The United Arab Emirates is considered the most economically powerful state in the Middle East region, one of the most important business centers providing the best conditions for conducting commercial activities. The state financial system works like a finely tuned clockwork mechanism, and is rightfully considered a model of stability and reliability. The largest National banks in the UAE have held leading positions in international ratings for several decades. This article contains information about 12 of them.
First Abu Dhabi Bank (FAB)
It is one of the largest in the Middle East and the largest in the UAE in terms of total assets (they exceed 300 billion US dollars). FAB serves clients all over the world by providing personal, corporate, and investment banking services.
FAB provides financial strength, provides global connections to support domestic and international businesses. Here you can open regular accounts, cards, get loans, as well as services that comply with Sharia law. Customers can claim rewards through the FAB Etihad Guest Islamic Miles program and other programs.
Founded in 2017, FAB is a public company whose shares are listed on ADX. FAB has an extensive network of branches (73, 19 of which are located outside the principality) and ATMs (500) in the UAE and neighboring Middle Eastern countries.
FAB is regularly ranked among the most reliable and secure in the world. The richest residents of the Emirates and owners of large businesses prefer it to everyone else, because there is a well-established process for transactions of large amounts. FAB also works with representatives of medium and small businesses.
FAB is ready to open accounts for non-residents, but the requirements for an applicant are very strict. At the same time, his personal presence is mandatory.
Emirates NBD
It is one of the largest banking groups in the Middle East, with about 14,000 employees, 200 branches, and more than 1,000 ATMs throughout the state. In 2016, Emirates NBD became the absolute leader in the ranking of the 500 strongest banks in the world.
Emirates NBD was formed in 1963 as the National Bank of Dubai, but in 2007 it was renamed Emirates NBD. The organization belongs to the Dubai Investment Corporation, which is a sovereign wealth fund of the Government of the Principality. In addition to a strong presence in the UAE, Emirates NBD operates in more than 13 countries, including important markets such as Egypt, India, Turkey, Saudi Arabia.
Emirates NBD is the leader of the Emirates banking sector, with the largest market share in the country. He confidently demonstrates high results. The many awards and recognitions received for outstanding achievements in the field of innovation, as well as sustainable development, have further strengthened the reputation of a leading financial and credit institution.
Emirates NBD is a public company whose shares are listed on the Dubai Financial Market (DFM). In 2017, Emirates NBD launched a digital platform (Liv) aimed at the young population of the Emirates. Emirates NBD customers can:
- to issue different types of accounts: current, savings, investment;
- get bank cards: debit, credit, payroll, prepaid;
- get loans to buy a car or a home or a consumer loan;
- take part in promotions;
- use the money management service;
- make transactions with cryptocurrency;
- use the mobile app.
Customers can also receive priority banking services that do not require a minimum deposit of about $55,000.
Emirates NBD works with non-residents: some can open accounts, others do not want to buy cigarettes, and others do not want to buy personal items.
Abu Dhabi Commercial Banks (ADCB)
Closes the top three largest banks in the UAE. It unites 72 branches, including foreign ones, and its services are used by more than 1 million customers.
ADCB was founded in 1985 in order to meet the growing needs of the economy. Four decades later, it has become one of the most technically advanced. He was the first to launch a mobile application and continuously continues to invest in the development and implementation of innovations.
ADCB is a public joint stock company. Her field of activity is not only classic operations for opening accounts, issuing cards, loans, and currency exchange. She also:
- participates in commercial activities and retail trade;
- actively invests;
- develops brokerage services;
- engaged in project financing;
- manages real estate and finances.
ADCB offers the most favorable conditions for businessmen, investors and personal financial activities. In addition, it provides services using the Islamic banking system.
Abu Dhabi Commercial Banks specializes in servicing corporate clients, including offshore companies registered in the Emirates, but it is also possible to open personal accounts. But the service is available only to residents.
Emirates Islamic Bank
Founded in 2004, it operates in accordance with the principles of Islamic finance. It offers various banking products and services for individuals, small businesses, and large corporations. His approach is customer-oriented and strives to provide the best financial solutions.
Emirates Islamic belongs to the category of the largest in the country and holds the title of the best Islamic bank in the UAE. It operates on the basis of Islamic legal concepts that emphasize risk sharing and prohibit the charging of interest (ribba). Instead of fixed profits, they focus on profit and loss sharing, ensuring that all parties involved in financing business ventures share the risks and benefits. This approach contributes to a more equitable distribution of income and wealth.
Regardless of the needs and capabilities of individuals or businesses, Emirates Islamic strives to offer customized solutions. Their credo is to be the most innovative financial institution to create opportunities for the prosperity of their clients and community, working according to the canons of Sharia.
Services:
- opening accounts (current, savings);
- credit card processing;
- participation in the financing of commercial real estate, including Mohammed bin Rashid residential complex;
- Car finance;
- Manzili, Bina’a financing (Islamic loans);
- corporate banking.
Emirates Islamic works with non-residents, but the selection of candidates is tough. Since the organization operates under Sharia law, there is a restriction on sponsoring a number of commercial solutions.
Dubai Islamic Bank (DIB)
It was established by decree of His Highness Sheikh Rashid bin Saeed Al Maktoum in 1975. It is notable for being the first Islamic bank in the world to integrate the principles of Islam into all its operations. Based on the principles of Islam, DIB has played an important role in promoting ethical, Sharia-compliant financial practices.
Today it is the largest Islamic bank not only in Dubai, but also in the Emirates. Its assets amount to 78 billion US dollars. DIB has become a reliable foundation for the formation of the Islamic finance industry, while reflecting the principles of modernity, diversity, economic as well as technological development of Dubai. His credo is the value of morality, equality and transparency.
Guided by these principles, DIB consistently strives to provide innovative financial solutions. This has helped it become a reliable institution for individuals and businesses who require Islamic banking services in Dubai as well as beyond.
Standard Chartered Bank
A leading international banking group with a 150-year history, serving private clients, as well as companies that stimulate investment and trade. The Dubai office is a regional hub for the countries of Asia, Africa and the Middle East region. Standard Chartered is listed on several stock exchanges, including London and Hong Kong.
The Bank offers a wide range of Islamic as well as traditional products and services, and serves private, commercial, and corporate clients. In their work, the managers of the institution use a consultative approach in order to understand the needs of each person as accurately as possible and offer individual solutions. The bank’s mission is to help customers effectively manage their finances while respecting the brand’s motto: Here forever.
Standard services include opening fixed-term and perpetual accounts, and lending.
In Standard Chartered, you can issue a Manhattan Rewards+ card that expands the capabilities of its owner:
- 5% cashback;
- discounts on visits to theme parks, museums, cruises, safaris, indoor events;
- a second free ticket for 2D and 3D movies in all VOX and REEL cinemas in the country plus a 50% discount on every second medium-sized popcorn;
- VIP guest status in more than 900 hotels around the world;
- discounts of up to 20% in more than 200 restaurants at international airports connected to the Dragon Pass VIP service system;
- medical and travel insurance (thanks to the reusable travel insurance, Manhattan Rewards+ cardholders and their family members are insured for all trips lasting up to 90 days).
National Bank of Ras Al Khaimah (RAKBANK)
Founded in 1976, RAKBANK is one of the most reputable financial institutions in the country. It is a dynamically developing organization with an emphasis on the introduction of digital technologies.
RAKBANK is a public joint stock company whose shares are highly listed on the Abu Dhabi Securities Exchange (ADX). The controlling stake is owned by the government of the Emirate, 27% of the shares are owned by local residents, 20% by foreign citizens.
The headquarters of the organization is located in Ras Al Khaimah. RAKBANK offers a comprehensive set of digital services, access to secure transactions, and a number of innovative features. In addition to opening deposits, RAKBANK offers services:
- money transfers;
- to solve payments related to e-commerce;
- Skiply is a mobile payment service that allows parents to safely pay for school expenses (tuition fees, books, uniforms, transportation) using any bank card.
In RAKBANK, you can issue a titanium business card, which is considered the best for doing business. It is designed to manage business expenses. The owner can make internal and external business transactions, pay for the purchase of raw materials, equipment or supplier services. Among the advantages of owning a titanium business card:
- zero annual fee (free lifetime ownership);
- low interest rate on outstanding retail purchases;
- increased credit limit;
- the ability to withdraw up to 90% of the total credit limit in cash during a financial emergency;
- an interest-free loan for a period of 55 days.
Mashreq Bank
It is another oldest financial institution, founded in 1967. Over five decades, it has won the title of an innovator and opened representative offices on all continents, bringing together millions of individuals and businesses from Asia, North Africa, the Middle East, the USA, and Australia.
A distinctive feature of Mashreq is attention to employees. Professional development of the latter became a priority back in the 80s of the last century. Then a staff training center was opened. Soon after, Mashreq began issuing and servicing Visa cards, becoming the first in the country to master and implement an electronic payment system. Mashreq was also the first in the Emirates to connect all its branches to a single database and began using ATMs, started issuing Visa traveler’s checks, and connected to the international payment system.
Today Mashreq unites 32 branches, 12 of which are located outside the Emirates. The organization receives its main income from:
- commercial and investment banking;
- services for individuals;
- provision of international services based on the principles of Sharia;
- the treasury segment, which includes the management of cash flows of individuals and groups of owners.
Mashreq offers digital banking services. The app can be downloaded from Google Play or the Apple App Store. Thanks to digital banking, customers can transfer funds quickly and easily, as well as view account balances and transaction history.
Mashreq has several special products and account types designed for Indian expats.
National Bank of Fujairah (NBF)
The National Bank of Fujairah is a commercial structure founded in 1982. It has a well-defined structure, including the Board of Directors, board committees, management and risk committees, which allows the NBF to maintain effective operations.
NBF has 14 branches throughout the country, as well as subsidiaries that complement the bank’s offerings and strengthen its capabilities. These include:
- Financial Services FZC;
- Capital Ltd.;
- NBF Trade Services (Hong Kong) Ltd.
In 2013, the RAKBANK AMAL Islamic banking division was launched.
NBF has achieved significant growth over four decades, which has been marked by numerous awards. In different years, he was recognized as the best in the segments:
- Customer service;
- online banking;
- Treasury departments;
- corporate consulting;
- proposals on trade finance for small and medium-sized businesses.
NBF provides services:
- deposit accounts;
- credit cards;
- on financing national and investment projects;
- on the placement of shares for projects on the stock exchange.
NBF enjoys a high reputation, is considered the best for small businesses, and one of the best investments.
The service is provided in Arabic and English. NBF cooperates with non-residents and Russians, provided that they do not live or work in Crimea.
Commercial Bank of Dubai (CBD)
One of the oldest and most respected organizations operating in the market since 1969, CBD provides a full range of services to individuals and legal entities:
- opening and managing accounts;
- lending;
- various insurance schemes;
- international and instant local money transfers.
You can manage your account through online or mobile banking. The CBD app is available for download on Google Play and the Apple App Store.
Al Hilal Bank
It is an Islamic bank headquartered in Abu Dhabi (UAE), offering retail banking, treasury and asset management services in accordance with Sharia law. It has 14 branches in the UAE and 3 in Kazakhstan. At Al Hilal Bank, you can:
- open a current, savings, and term deposit account;
- arrange investment management services;
- take out a loan;
- to insure movable and immovable property, loans, engineering and technical structures under the Takaful program;
- get medical insurance.
A large number of ATMs make it easier for cardholders to carry out simple operations for depositing and withdrawing funds, and tracking the balance.
Instead of a conclusion
Whichever bank you apply to, you are guaranteed the highest level of service with maximum consideration for your interests and wishes. For expats, the best options are ADCB, FAB, Emirates NBD. The first two are considered the most reliable, and in the latter you can get loans at the lowest interest rate of 2.25%.Banks value their reputation, so they try to comply with sanctions. In this regard, each new client undergoes more thorough checks for communication with companies or contractors from the Russian Federation. Some organizations work with non-residents, including Russians, but the requirements for them are even stricter. Therefore, to begin with, it is better to apply for residency, and then the doors of all UAE banks, including the largest ones, will be open for you.
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