Fujairah – The amount of loan available is AED 2 million, as well as the rate of interest on this Shariah mortgage is 3.75%.
Credit Cards Offered by the National Bank of Fujairah: Three credit cards are available, each with a plethora of advantages. The minimum wage criteria for the NBF credit card is AED 5000, as well as the interest rate, is 2.99%.
For both residents of the UAE and foreigners, the following are the top banks of UAE. The banking industry in the United Arab Emirates is expanding and making a substantial contribution to regional development while providing smooth and unmatched services to its clients. It does this by leaving a strong impression with world-class solutions.