The United Arab Emirates (UAE) is home to a vast number of banks, both national and international. With so many options available, it can be difficult for individuals and businesses to choose the right bank to suit their needs. Fortunately, a comprehensive list of all banks in UAE is available, providing valuable information about each bank’s services, locations, and contact details.
The UAE Central Bank, the primary regulatory authority for the country’s banking sector, publishes a list of all licensed banks operating in the UAE. This list includes both national and foreign banks, as well as wholesale banks and branches. In addition, the UAE Banking Federation provides a list of its member banks, which includes 20 national banks, 28 foreign banks, and 7 special status members.
Whether you are looking for a commercial bank, an Islamic bank, or a private bank in the UAE, the list of all banks in UAE can help you make an informed decision. With information about each bank’s services, locations, and contact details, you can easily compare and contrast different options to find the one that best suits your needs.
Overview of UAE Banking Sector
The UAE banking sector is one of the most developed and diversified in the Middle East. The sector is regulated by the Central Bank of the UAE, which is responsible for supervising and licensing banks and financial institutions. The UAE has a mix of national and foreign banks, both conventional and Islamic, catering to a wide range of customers.
The UAE banking sector has shown resilience over the years, with the financial crisis of 2008 and the recent COVID-19 pandemic having a limited impact on the sector. The sector’s strong capitalization and liquidity, coupled with the Central Bank’s proactive measures, have helped maintain stability and confidence in the sector.
The banking sector in the UAE is dominated by national banks, such as First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Commercial Bank. These banks have a significant presence in the region and offer a wide range of services, including retail and corporate banking.
Foreign banks also have a significant presence in the UAE, with many international banks having established operations in the country. These banks cater to both local and international customers, providing a range of services, including trade finance, wealth management, and investment banking.
Islamic banking has grown in popularity in the UAE, with many banks offering Shariah-compliant products and services. Islamic banks operate on the principles of profit and loss sharing, and their products are based on Islamic finance principles.
Overall, the UAE banking sector is a vital component of the country’s financial sector, contributing significantly to the country’s economic growth and development. The sector’s strength and resilience have helped position the UAE as a leading financial hub in the region and beyond.
List of National Banks in UAE
The Central Bank of UAE regulates and supervises all banking activities in the country. There are 22 national banks in the UAE, which are divided into two categories: conventional and Islamic. Below is a list of the national banks in the UAE:
Conventional Banks
- Abu Dhabi Commercial Bank (ADCB)
- Commercial Bank of Dubai (CBD)
- Dubai Bank
- Emirates NBD
- First Abu Dhabi Bank (FAB)
- Mashreq Bank
- National Bank of Fujairah (NBF)
- Sharjah Islamic Bank (SIB)
- United Arab Bank (UAB)
Islamic Banks
- Abu Dhabi Islamic Bank (ADIB)
- Ajman Bank
- Al Hilal Bank
- Dubai Islamic Bank (DIB)
- Emirates Islamic
- Noor Bank
These national banks offer a range of services, including personal banking, corporate banking, investment banking, and wealth management. They also provide various types of accounts, such as current accounts, savings accounts, and fixed deposit accounts.
Most national banks in the UAE have a strong online presence, with many offering mobile banking apps, online banking portals, and other digital services. They also have a wide network of branches and ATMs throughout the country, making it easy for customers to access their accounts and conduct transactions.
Overall, the national banks in the UAE are well-regulated and operate in a stable banking environment. They are committed to providing high-quality services to their customers and contributing to the growth and development of the UAE’s economy.
List of Foreign Banks in UAE
The United Arab Emirates (UAE) is home to various foreign banks that operate in the country. These banks are licensed by the Central Bank of the UAE and are subject to the same regulations as local banks. Foreign banks in the UAE are categorized into two types: wholesale banks and representative offices.
Wholesale banks are licensed to operate in the UAE and offer banking services to corporate and institutional clients. Representative offices, on the other hand, are established to promote the interests of their parent banks and are not allowed to conduct banking activities.
Some of the foreign banks operating in the UAE include Bank of Baroda, Standard Chartered Bank, Citibank, HSBC, Barclays Bank, and Bank Saderat Iran. These banks offer a range of financial services, including retail and corporate banking, wealth management, and investment banking.
In addition to these banks, the UAE is also home to various international banks, such as Arab African International Bank and Janata Bank. These banks have a presence in multiple countries and offer a range of financial services to their customers.
Barclays Bank PLC is another foreign bank that operates in the UAE. The bank offers a range of services, including retail banking, corporate banking, and investment banking. It has a strong presence in the UAE, with multiple branches across the country.
Overall, the UAE’s banking sector is home to a diverse range of foreign banks that offer a wide range of financial services to their customers. The Central Bank of the UAE regulates these banks to ensure that they operate in compliance with the country’s banking regulations.
Banking Services
Banks in the UAE offer a wide range of services to their customers. These services include credit cards, bank accounts, IBAN (International Bank Account Number), personal loans, money transfers, online banking, financing, real estate, international transactions, savings accounts, and car loans.
Credit cards are one of the most popular banking services in the UAE. They allow customers to make purchases and pay bills conveniently. Banks offer a variety of credit cards with different features, such as cashback, reward points, and discounts on dining and shopping.
Bank accounts are another essential banking service. They provide customers with a safe place to store their money and make transactions. Banks in the UAE offer different types of accounts, such as current accounts, savings accounts, and fixed deposit accounts.
IBAN is a unique identifier that helps banks process international transactions accurately. It consists of a country code, bank code, branch code, and account number. Banks in the UAE provide IBAN numbers to their customers to facilitate international transactions.
Personal loans are another popular banking service in the UAE. They allow customers to borrow money for various purposes, such as home renovation, education, and medical expenses. Banks offer personal loans with different interest rates and repayment periods.
Money transfer services are also available in banks in the UAE. They allow customers to send and receive money locally and internationally. Banks offer different types of money transfer services, such as wire transfers, online transfers, and mobile transfers.
Online banking is becoming increasingly popular in the UAE. It allows customers to access their accounts and perform transactions from anywhere at any time. Banks offer online banking services through their websites and mobile apps.
Financing services are available for customers who want to purchase real estate or cars. Banks offer different types of financing options, such as mortgages, car loans, and personal loans.
In conclusion, banks in the UAE offer a wide range of banking services to their customers. These services include credit cards, bank accounts, IBAN, personal loans, money transfers, online banking, financing, real estate, international transactions, savings accounts, and car loans. Customers can choose the services that best suit their needs and preferences.
Banking Regulations and Requirements
Banks in the UAE are regulated by the Central Bank of the UAE (CBUAE), which has created regulations for its licensed financial institutions to ensure the adequate organization, supervision, and development of all financial services companies in the UAE. The CBUAE regulates both conventional and Islamic banks, as well as financing companies, exchange businesses, representative offices, retail payment services, card schemes, wholesale payment systems, crowd funding, stored value facilities, and insurance companies.
To open a bank account in the UAE, individuals must fulfill certain requirements. Non-residents can open a bank account in the UAE, but they must provide a valid passport and residence visa. Joint accounts are also available for individuals who want to share an account with a spouse or family member.
Banks in the UAE require a minimum balance to be maintained in the account. The minimum balance requirement varies from bank to bank and can range from AED 1,000 to AED 10,000. Failure to maintain the minimum balance can result in fees or account closure.
In addition to the minimum balance requirement, banks in the UAE may charge fees for various services, such as ATM withdrawals, international transfers, and checkbooks. It is important to carefully review the fee structure of the bank before opening an account to avoid any surprises.
Overall, the banking regulations and requirements in the UAE are designed to ensure the safety and stability of the financial system. By following these regulations, banks can provide reliable and secure banking services to their customers.
Economic Impact of Banks
The banking sector in the UAE has a significant impact on the country’s economy. As of 2022, the UAE banking sector is on a stable path towards recovery, reflecting the improving economy and banks’ resilience from the low base set in 2020 when the pandemic began. The UAE’s two biggest banks, First Abu Dhabi Bank and Emirates NBD, have posted a jump in annual profit, topping estimates, after the country’s strong economic growth helped to drive an increase in margins and net interest income.
The total assets of UAE banks have been growing steadily in recent years, reaching AED 3.2 trillion at the end of 2021. The private sector has been the main driver of this growth, with increasing demand for financial services. The number of bank branches has also been increasing, providing greater access to banking services for the population.
The UAE banking sector has been contributing to monetary stability, with the central bank playing a crucial role in ensuring financial stability. The efficiency and resilience of the banking sector have also been key factors in maintaining the country’s economic stability.
Banks in the UAE provide a wide range of financial services, including loans, savings accounts, and credit cards. Bonds issued by UAE banks are also popular among investors, providing a source of funding for the banks.
The minimum balance required to open a bank account in the UAE varies depending on the bank and the type of account. However, many banks have been reducing the minimum balance requirements to make banking more accessible to a wider range of customers.
The UAE dirham is the official currency of the UAE and is widely used in banking transactions. However, banks also offer services in foreign currencies, providing greater flexibility for customers.
Overall, the UAE banking sector has a significant impact on the country’s economy, providing financial services to individuals and businesses alike. The sector’s efficiency, resilience, and financial stability have been crucial in maintaining the country’s economic growth.
Conclusion
The United Arab Emirates has a well-developed banking system with a wide variety of banks to choose from. The UAE Central Bank monitors all banking activities in the country and regulates new business as well as the adoption of new technologies. In total, there are 60 banks operating in the UAE, of which 22 are national banks.
The UAE’s banking sector has shown strong recovery and projection since the global financial crisis in 2008-2009, which hit banks in the UAE badly due to their exposure to foreign account holders. As of November 2021, conventional banks in the UAE represented 82% of the assets and 79% of deposits of the banks in the country and have been the primary source of growth within the banking sector of the UAE for many years.
Some of the most prominent banks in the UAE include First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, National Bank of Fujairah, and Emirates Islamic. These banks offer a range of services including personal loans, credit cards, and bank accounts with IBAN numbers.
Foreign banks such as Citibank, HSBC, Standard Chartered Bank, and Bank of Baroda also have a presence in the UAE. These banks offer a range of services to expats and foreign investors who are looking to do business in the Middle East.
Overall, the UAE’s banking system is well-regulated, secure, and reliable. With a wide range of banks to choose from and a variety of services on offer, customers can find the right banking solution to meet their needs.
Frequently Asked Questions
How many banks are there in the UAE?
As of September 2021, there are 60 banks operating in the UAE. These include both local and international banks, as well as Islamic and conventional banks.
Which is the top bank in the UAE?
According to Forbes Middle East, the top bank in the UAE in 2021 is First Abu Dhabi Bank (FAB). FAB is the largest bank in the UAE in terms of assets and market capitalization.
What are the different types of banks in the UAE?
There are two main types of banks in the UAE: conventional and Islamic. Conventional banks operate on interest-based systems, while Islamic banks operate on Shariah-compliant principles. In addition, there are also investment banks, commercial banks, and retail banks.
What is the list of international banks in the UAE?
Some of the international banks operating in the UAE include Citibank, HSBC, Standard Chartered Bank, and Barclays Bank. The complete list of foreign banks and their branches can be found on the website of the UAE Central Bank.
What is the list of private banks in the UAE?
Private banks in the UAE include Emirates NBD Private Bank, Mashreq Private Banking, and Standard Chartered Private Bank. Private banks offer specialized services for high-net-worth individuals and families.
What is the list of banks in Dubai?
Dubai is home to many local and international banks, including Emirates NBD, Dubai Islamic Bank, Mashreq Bank, and Commercial Bank of Dubai. The complete list of banks operating in Dubai can be found on the website of the Dubai Financial Market.
