The UAE has become the trade center of the Middle East. With a favorable and competitive business environment, it attracts investors and entrepreneurs from all over the world, which in turn makes the UAE a financial center. UAE banks are regulated and controlled by the Central Bank of the United Arab Emirates. In addition to fast-growing Islamic banks, there are 23 local banks and 28 foreign banks operating in the country.
Despite the troubles and continuing oil price volatility that weakened investor confidence, the following banks’ assets and net income posted flawless growth.
The Central Bank of the UAE is the country’s main financial regulator. The UAE has 22 local banks and 30 foreign banks. Large banks dominate the country’s banking sector, with the five largest banks accounting for approximately 60% of the industry’s assets.
The Islamic banking industry includes eight mature Islamic banks and 23 Islamic windows established by traditional banks in the UAE, which together account for 19% of total banking assets.
There are four types of banks in the UAE:
- commercial Bank
- Industrial bank
- commercial Bank
- Islamic Bank
Given Abu Dhabi’s huge financial buffer and government control, the UAE’s banking system is stable as Abu Dhabi’s financial strength is expected to withstand the development of a global pandemic and manage the risks of a deteriorating oil market, according to Moody’s. Adaptation report to conditions that are worse than previously thought.
List of top banks in UAE
- Abu Dhabi Commercial Bank
- Dubai Islamic Bank
- First Abu Dhabi Bank (FAB)
- Emirates NBD
- First Gulf Bank
- Dubai Islamic Bank
- Mashreq Bank
- Abu Dhabi Islamic Bank
- Dubai Commercial Bank
- RAKBANK
- Standard Chartered Bank
1- Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank was established in 1985 to provide retail, commercial, Islamic banking and other financial services. The bank operates through the following business units: personal banking, wholesale banking, investment and capital banking, and property management.
The bank has 5,000 employees and is headquartered in Abu Dhabi. It provides services to customers through a network of 72 branches and approximately 450 ATM machines in the United Arab Emirates. It merged with the United Nations National Bank in 2019.
- Net income: AED 3.81 billion (2020)
- Total assets: 395.82 billion dirhams (3/2021)
Read More: List of Top 5 Business account in UAE
2- Dubai Islamic Bank
Dubai Islamic Bank was established in 1975 and is headquartered in Dubai. The bank operates through its consumer banking, corporate banking, real estate development, treasury and other business units. It serves approximately 2 million customers and has 66 branches in the UAE.
- Net income: AED 3.29 billion (2020)
- Total assets: AED 291.71 billion (3/2021)
3- First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank (FAB) is the UAE’s largest banking group by assets. It is headquartered in Dubai and has 5,451 employees. FAB and its subsidiaries provide a variety of banking products and services in the United Arab Emirates, Europe, and America, the Middle East, Africa and the Asia-Pacific region.
The company operates through corporate and investment banking and personal banking divisions. FAB acquired First Gulf Bank in December 2016.
- Net income: AED 10.56 billion (2020)
- Total assets: 940.75 billion dirhams (3/2021)
4- Emirates NBD
UAE National Bank is the second-largest banking group in the UAE by assets. It is headquartered in Dubai and has 9,000 employees. The bank currently manages 915 branches and 4,029 ATMs and SDMs in the UAE and overseas. It operates through different business units: retail banking and wealth management, wholesale banking, Islamic banking (IB), international, and information technology and operations.
- Net income: AED 6.96 billion (2020)
- Total assets: AED 695.06 billion (3/2021)
Read More: Top 10 personal loans that you can consider in UAE
5- First Gulf Bank
First Gulf Bank was established in 1979 and is headquartered in Abu Dhabi. The bank’s business units include wholesale banking groups, treasury and global markets, consumer banking, real estate and other businesses. It has approximately 1,400 employees and operations in 19 countries, including Kuwait, China, the United Kingdom, France, Malaysia, Bahrain, Sudan, Hong Kong, Switzerland, Lebanon, Labuan, Oman, Egypt, the United States, Jordan, Brazil, and India.
In 2016, the bank’s total assets were US$66 billion and net profit was US$1.65 billion.
6- Dubai Islamic Bank
Dubai Islamic Bank was established in 1975 and is headquartered in Dubai. The bank operates through its consumer banking, corporate banking, real estate development, treasury and other business units. It serves approximately 2 million customers and has 66 branches in the UAE.
- Net income: AED 3.29 billion (2020)
- Total assets: AED 291.71 billion (3/2021)
7- Mashreq Bank
Headquartered in Dubai, Mashreq Bank was established in 1967 and is one of the oldest banks in the UAE. The bank is a joint-stock company and an associate company of the HSBC Group. It provides retail banking, commercial banking, investment banking, Islamic banking, brokerage services and asset management services.
The bank has approximately 45 domestic branches and 20 international branches in Egypt, Qatar, Kuwait and Bahrain. It currently has approximately 4,000 employees.
- Net income: -12.8 billion dirhams (2020)
- Total assets: 162.25 billion dirhams (3/2021)
8- Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank was established in 1997 and is headquartered in Abu Dhabi. It operates through the following divisions: global retail banking, global wholesale banking, private banking, treasury, real estate and other businesses. It exists in Iraq, Qatar and Sudan.
- Net income: AED 1.6 billion (2020)
- Total assets: 130.69 billion dirhams (3/2021)
9- Dubai Commercial Bank
Dubai Commercial Bank was established in 1969 and is headquartered in Dubai. The bank provides corporate banking, commercial banking, personal banking, Islamic banking and support services. It employs approximately 1,200 employees.
- Net income: AED 1.12 billion (2020)
- Total assets: 102.47 billion dirhams (3/2021)
10- RAKBANK
RAKBANK was established in 1976 and is headquartered in Ras Al Khaimah, UAE. It is also known as Ras Al Khaimah National Bank (P.J.S.C). The bank provides retail and commercial banking services to individuals and businesses in the UAE.
The business operates through five departments: retail banking, wholesale banking, commercial banking, treasury and insurance business. It manages a network of 27 branches, serving approximately 700,000 customers.
- Net income: AED 50538 million (2020)
- Total assets: AED 52.8 billion (2020)
11- Standard Chartered Bank
Bank profile-It is an international bank with branches all over the world. The first branch was opened in Sharjah in 1958. It provides traditional and Islamic banking services and products.
Popular Products:
Standard Chartered Bank Xtra Saver account Provides a high-interest rate of 1.1% per year for the account. Xtra Saver accounts can be used in U.S. dollars and AED currencies, and international debit cards are also available.
Standard Chartered Bank Saadiq Personal Finance: Provides personal finance based on Islamic principles. The profit margin starts at 7.55% (p.a.). Saadiq Personal Finance provides free checkbooks and debit cards.
Unique service:
Priority Banking: Priority use of banking services can earn up to AED 7000 in cashback.
Total assets and net profit:
- Total assets-10 million dirhams (as of December 2019)
- Net profit-AED 294 K (as of December 2019)