Best Banks in UAE: Dubai and the UAE have emerged as financial powerhouses in the Middle East, attracting investors and entrepreneurs from around the world. With a competitive business environment and a robust banking sector, these countries offer a range of banking options to both expats and UAE nationals. In this guide, we’ll explore the top banks in Dubai and the UAE, their popular account offerings, branches, ATMs, and the advantages and disadvantages of each bank.
10 Top Banks in Dubai & UAE
| Bank | Popular Account | Branches & ATMs in UAE |
|---|---|---|
| First Abu Dhabi Bank (FAB) | FAB Savings Account | 74 Branches and 100+ ATMs |
| Emirates NBD | Emirates NBD Savings Account | 33 Branches and 1081+ ATMs |
| ADCB | ADCB Savings Account | 72 Branches and 450+ ATMs |
| Emirates Islamic Bank | Kunooz Savings Account | 50 Branches and 39+ ATMs |
| Dubai Islamic Bank (DIB) | DIB Savings Account | 90 Branches and 520+ ATMs |
| ADIB | ADIB SmartBanking Account | 89 Branches and 577+ ATMs |
| RAKBank | RAK Bank Current Account | 26 Branches and 131+ ATMs |
| National Bank of Fujairah (NBF) | NBF Savings Account | 48 Branches and 48+ ATMs |
| Mashreq Bank | Mashreq Bank Savings Account | 31 Branches and 31+ ATMs |
| Standard Chartered Bank | XtraSaver Account | 5 Branches and 42+ ATMs |
1. First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank, commonly known as FAB, emerged in 2016 as a result of the merger between the First Gulf Bank and the National Bank of Abu Dhabi (NBAD). This merger united two major players in the banking sector and gave birth to one of the most prominent banks not only in Dubai but also in Abu Dhabi and other cities across the UAE.
Advantages:
- Offers a variety of personal loan options, including loans for newcomers to the UAE.
- Extensive network with branches worldwide.
- Personalized banking experience with the FAB Accelerator program.
- Special services for organizations through “FAB at Work.”
Disadvantages:
- Interest rates for some services might be relatively high.
2. Emirates NBD
Emirates NBD, one of the top banks in Dubai, has a rich history dating back to 2007 when it was formed as a result of the merger between Emirates Bank and the National Bank of Dubai. These two financial institutions were among the largest in the UAE, and their merger created a banking powerhouse that continues to shape the financial landscape of Dubai and the entire UAE.
Advantages:
- Diverse range of credit cards tailored to different needs.
- Extensive branch and ATM network.
- Personal loans for various customer segments.
- Online banking with a user-friendly interface.
Disadvantages:
- Interest rates on certain credit cards can be high.
3. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank (ADCB), founded in 1985, holds a significant place in the UAE’s financial history. It has continually adapted to the country’s evolving economic landscape, becoming one of the nation’s largest banks. Notably, the merger with Union National Bank (UNB) and the acquisition of Al Hilal Bank in 2019 marked pivotal moments in ADCB’s journey, broadening its offerings. Recognized for its innovation, particularly in digital banking, ADCB remains committed to supporting the UAE’s economic growth and ensuring its customers’ financial well-being.
Advantages:
- Offers personal loans for expats and UAE nationals.
- Business loan solutions for a variety of needs.
- Priority banking services for exclusive benefits.
- Focus on customer satisfaction and efficient services.
Disadvantages:
- Interest rates on some loans may be on the higher side.
4. Emirates Islamic Bank
Emirates Islamic Bank, established in 2004, has a relatively shorter history than some other banks in the UAE. However, in its short existence, it has played a vital role in promoting Islamic banking principles within the region. The bank was founded with a vision to offer Sharia-compliant financial services to a diverse clientele. Over the years, it has grown its presence, embracing technology to provide innovative banking solutions. Emirates Islamic Bank’s commitment to adhering to Islamic finance principles while fostering financial inclusion has contributed significantly to the growth and development of the UAE’s banking sector.
Advantages:
- Shari’a compliant banking services.
- A wide range of credit cards with various benefits.
- Personal loans for both expats and UAE nationals.
- E-savings account with competitive profit rates.
Disadvantages:
- Limited branch network compared to some other banks.
5. Dubai Islamic Bank (DIB)
Dubai Islamic Bank (DIB) holds a significant place in the UAE’s banking history. It was founded on September 15, 1975, under the guidance of His Highness Sheikh Rashid bin Saeed Al Maktoum, the former Vice-President and 2nd Prime Minister of the UAE and Ruler of the Emirate of Dubai. DIB’s establishment marked a milestone in the nation’s journey toward financial inclusion and the promotion of Shari’a-compliant banking services.
Advantages:
- Shari’a compliant services.
- A variety of personal loans for different purposes.
- A wide range of credit cards.
- Specialized accounts like Johara Ladies.
Disadvantages:
- Interest rates on some personal loans can be relatively high.
6. Standard Chartered Bank
Standard Chartered Bank has a global presence and has been serving customers in the UAE since 1958 when it opened its first branch in Sharjah. With a history spanning several decades, Standard Chartered Bank has not only become a trusted name in conventional banking but also provides Islamic banking services. Its commitment to offering diverse financial solutions has contributed to its growing market share in the UAE.
Advantages:
- Offers high-interest Xtra Saver account.
- Saadiq Personal Finance based on Islamic principles.
- Priority banking with cashback rewards.
Disadvantages:
- Limited branch network compared to local banks.
7. Abu Dhabi Islamic Bank (ADIB)
Established with a vision of providing Sharia-compliant banking solutions, Abu Dhabi Islamic Bank (ADIB) has grown steadily since its inception. With 70 branches and 460 ATMs, ADIB is publicly owned and strives to deliver on its promises of ethical and Islamic banking services.
Advantages:
- Personal loans tailored for various needs.
- Diverse credit card options.
- Global Transaction Banking for efficient financial management.
Disadvantages:
- Some ADIB loan interest rates may be comparatively higher.
8. National Bank of Ras Al-Khaimah (RAKBANK)
National Bank of Ras Al-Khaimah, or RAKBANK, has been a driving force in the UAE’s banking industry. With 33 branches and a strong government ownership stake, RAKBANK has garnered recognition for its services, including awards like “SME Bank of the Year.” RAKBANK’s commitment to innovation and facilitating international money transfers highlights its dedication to customer needs.
Advantages:
- Business loans with a quick approval process.
- A variety of credit cards with benefits.
- RAKmoney transfer services.
Disadvantages:
- Limited international presence.
9. National Bank of Fujairah
National Bank of Fujairah (NBF) has established itself as a pioneering institution in the region. Its recognition at the 2017 Banker Middle East UAE Product Awards highlights its commitment to excellence. NBF’s focus on corporate and investment banking, along with its dedication to customer service, has propelled it to a prominent position in the UAE’s financial sector.
Advantages:
- Islamic mortgage options.
- Credit cards with numerous benefits.
- NBF Elham specialized banking for Emirati Women.
Disadvantages:
- Limited number of branches.
10. Mashreq Bank
Mashreq Bank, with a history dating back to 1967, has consistently provided innovative banking services to individuals, companies, and institutions. Its impressive network of branches across the UAE and expansion into international markets demonstrates its adaptability and commitment to serving its diverse customer base.
Advantages:
- Diverse credit card options.
- Personal loans catering to various financial needs.
- Special privileges for Mashreq Gold customers.
Disadvantages:
- Interest rates on some financial products may be relatively high.
In conclusion, Dubai and the UAE offer a wide array of banking options to cater to the needs of both residents and businesses. When choosing a bank, consider your specific requirements, such as personal loans, credit cards, or Islamic banking services, and compare the advantages and disadvantages to make an informed decision. Each bank has its strengths and weaknesses, so choose the one that aligns best with your financial goals and preferences.
Remember to conduct thorough research and consult with bank representatives to ensure you make the right choice for your banking needs.
Feel free to use this blog post as a reference, and if you have any further questions or need additional information, please let me know.
Best Banks in UAE
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FAQ
Q1: Which bank is the best in UAE?
A1: Determining the “best” bank in the UAE can vary depending on individual needs. However, some of the top banks in the UAE known for their comprehensive services include First Abu Dhabi Bank (FAB), Emirates NBD, and Abu Dhabi Commercial Bank (ADCB).
Q2: What are the top Islamic banks in the UAE?
A2: The UAE has several prominent Islamic banks that adhere to Sharia principles. Some of the top Islamic banks in the UAE include Dubai Islamic Bank (DIB), Emirates Islamic Bank, Abu Dhabi Islamic Bank (ADIB), and Sharjah Islamic Bank. These banks offer a range of Sharia-compliant financial products and services to customers.
Q3: Which is the safest bank in the UAE?
A3: In the UAE, all banks are regulated and monitored by the Central Bank of the UAE, ensuring a high level of safety. It’s advisable to choose well-established banks with a strong reputation like First Abu Dhabi Bank (FAB) and Emirates NBD.
Q4: Which is the best international bank in UAE?
A4: Standard Chartered Bank is considered one of the best international banks operating in the UAE, offering a range of conventional and Islamic banking services.
Q5: Top 10 best banks of UAE?
A5: The top 10 best banks in the UAE include First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Emirates Islamic Bank, Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), National Bank of Ras Al-Khaimah (RAKBANK), National Bank of Fujairah, Mashreq Bank, and Standard Chartered Bank.
Q6: Best banks of UAE for foreigners?
A6: Some of the best banks in the UAE for foreigners are Emirates NBD, First Abu Dhabi Bank (FAB), and Standard Chartered Bank, as they offer a wide range of services tailored to expatriates.
Q7: Tell me more about First Abu Dhabi Bank (FAB).
A7: First Abu Dhabi Bank (FAB) is the largest equity-based bank in the UAE, offering a wide array of tailor-made banking solutions. It provides services such as personal loans, credit cards, and business financing. FAB is known for its customer-friendly approach and extensive global network.
Q8: What is an Islamic bank?
A8: An Islamic bank is a financial institution that operates in accordance with Islamic principles and Sharia law. Unlike conventional banks, Islamic banks do not charge or pay interest (riba), and they avoid investments in sectors considered unethical in Islam, such as alcohol or gambling. Instead, they engage in profit-and-loss sharing arrangements and adhere to ethical and moral values.
Q9: What is the best bank in Dubai?
A9: The best bank in Dubai can vary depending on individual needs, but some of the most prominent banks in the city include Emirates NBD, Dubai Islamic Bank (DIB), Mashreq Bank, and Commercial Bank of Dubai (CBD).
Q10: List of private banks in Dubai?
A10: Private banks in Dubai include Emirates NBD Private Banking, Barclays Private Bank, Julius Baer, and Standard Chartered Private Bank, among others. These banks offer personalized wealth management and financial services to high-net-worth individuals.