Top 10 UAE Banks for Business
The United Arab Emirates is rapidly developing to be the best area to make huge investments in the Middle East. As a result, financial institutions need to grow and diversify their services to satisfy the needs of the increasing population in the UAE zone. Particularly banks provide a wide range of benefits to their clients all year long, allowing everyone to pursue their goals. We’ll walk you through the top UAE banks for business in this blog.
Top 10 Banks
1. Abu Dhabi Commercial Bank
After the mergers of Emirates Commercial Bank, Federal Commercial Bank, and Khaleej Commercial Bank, which had been founded in 1975, Abu Dhabi Commercial Bank (ADCB) was created in 1985 as a public shareholding corporation with limited liability. 62.52% of the shares of ADCB are held by the Abu Dhabi government through the Abu Dhabi Investment Council (ADIC); the remaining shares are held by various organizations and people. According to the size of its balance sheet, ADCB is the third-largest bank in the UAE and provides a variety of retail and commercial banking services to its clients.
There are two main types of business accounts that Abu Dhabi Commercial Bank provides:
- Commercial Banking Call Account —a deposit account that one can easily access with the available money of any currency
- Business Current Account – this type of bank account is for many business needs.
Each account is simultaneously accessible in the numerous account alternatives, which are created to address the widest range of corporate financial requirements. The objectives of these account types and the size of the minimum account balance vary.
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2. Abu Dhabi Islamic Bank
Leading Islamic bank Abu Dhabi Islamic Bank, A Public Joint Stock Company, is based and publicly traded in Abu Dhabi, United Arab Emirates. Its mission is to be a dependable partner for clients, employees, and the community. With assets currently totaling USD 34 billion, Abu Dhabi Islamic Bank has shown a sustained history of growth over the previous 20 years.
With a balanced offering that blends a highly customized customer experience with top-notch online banking services, the bank today provides service to more than 5 million customers.
ADIB is a full-service banking service company that provides banking solutions for private customers, businesses, and wealthy clients. The larger ADIB Group furthermore offers brokerage, managing properties, online payments, and insurance products and services. Moreover, ADIB has more than 60 branches in the UAE region. As a result, it is more efficient and you can access it easily.
3. Mashreq Neo
Mashreq Neo, the first online bank in the UAE, is a branch of the country’s oldest bank. The bank has no branches, uses no paper, and provides all the standard banking services in addition to a number of unusual ones in an effort to draw in a younger clientele. Numerous innovative options are available on the bank app for smartphones, such as Quick Remit, which enables free money transfers to more than 20 different countries. In a flash, ex-pats may make money transactions using this facility, which offers great exchange rates.
4.Union National Bank
Union National Bank was founded in 1982. It is a domestic bank whose headquarters are in Abu Dhabi. The governments of Abu Dhabi and Dubai own the bank in tandem. The bank contains departments for Treasury and Investments as well as the International and Financial Institutions Division. High net-worth people, self-employed workers, salaried individuals, and commercial organizations in the UAE can all take use of the bank’s wide range of financial products and services. In addition, the bank maintains representative offices in China, Egypt, Qatar, and Kuwait.
5.Standard Chartered Bank
Standard Chartered Bank was opened in 1958 by Sharjah. As one of the top global banks, Standard Chartered provides its customers with outstanding financial solutions that place a strong emphasis on customer satisfaction and process automation. It was among the first UAE banks to use automated teller machines, and it is still at the forefront of technological advancement.
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The British international bank Standard Chartered plc offers treasury services in addition to consumer, business like, and institutional banking. In spite of having its headquarters in the UK, the company doesn’t offer retail banking there, and 90% of its earnings come from customers in Asia, Africa, and the Middle East.
6. Dubai Islamic Bank
In 1975, Dubai Islamic Bank was established. It was the first Islamic bank whose banking procedures adhered to Islamic precepts. It is also among the biggest Islamic bank in the UAE. Dubai serves as the bank’s corporate headquarters. The first Islamic bank serves as the global standard-bearer for financial services offered by other banks that are Shariah-compliant. According to Shariah law, it encourages a diverse array of new goods. Consumer, corporate, real estate development, treasury, and other business areas are only a few of the bank’s various operating divisions.
The Bank presently has 90 branches in the UAE, is active in seven countries internationally, and is growing its global footprint to support the industry’s continued growth. Serving almost a million clients, DIB provides a wide range of cutting-edge Sharia-compliant goods and services to its expanding clientele.
Emirates NBD’s reliability by its consumers makes it one of the largest UAE banks. In addition, it ranks first amongst all UAE banks in terms of the caliber of its business financial services.
7. Emirates NBD
For business clients, Emirates NBD offers the entire spectrum of corporate financial products and banking services. Each variety of business bank accounts, business loans, mortgages, and other financial products falls under this category.
In the UAE, Emirates NBD is the finest bank to create a business bank account. This bank is prepared to offer the best bank accounts in the United Arab Emirates that will satisfy all commercial and financial needs. In actuality, your options include:
- Current Account: A checking bank account with a free worldwide debit card, as well as access to a checkbook and overdraft protection;
- Fixed Deposit Account: AED 10,000 minimum deposit requirement, overdraft facility accessibility, and potential for early withdrawal;
- Call Deposit Account: Withdrawals need a 24-hour notice and have no defined limit.
Also worth noting is that all bank accounts provide attractive interest rates and are accessible in a variety of currencies. Additionally, a certificate of insurance may be obtained for a variety of commercial needs.
8. Ras Al-Khaimah National Bank (RAKBANK)
Ras Al-Khaimah National Bank, often known by the trade name RAKBANK. The bank was established in 1976, and it has its headquarters in Ras Al-Khaimah, an emirate. 52.8 percent of the bank is owned by the Ras Al-Khaimah government. For residents and companies in the UAE, the bank offers retail and corporate services. The bank received the “SME Bank of the Year” award from the 2016 Arabian Business Startup Awards and The Asian Banker’s “Best Internet Banking Product of the Year Award” for the Middle East.
Read: How to Find the Best Bank for your Non-Profit Organization
9. Commercial Bank of Dubai
Offering commercial banking services is what the Commercial Bank of Dubai does. Corporate Banking, Commercial Banking, Personal Banking, and Treasury & Investments make up its four operating segments. For major corporate clients, the Corporate Banking section offers e-commerce solutions, trade financing products, deposit products, loan and other credit facilities, and deposits. For mid-sized business clients, the business Banking category offers loans, working capital financing, trade finance, and deposit products. The personal banking category offers small businesses and retail customers current accounts, easy-access savings accounts, fixed-rate deposit accounts, personal loans, overdraft services, auto financing, mortgage products, loans, and other credit options. The Treasury & Investments section administers the group’s proprietary investment portfolio and engages in balance sheet management transactions. Derivatives are also available for trading and risk management.
10. The National Bank of Fujairah
The National Bank of Fujairah PSC (NBF) is also one of the major banks that offer financial services. Numerous personal, commercial, and Islamic banking services are available. The bank provides lending solutions, such as loans for personal, house, and vehicle loans, as well as deposits and accounts. It also offers card products, such as debit cards and credit cards. Additionally, NBF offers auto insurance and overdraft services. A variety of other services are also provided by the bank, including guarantees, account services, cash management services, brokerage services, asset management and investment services, treasury services, and receivables financing services. Through a network of branches and ATMs, NBF provides services to individuals, high-net-worth people, small and medium-sized businesses, financial institutions, and corporate clients. The UAE’s Fujairah serves as the home base for NBF.
Best UAE Banks
Although UAE Banks are expanding at a never-before-seen rate, few banks can live up to the ideal of the perfect bank. Our top options are the Abu Dhabi Commercial Bank (ADCB) Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), and others in the above list. The banking industry in the United Arab Emirates is expanding and making a substantial contribution to regional growth while providing seamless and unmatched services to its clients. It does this by leaving a strong impression through world-class services.
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