The United Arab Emirates has turned out to be one of the leading financial epicenters in the Middle East region. It draws a comprehensive range of investors and businesses from across the globe due to its business-friendly surroundings. This has given rise to tremendous competition between banks and other financial institutions. However, this article gives a deeper insight into the best banks in UAE that offer top-notch customer services in this dynamic country.
Here is the complete list of the top 10 best banks in the UAE that precisely cater to the financial requirements of the citizens in the country.
1. First Abu Dhabi Bank
First Abu Dhabi Bank is the largest bank in the UAE. It was founded in 2017 by combining two banks, the National Bank of Abu Dhabi (NBAD) and First Gulf Bank. Its headquarters are in Abu Dhabi, and it offers corporate, retail, Islamic, and private financial solutions. Its assets or acquisitions are worth more than $183 billion.
2. National Bank of Ras Al-Khaimah (RAKBANK)
The National Bank of Ras Al-Khaimah is also known as RAKBANK It was founded in 1976 and is situated in the Ras Al-Khaimah Emirate. The Ras Al-Khaimah government holds a 52.8% ownership stake in the bank. RAKBANK delivers retail and commercial banking solutions to people and companies throughout the UAE. It was recognized as the ‘SME Bank of the Year’ at the Arabian Business StartUp Awards in 2016 and received the award for the best Internet banking product in the Middle East from The Asian Banker.
3. Emirates NBD
Emirates NBD was established in October 2007 when Emirates Bank International and the National Bank of Dubai united. It’s now one of the best banks in UAE, based in Dubai. The bank offers various services, including retail banking, funds control, wholesale banking, Islamic banking, asset banking, mortgages, and credit cards.
4. Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank is a public joint stock company located in Abu Dhabi. Established on May 20, 1997, it offers Shariah-compliant banking services, such as individual, company, personal, and corporate banking. The bank operates in various sectors like retail banking and treasury and has branches in Egypt, Iraq, Saudi Arabia, and the UK.
5. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank is located in Abu Dhabi and is mostly owned by the Abu Dhabi government, which holds a 65% share. The bank was formed in 1985 from the merger of three banks and has over $70.32 billion in assets. It provides services in retail, commercial, and Islamic banking.
6. Dubai Islamic Bank
Founded in 1975, Dubai Islamic Bank is the first Islamic bank in the world and the largest Islamic Bank in the UAE. It is one of the best banks in UAE with headquarters in Dubai and follows Islamic principles in its banking services. This financial institution delivers a comprehensive array of Shariah-compliant outcomes and includes sectors like consumer banking, corporate banking, and more.
7. National Bank of Fujairah
Established in 1982, the National Bank of Fujairah has its headquarters in Fujairah, UAE. It is a commercial bank that has received multiple recognitions at the 2017 Banker Middle East UAE Product Awards. These awards included recognition for Best Customer Service in Corporate and Investment Banking, Best Treasury Management, Best SME Internet Banking Service, Best SME Trade Finance Offering, and Best Corporate Advisory Service.
8. Union National Bank
Union National Bank was founded in 1982 and has its headquarters in Abu Dhabi. It is a major local bank. It is together possessed by the governments of Abu Dhabi and Dubai. The bank has divisions for international and financial institutions, as well as treasury and investment services. It serves individuals and businesses in the UAE and has offices in Egypt, Qatar, Kuwait, and a representative office in China.
9. Mashreq Bank
Founded in 1967, Mashreq Bank is based in Dubai and holds the title of the oldest and largest privately-owned bank in the UAE. It operates as an affiliate of HSBC Bank and offers a comprehensive range of services such as retail, commercial, and investment banking services. This further includes corporate finance, investment advice on uniting and investments, general offerings, Islamic banking, and brokerage assistance. Also, Mashreq Bank was the pioneer in the UAE for issuing debit cards, installing ATMs, and providing consumer loans. The bank has an extensive international presence in Qatar, Kuwait, Egypt, and Bahrain.
10. Commercial Bank of Dubai (CBD)
The Commercial Bank of Dubai was established in 1969 and is situated in Deira, Dubai. It provides a variety of services like corporate, commercial, personal, and Islamic banking as well as other financial support services.
Conclusion
Dubai’s robust economic and financial growth has given rise to plenty of financial institutions. With an in-depth knowledge of the best banks in UAE for both ex-pats and UAE nationals, one can conveniently choose where to open their bank account or apply for a business or personal loan.
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