UAE has emerged as the trading hub of the middle east. Due to its favorable and competitive business environment, it has attracted investors and entrepreneurs from all over the globe, which in turn has made UAE a financial pivot. Banks in UAE are regulated and monitored by the Central Bank of the United Arab Emirates. Along with the Islamic banks which are growing rapidly, there are 23 domestic banks and 28 foreign banks in the country. Most of the best banks in Dubai & UAE provide services to both expats and UAE nationals.
Despite the challenges and sustaining oil price fluctuation, reducing investors’ confidence, the following banks have still recorded an impeccable growth in terms of assets and net profits.
Bank Overview– The First AbuDhabi Bank is the largest equity-based bank in the UAE that offers all tailor-made solutions and products to its customers. They tend to provide customer-friendly banking experience and support their shareholder’s financial growth. It has an extensive network with branches all around the world. FAB is one of the best banks in UAE for expats and UAE nationals.
Popular products:
FAB Personal Loan – It offers different types of personal loans. FAB provides a personal loan for people new to the UAE or employment as well. The interest rate of FAB personal loan for starts from 1.62% and the minimum salary required to apply is AED 7K.
FAB Credit Card – It offers 19 credit cards with a bundle of benefits catering to every specific need of the customer. Minimum salary requirement for FAB credit card ranges from AED 5K and interest rates from 3.25%.
Unique services:
FAB Accelerator – helps you personalize your banking experience. It comes with 3 choices, booster, booster plus, and turbo booster. You’re required to open a Current Account with FAB with a monthly balance transfer of at least AED 15,000
FAB at Work – supporting organizations as they expand by facilitating employees’ onboarding and financial needs.
Total assets and Net profit:
Total Assets – AED 744 Billion(As of December 2018)
Net Profit – AED 12 Billion(As of December 2018)
2. Emirates NBD
Bank Overview– The Emirates NBD 2007 merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD), gave birth to the largest amalgamation as it combined the second and fourth largest banks in the United Arab Emirates (UAE) to form a banking empire with the largest asset base in the GCC.
Popular products:
Emirates NBD Credit Card – It offers different credit cards, each catering to various needs of the consumer. The interest rate charges for Emirates NBD credit card ranges from 1.49% and the minimum salary requirement ranges from AED 5K.
Emirates NBD Personal Loan – It offers 6 personal loans, each designed for specific consumers. Such as personal cash loan, personal loan for self-employed individuals, personal loan for expats and UAE nationals. The interest rates on Emirates NBD bank loan starts from 2.38%.
Unique services:
Factoring Services – to improve your company’s cash flows and maximize the use of current assets. It will solve your problems in administering and monitoring local and export receivables.
Wakala Deposits – Wakala is a Shari’a compliant contract in which you as a customer can authorize the Wakil (the Bank) to invest funds in Shari’a approved activities for profits.
Total assets and Net profit:
Total Assets – AED 500 Billion(As of December 2018)
Net Profit – AED 10 Billion(As of December 2018)
3. Abu Dhabi Commercial Bank (ADCB)
Bank Overview– ADCB stands among the top 3 banking giants in UAE. Its 58% shares are being held by Abu Dhabi Investment Council which works directly with the Abu Dhabi government.
Popular products:
ADCB Personal Loan – It offers 10 personal loans, each of them personalized to cater specific needs or individuals. Such as rental loan, smart finance, personal loan for expats and UAE nationals. The interest rates for ADCB personal loan ranges from 2.89% and the minimum salary requirement ranges from AED 5000.
ADCB Business Loan – ADCB offers various business solution products catering to various needs of the clients, such as; Business insta-loan, commercial assets, and equipment finance, working capital and commercial real estate. ADCB business loan is provided in an approval time of 7 days and the processing fee charged is 2% and an interest rate of 17%.
Unique services:
Offshore Account: an offshore account refers to an account outside your residing country, it helps you to manage multiple currencies from anywhere in the world.
Treasury Services: ADCB Treasury, trading, and structuring takes place in Abu Dhabi and makes ADCB very responsive to client needs.
Total Assets and Net Profit:
Total Assets – AED 279 Billion(As of December 2018)
Net Profit – AED 4 Million(As of December 2018)
4. Emirates Islamic Bank
Bank Overview– Emirates Islamic Bank is of the best banks in UAE that provides products that are shari’a compliant. They provide products and services that are beneficial for the customers and the stakeholders as well.
Popular products:
Emirates Islamic Credit cards – It offers 13 different credit cards that provide various benefits like cashback, skywards miles, and dining discounts. The minimum salary required for an Emirates Islamic credit card is AED 5000.
Emirates Islamic Personal loans – Emirates Islamic provides personal loans for expats and UAE nationals. They offer free credit cards on personal loans. The minimum salary required for an Emirates Islamic personal loan is AED 5000.
Unique Products
E-savings account – Provides an online savings account that offers profit up to 2%. This account is offered with no withdrawal limits. It follows sharia-based principles.
Banking services – It offers all the banking products that run on Islamic principles. All the products are provided with a wide range of benefits.
Total Assets and Net Profit:
Total Assets – AED 58 Billion(As of December 2018)
Net Profit – AED 924 Million(As of December 2018)
5. Dubai Islamic Bank
Bank Overview– Dubai Islamic Bank has been awarded as the best Islamic bank in the region. The bank maintains a close personal relationship with its customers and is based on the foundation of trust.
Popular products:
DIB Personal Loan – It offers 9 personal loans, designed specially to serve various needs of the consumers. The interest rate charged for Dubai Islamic Bank personal loan starts from 6% and the minimum salary requirement ranges from AED 3000.
DIB Credit Card – It offers many credit cards, to serve all the various needs of a consumer. The interest rate charged on DIB credit card starts from 0-3.25% and the minimum salary requirement from AED 5000.
Unique services:
Johara Ladies: state-of-the-art technology to provide a range of innovative banking products in compliance with Sharia
Investment Products-Islamic Sukuk: Dubai Islamic Bank Treasury provides the most competitive prices on the market traded Sukuks and other Sharia-compliant securities along with custodial services.
Total Assets and Net Profit:
Total Assets – AED 223.7 Billion(As of December 2018)
Net Profit – AED 5 Billion(As of December 2018)
6. Standard Chartered Bank
Bank Overview– It is an international bank in the UAE with branches all over the world. The first branch was opened at Sharjah in 1958. It provides both conventional and Islamic banking services and products.
Popular Products:
Standard Chartered Xtra Saver Account: Provides a high-interest rate of 1.1% per annum on the account. The Xtra Saver Account can be availed in USD and AED currencies and also an international debit card is provided.
Standard Chartered Saadiq Personal Finance: Provides personal finance based on Islamic principles. The profit rate starts at 7.55%(p.a.). Free cheque book and debit card are provided on Saadiq Personal Finance.
Unique services:
Priority Banking: Can earn up to AED 7000 cashback on availing banking services at priority.
Total Assets and Net profit:
Total Assets – AED 10 Million(As of December 2019)
Net Profit – AED 294 K (As of December 2019)
7. Abu Dhabi Islamic Bank (ADIB)
Bank Overview– ADIB has 70 branches and 460 ATMs. it is publicly owned. ADIB strives to deliver its promises.
Popular products
ADIB Personal Loan – It provides 10 personal loans, every loan designed specifically to serve the required purpose. The interest rate charged for ADIB personal loan starts from 3.44% and the minimum salary required is AED 8K.
ADIB Cards – It provides many cards, each designed to serve various purposes. The ADIB card offers a bundle of benefits, it comes with an interest rate of 2.99% and the minimum salary requirement is AED 5000-30K
Unique services:
Global Transaction Banking: Global Transaction Banking (GTB) offers efficient and cost-effective Cash & Trade Management solutions to meet the working capital needs of corporate and financial institutions, both domestically and globally across all industry segments.
Total Assets and Net Profit:
Total Assets – AED 10 Million(As of December 2019)
Net Profit – AED 2,501 Million(As of December 2018)
8. National Bank of Ras Al-Khaimah (RAKBANK)
Bank Overview– RAK Bank network consists of 33 branches in the United Arab Emirates, 52.75% of RAKBANK is owned by the government. They have bagged awards such as SME Bank of the Year’ by the Arabian Business StartUp Awards 2016, best internet banking product of the year award in the Middle East by The Asian Banker.
Popular products:
RAKBANK Business Loan – It provides business loans, designed to cater various business-related finance. The RAKBANK business loan is offered with a maximum finance of up to AED 3 million.
RAKBANK Credit Card – It provides different credit cards, each offering a bundle of various benefits. The RAKBANK credit card is provided with an interest rate of 2.95-3.19% and a minimum salary requirement of AED 5-35K
Unique services:
Business Equipment Finance – for equipments such as commercial vehicle, medical equipment, construction equipment and general equipment.
RAKmoney transfer facilities to India, Nepal, Sri lanka, Philippines.
Total assets and Net profit:
Total Assets – AED 52.7 Billion(As of December 2018)
Net Profit – AED 917.5 Million(As of December 2018)
9. National Bank of Fujairah
Bank Overview – National Bank of Fujairah has attained a pioneering position amongst the top banks in the region. It has achieved recognition at the 2017 Banker Middle East UAE Product Awards on “Best Customer Service – Corporate & Investment Banking”; “Best Treasury Management”, “Best SME Internet Banking Service”, “Best SME Trade Finance Offering”, and “Best Corporate Advisory Service” for NBF Capital Limited.
Popular products:
National Bank of Fujairah Home Loan – The National Bank of Fujairah Islamic mortgage come with an interest rate of 3.75% and maximum finance amount offered is AED 2 million.
National Bank of Fujairah Credit Card – It offers 3 credit cards, bundled with numerous benefits. The NBF credit card comes with an interest rate of 2.99% and the minimum salary requirement starts from AED 5000.
Unique services:
NBF Elham: specialized banking for Emirati Women
Tasdeed Prepaid Card – Fast and secure way to pay for government services in Fujairah.
Total Assets and Net Profit:
Total Assets – AED 39 Billion(As of December 2018)
Net Profit– AED 615 Million (As of December 2018)
10. Mashreq
Bank Overview – Mashreq Bank is one of the rising financial institutions in the region. Mashreq has recently begun registering a strong market share.
Popular products:
Mashreq Bank Credit Card – The Mashreq bank credit card comes with an interest rate of 2.99% and the minimum salary required to apply is AED 7000.
Mashreq Bank Personal Loan – It offers a wide range of personal loans to cater to the various financial needs of the consumers.
Unique services:
Mashreq Gold: separate website with various privileges for gold customers.
Islamic Brokerage– trading in sharia-compliant financial products.
Total Assets and Net Profit:
Total Assets – AED 139 Billion(As of December 2018)
Net Profit – AED 2.1 Billion(As of December 2018)
These are the best banks in UAE for expats and UAE Nationals. Imprinting a strong presence through world-class services, the banking sector in UAE is rising and contributing significantly towards the development of the region and facilitating smooth and unparalleled services to its customers.
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
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