One of the most regulated institutions in a country is the financial institutions/banks. They are responsible for the financial stability of the country. They are governed by a higher regulatory authority, which is the central bank of the country or state bank. Banks take deposits from the public and create credit opportunities for the people.
There are four types of banks in the Dubai:
1. Islamic Banks:
Islamic banking or Islamic finance or Sharia-compliant finance is a banking activity that is consistent with Islamic law and its practical application through the development of Islamic economics. Some models of Islamic banking/finance include Mudarabah (profit sharing and loss commitment), Wadiah (custodian), Musharaka (joint venture), Murabahah (cost plus) and Ijara (rental). Sharia law prohibits the definition of “usury” as interest paid on all currency loans.
2. Industrial Banks:
Industrial banks are financial institutions with limited services. Industrial Bank sells a voucher marked with investment shares and accepts customer deposits. They then invested the proceeds in installments for consumers and small businesses. These banks are also known as Morris Bank or Industrial Loan Companies.
3. Merchant Banks:
Banks that specialize in international trade and provide trade services to importers and exporters and other services to their clients.
4. Commercial Banks:
A commercial bank is a banking company established by many people to provide essential banking functions, namely accepting deposits and lending to the public.
Dubai, a city in UAE, has one of the most modern architecture and skyscrapers. The city has some top banks which make the banking process easy and smooth. The following are some top banks in Dubai.
List Of Top Banks In Dubai
- Standard Chartered
- RAK Bank
- Emirates National Bank of Dubai
- Abu Dhabi Commercial Bank
- Dubai Islamic Bank
- HSBC Bank
1. Standard Chartered
A multinational banking group that has a history of 150 years in the most dynamic markets in the world. They opened their first branch in 1958 in Sharjah, UAE. Now Dubai is the regional hub for Africa and the Middle East region. They offer a wide variety of conventional and Islamic banking products and services for private, corporate, commercial, and retail. They provide products like loans & mortgages, credit cards, accounts (current and savings), investments, and insurance.
2. RAK Bank
Founded in 1976, RAK Bank is one of the oldest and dynamic banks in the UAE the bank is also known as National Bank of Ras Al Khaima, and it is a public joint-stock company. It went under a transformation where the bank shifted focus from corporate to personal and business banking.
The bank provides Sharia-compliant personal and commercial banking services through its Islamic banking sector RAKislamic. The bank offers a wide range of personal and business banking services in its 36 branch offices and its e-banking portfolio, including telephony and digital banking. The bank offers products and services like insurance, credit cards, accounts, Islamic banking services and products, loans, etc.
3. Emirates National Bank of Dubai
The bank was formed in 1963 and is a Dubai Government owned bank and is one of the largest banking groups in the Middle East. The bank is listed on the Dubai Financial Market. The Group has operations in Egypt, the Kingdom of Saudi Arabia, UAE Singapore, the United Kingdom, and representative offices in China, India, and Indonesia. The bank offers a variety of products and services for personal, private, business, and wholesale banking. The bank provides financial consultancy services and investment consultancy; they provide financial solutions and wealth management solutions as well.
4. Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank PJSC, commonly known as ADCB, is a bank in the United Arab Emirates. In 1975 the UAE Commercial Bank, Khaleej Commercial Bank, and the Federal Commercial Bank merged. Since then, Abu Dhabi Commercial Bank (ADCB) was established in 1985 as a limited liability publicly held company. The Abu Dhabi government is the majority shareholder through the Abu Dhabi Investment Committee (ADIC); other institutions and individuals hold the rest. The bank offers Islamic banking and other product like accounts, cards, loans, and wealth management solutions.
5. Dubai Islamic Bank
Dubai Islamic Bank is the largest Islamic bank in the UAE, which was founded in 1975. DIB leads the development of the Islamic financial industry worldwide and is the world’s first full-service Islamic bank and the world’s third-largest Islamic bank. The bank currently has 90 branches in the UAE, operates in seven markets around the world, and is expanding its global reach into developing further and growing the industry. DIB provides an increasing number of Sharia-compliant innovative products and services to a growing consumer base. The bank offers products for personal and business banking. They give out loans for automobiles and homes. They offer transfer balance cards and insurances (Takaful).
6. HSBC Bank
One of the largest financial and banking services provider which serves more than 40 million customers through 4 global channels which are commercial banking, retail banking, wealth management, and global banking. Their network covers around 65 countries in Africa, the Middle East, Europe, Asia, Latin America, and North America. HSBC’s presence in the UAE is since 1946. Since then, the banks have grown tremendously and have built a strong network and proximity. The bank offers a wide variety of products and services for personal and business banking.
These are just a few top banks in Dubai; there are more banks that offer banking products and services.