A notable financial hub in the Middle East, the United Arab Emirates economy is stimulated through the functional role of its banking sector. Discovering a suitable bank boasts similar results for residents, expats, and businesses.
In addition, all the country's banks are regulated under the Central Bank of the UAE (CBUAE). 23 local and 26 foreign banks exist in the UAE, whereas 60% of the banking revenue is generated from the five largest banks. This demonstrates that the country’s largest banks dominate the entire banking sector.
Furthermore, among the total of 49 banks, some of the UAE banks provide Islamic services to their customers (both UAE nationals and expatriates). It has been observed that Islamic banks in the UAE account for 19% of the total banking division.
Additionally, the business-oriented atmosphere of the UAE has stimulated extreme competition among financial institutions, banks, and other financial service-providing companies.
The stability of the UAE banking sector has been approved by Moody’s and has sufficient liquidity to meet the requirements.
List of Best Banks in Dubai
1. Emirates National Bank of Dubai (ENBD)
Positioned as a pillar of the UAE's banking sector, Emirates NBD emerged with the collaboration of Emirates Bank International (EBI) and the National Bank of Dubai (NBD).
The UAE’s second and fourth largest banks have merged to create the Emirates National Bank of Dubai. This commingling proves to be the most giant amalgamation in the GCC.
In addition, ENBD's operations are spread across three continents and over 10 states, with its headquarters in Dubai. Emirates NBD employs approximately 9,500 individuals, with over 1,079 ATMs and SDMs in the UAE and beyond.
The operations of ENBD are also found in various business segments, including wholesale banking, Islamic banking, operations and information technology, international, wealth management, and retail banking.
Moreover, the bank also supports certain key services like Wakala Deposits and Factoring. These are utilized to strengthen companies' liquidity when selling their encountered bills. Lastly, the provision of personal loans has made ENBD stand out among other banks in Dubai.
Emirates NBD- A Preferred Choice
- Boasts digital banking services
- Special banking packages for expats
- UAE’s extensive ATM network
- Top-tier banking services
2. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank is known for its top-tier services, customer-centric approach, and advanced banking solutions. Established in the 1850s, ADCB has emerged as one of the best banks in Dubai for expats because of its all-around financial services and products.
In addition, Abu Dhabi Commercial Bank operation services manage Islamic banking, commercial banking, and retail banking.
Furthermore, the Abu Dhabi Investment Council holds 58% of ADCB’s shares and stands out among the three most credible and largest banks in the United Arab Emirates.
Additionally, Abu Dhabi Commercial Bank services encompass Treasury Banking, Property Management, Consumer Banking, Investments, and Wholesale Banking.
Abu Dhabi Commercial Bank- A Premium Bank
- ADCB services offer banking packages for expats. Some of these packages include preferential loan rates and free international transfer.
- The total assets as of 2022, i.e., AED 446 Billion, have provided a top standing to ADCB.
- The excellent customer service and advanced digital banking plans boost the acclaimed strength of ADCB Bank.
3. Mashreq Bank
Established in 1967, Mashreq Bank is the oldest bank in the UAE, headquartered in Dubai. Furthermore, its affiliation with the Joint Stock Company and HSBC Group has proliferated its branches in the UAE.
The inclusion of mobile appointments has added an additional dimension to customer service, allowing customers to transfer money across 20 countries freely. The provision of an abundance of products is advisable for both UAE nationals and expats.
Mashreq Bank UAE provides operational services in Investment Banking, Islamic Banking, brokerage services, commercial banking, and Asset Management.
An employment source for 4,000 individuals, the bank has 46 local and 21 international branches, with countries mainly including Bahrain, Qatar, Egypt, and Kuwait.
The key services of Mashreq Bank include Mashreq Neo, offering discounts, reward credits, and cashback.
Why Choose Mashreq?
- Its competitive mortgage products and personal loans excel in the list of top banks in UAE.
- Extensive expat banking solutions are a value added to your bank account.
- With UAE’s first digital banking services, Mashreq Bank has been granted an edge.
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4. Dubai Islamic Bank (DIB)
With its visionary headquarters in Dubai and a foundation laid in 1975, Dubai Islamic Bank holds a distinctive status in the UAE banking industry.
Also, the bank has a full-fledged basis for Islamic services, characterized by Islamic finance solutions for the nationals of the UAE.
The bank operates in consumer banking, treasury, corporate banking, real estate developments, and other business segments.
Typically, Dubai Islamic Bank is an ideal option for those seeking Shariah-compliant banking services. Its customer base includes around 1.7 million clients who are offered services through its 90 branches, which are expanded across the UAE.
Why DIB should be chosen
- With its key services, Islamic Susuk Investment and Johara Ladies Savings Account, DIB stands out in the UAE banking sector.
- It is tailored to fulfill business requirements with Shariah-compliant solutions.
- Vital customer service, specifically with easy application procedures for expats, makes DIB an ideal bank in UAE.
5. Standard Chartered Bank UAE
Standard Chartered Bank was founded in 1958 and is positioned as one of the UAE’s largest international banks. The bank has a stringent presence in the UAE, with its first branch opened in Sharjah and ATMs seamlessly opening across the country.
Its operational services include both Islamic and conventional banking, and it is renowned among expatriates for its international banking services.
The exceptional products include a savings account meticulously tailored for children to offer higher interest rates.
In addition, cashback offers stiffen the benefits of preferring Standard Chartered Bank services. Moreover, the bank also offers cheap insurance policies, perfect for both expats and UAE nationals.
Why Choose Standard Chartered Bank UAE
- A robust global banking with secure banking services.
- Extensive Wealth Management solutions adding value to your account.
- Catered to provide specialized expat banking services inclusive of flexible terms and competitive rates.
6. Abu Dhabi Islamic Bank (ADIB)
Established in 1997 with a headquarters stationed in Abu Dhabi, ADIB is one of the top banks in Dubai. The bank prefers Shariah-compliant banking and is a top contender for the best bank in UAE for expats, with an emphasis on young clients.
One of the premier advantages of ADIB is the provision of student ISIC cards, which reward students for the wise management of their financial reserves.
The operational segments offered by Abu Dhabi Islamic Bank include Global Wholesale Banking, Global Retail Banking, Treasury, Real Estate, and Private Banking.
In addition, ADIB offers services in 4 countries besides the UAE, encompassing Iraq, Saudi Arabia, the United Kingdom, and Egypt.
Moreover, profitable trade and cash management solutions are among ADIB's key services. These solutions are directed at the capital requirements for working and are often referred to as financial and business institutions.
Why Prefer Abu Dhabi Islamic Bank
- Smart banking options with e-accounts, make banking easy.
- Comprehensive Islamic Banking products are offered at ADIB.
- Customized financial solutions for ex-pats.
7. National Bank of Ras Al-Khaimah (RAK Bank)
RAK Bank was founded in 1976 and has its headquarters in Ras Al-Khaimah, UAE. The bank is renowned for its extensive range of products and excellent customer service.
National Bank of Rak Al-Khaimah offers operations in various banking segments, particularly in business banking, Treasury, Insurance Department, Wholesale Banking, and Retail Banking.
Moreover, RAK Bank distinguishes itself with a semi-government characteristic, while the 39 branches offer exceptional services to around 7,000 customers.
Furthermore, RAK Bank offers business and personal banking services. Key services of this bank include innovative banking services, credit cards, and loans, with cheap money transfer services being the prime service.
Moreover, Business Equipment Finance aids in business expansion by offering construction and medical equipment.
Why RAK Bank Should Be Preferred
- Comprehensive e-banking system.
- Emphasis on customer satisfaction.
- Pro-solutions for medium and small-scale projects.
- Provision of alluring personal loan products.
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8. Citibank
Citibank is one of the best banks in Dubai, offering a myriad of services. It is a considerable option for expatriates due to its exclusive money transfer services. The bank has an efficient and transparent system, ensuring quick transfers across different regions in the world.
Why Prefer Citibank
- The bank is known for its diverse investment portfolio, including asset classes and separate banking options for Muslim clients.
- The bank’s premium digital tools help customers conveniently manage their accounts and portfolio management.
- The bank also offers expert advice on trust services, estate planning, and wealth transfer services.
- It creates an expert link between dedicated advisors and clients, leading to flexible, personalized assistance.
9. First Abu Dhabi Bank (FAB)
It is a global banking solution with an array of services worldwide. The FAB Bank is often regarded as the best bank in UAE for expats and residents.
This largest bank is the product of two separate banks, i.e., Nationality Bank of Abu Dhabi and First Gulf Bank. In addition, FAB's equity-based services position it as one of the UAE's prestigious banks.
Moreover, exceptional services like the FAB Accelerator Program, which offers cashback, rewards, and air miles, make FAB a top contender for the best Dubai bank account.
Why Choose FAB
- Smart and digital banking solutions add advanced value to the system.
- A vast network of FAB branches and ATMs across Dubai.
- Competitive loans and saving products diversify their characteristics.
10. Barclays Bank
Barclays operates in Dubai and has a strong presence in leading international banks. The bank is headquartered in London and has two divisions: Barclays UK and Barclays International.
The bank’s expertise includes investment banking and wealth management solutions, catering to a number of corporate clients and high-net-worth individuals.
Why Prefer Barclays bank
- Barclays Dubai helps manage clients’ cash and short-term investments across different regions.
- It offers cash management accounts, money-market funds, and short-term fixed income.
- Barclay’s exceptional asset management solutions help clients mitigate risks in their businesses and accomplish their investment goals.
- The bank stands out in the international banking sector because of its capital market solutions, which allow clients to make informed investment decisions.
Closing In
Your financial experience greatly depends on the right bank, catering to the needs and requirements of UAE nationals and expats. The above-listed banks offer tremendous benefits and services to meet diverse needs.
In addition, expats in Dubai can take advantage of the best banks in the city, including ADCB and Emirates NBD. The customized services of the top banks in UAE make banking beneficial and convenient for all.
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