Banks in the UAE
The banking sector in the UAE is inextricably linked with business, and banks in UAE are a kind of means of consolidating financial capacity and supporting firms and various enterprises of any size.
Thanks to business orientation a bank account in the UAE can be opened by almost any person who is on the territory of the state: if he needs to transfer or receive money in the country, it means that he participates in business processes and the task of banks is to make all money transfer procedures extremely simple.
The banks of the Arab Emirates began to emerge in ancient times, but did not have any global influence due to the insignificant volumes of trade of the state itself. Even the country's geographical position on the way between the East and the West had little effect on the amount of investments and the support of banks and trading companies.
Everything changed with the release of Arab oil to the world market when the country itself began to grow rich, and enterprising businessmen, in parallel with the extraction of black gold, began to implement large-scale trade and tourism projects. It is not surprising that today list of banks in UAE is expanding and they show high growth rates. Their investment projects support the most ambitious construction projects in the country and the development of tourism infrastructure.
On average, share prices of top banks in UAE grow by 13-15% per year, which is one of the highest in the world. And the merit here is not in the bowels of the country but in the competent investment policy of the banks themselves.
List of banks in UAE
All banks in UAE are divided into two types:
- Local banks, including the commercial bank of Dubai, one of the largest in general, the Bank of Abu Dhabi, the national bank of the emirate of Ajman - just over 20 banks.
- International banks in UAE - City Bank, ABN Amro Bank, HSBC Bank and others. UAE Central Bank issue licenses for such bank with an accuracy: during the period of the rapid growth of the UAE economy, many branches of foreign banks opened in the country, which created an imbalance between the volume of the economy of the Emirates and the number of banks.
The banking network of the United Arab Emirates is noted by experts as one of the best in the world. There are several reasons for this: the Central Bank’s selectivity in issuing licenses, its strict control over the activities of commercial institutions, the simplicity of the scheme for opening a bank account in the UAE, support from the government, etc.
List of top 10 banks in UAE includes such giants as:
- (FAB) First National Bank of Abu Dhabi (NBAD and First Gulf bank merged) capitalization of which already exceeded $33.8 billion;
- National Bank of Dubai (Emirates NBD), has the AA category in UAE banks ranking, which includes the most powerful banks in the world. Its capitalization is already approaching $15.5 billion;
- Abu Dhabi Commercial Bank – it has 48 branches in the UAE and 3 abroad (in India and the UK), with a capitalization of more than $9.7 billion;
- Dubai Islamic Bank founded in 1975. It is working on the principles of Islamic finance, assumes that money is only the equivalent of the cost of goods and services, and this excludes interest on loans since monetization of time is considered a crime according to Sharia. Its capitalization is amounted to $6.6 billion;
- Mashreq Bank Dubai - one of the oldest in the country (1967). It is providing conventional and Islamic banking services, with 12 branches in 9 countries in Asia, Europe, USA and Africa.
- Commercial Bank of Dubai - capitalization is more than $3.9 billion.
Basic services of banks in UAE
The banking system in the UAE is considered one of the most developed in the world. It provides its customers with a wide range of services, including:
- opening a personal account for residents and non-residents of the country. At the same time, the choice of banks is limited for non-residents and there are increased requirements for the minimum balance of funds on the account;
- opening corporate accounts for business;
- loans to businesses and individuals;
- making payments using checkbooks (only for residents) and debit cards;
- performing many banking operations via the Internet or telephone and other services.
The advantages of opening a bank account in the UAE
Emirates today is a country that is ideal for doing business and for saving money. A bank account in one of top ten banks in UAE is almost a 100% guarantee that you no longer need to fear for your own savings, because they are safely sheltered from all adversity, ranging from inflation to the tax encroachment of your government.
Experienced depositors of banks in UAE highlight such advantages:
- Reliability of financial institutions, since the Central Bank of the UAE does not give the slightest opportunity to one-day banks, which can go bankrupt, leaving their investors with nothing, to enter this market.
- The safety of personal data. Despite the fact that investors are required to provide truthful data, and it is completely impossible to issue a deposit to a dummy in this country, information about investors will not go beyond the cabinets of inspection bodies.
- Having opened a bank account in the UAE, you may not be afraid that you will not be able to withdraw your money at any moment. The highest liquidity of banks in UAE is a reality, since this is one of the main conditions put forward by the Central Bank.
- By the presence of Internet banking investors can not be surprised. However, the UAE financial institutions provide their customers with the ability to remotely manage their accounts without fear of hacker attacks.
- Cost of serving a bank account in the UAE is significantly lower than, for example, in Europe, but the level of service in the financial institutions of the UAE is the highest.
- Large selection of financial institutions. If you are wondering how many banks in UAE can offer their services to you, the answer will be more than 50.
S.H Business Adviser experts understand how important it is to choose a good and reliable bank in the UAE. After all, a registered company without a working bank account is a non-working tool.
For this purpose, the company's consultants will provide you with a complete list of banks in UAE, as well as advise not only about the specifics of each bank in the UAE, but also about the types of bank accounts, the time of opening an account, the necessary balance in the account and other important information about the banks of the Emirates. Therefore, do not waste precious time looking for a reliable bank, but entrust this work to professionals!