The United Arab Emirates banking system is quite stable. It is because the banking system showcases sound flexibility in the capital adequacy ratio. It means the best bank in UAE has sufficient capital to execute even during tough times.
The banks have sufficient liquidity buffers to function in their operations in hard times. Moreover, the banks in UAE have the effectiveness to absorb the upcoming situation of problem loans.
Bank Structure in the UAE
The banking regulatory organization in the UAE is the UAE Central Bank. There are 23 local banks and 26 foreign banks in the UAE. With having a total of 49 banks, UAE’s five major banks consist of 60% of the investment and banking sector assets.
These statistics clearly show that in UAE the large banks control the banking industry. Islamic banks also come under the top banks’ sector in the UAE. It accounts for about 19% of the entire banking sector. UAE has 8 fully functional Islamic banks.
Best Bank For Opening Savings Account in UAE
When looking for opening a savings account it is important to know the interest rates available on your deposited amount. A savings account can also be opened in foreign currency. It is recommended to look for charges on a debit card, charges for not maintaining a minimum balance, usage of ATMs, and other withdrawal limits before choosing one.
Best Bank in UAE For Taking Loans
When taking a loan in UAE, ensure that you have a sufficient income every month and also you afford to make the repayments on time.
While looking for the best bank to take a loan always compare loan packages from different banks with the interest charges proportionate to your salary. With a small salary, you’ll end up with higher interest rates.
Note: Review the terms & conditions, find any hidden charges or automatic sign up for other products, negotiate with the bank to lower the interest rate, and always try to borrow less.
Best Bank for Small and Medium-Sized Business in UAE
Whether looking to start a new business or expand it, business loans come with several options. Banks usually give loans based on an individual assessment and business turnover in determining the loan amount.
Best Bank in UAE For Child’s Savings
Ensure future financial planning with the child’s saving account. Available for both Emiratis and expatriates. A guardian can open the account on behalf of the child. Islamic bank account approved by Shariah and supervisory board
5 Best Bank in UAE Based on [2020 Revenue & Net Income]
From Bankrate.com, “Revenue is the total amount of money generated by a company’s business activities”. “Net Income is the amount of money left after subtracting all expenses, taxes, and costs”.
Below, we’ll take a look at the list of the 10 biggest banks in the UAE in terms of revenue and net income for the 2020 financial year.
First Abu Dhabi Bank PJSC (FAB)
Revenue (TTM): AED27.9B | Net Income (TTM): AED10.5B
Recognition: Ranked by Global Finance as the Safest Bank in UAE.
Established in 2017, following a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). Largest and one of the top leading banks in the UAE. The headquarters of the bank is located in Abu Dhabi.
The bank functions in Real Estate, Global and Treasury Markets, Consumer Banking, Wholesale Banking, and various Banking functions. It lends to corporate and retail clients. FAB offers Islamic Banking, Investment, and Private Banking services. The bank functions in 19 countries around the globe.
Revenue (TTM): AED36.1B | Net Income (TTM): AED6.9B
Recognition: Awarded Best Retail Bank in the Middle East at Asian Banker Awards.
Emirates NBD is the result of a blend between the National Bank of Dubai and Emirates Bank – the fourth and second-largest bank in the United Arab Emirates in terms of assets.
Emirates NBD functions through various segments- Information Technology, Operations, International, Wholesale Banking, Islamic Banking, Wealth Banking, and Retail Management.
Some of their services that are well appreciated by their clients are business credit cards, project finance, housing loans, auto loans, and personal loans.
Abu Dhabi Commercial Bank (ADCB)
[2020 projection] Revenue (TTM): AED18.3B | Net Income (TTM): AED3.7B
Recognition: Awarded Best Customer Service & Best Trade Finance Bank in the UAE in 2020
One of the largest bank in UAE with assets of 405 billion dirhams. Founded in 1985, the bank functions in Islamic Banking, Commercial, Retail, and various financial segments. Abu Dhabi Commercial Bank offers banking services like Property Management, Wholesale Banking, Treasury Banking, Investments Banking, and Consumer Banking. The headquarters of the bank is located in Abu Dhabi.
Dubai Islamic Bank
[2020 projection] Revenue (TTM): AED14.5B | Net Income (TTM): AED4.1B
Recognition: Awarded Best Islamic Bank in UAE 2019
Established in 1975, the headquarters of Dubai Islamic Bank is situated in Dubai. It is the first bank in UAE to implement Islamic practices in banking activities.
The bank strictly sticks to the principles of Sharia in banking. Dubai Islamic Bank serves in Treasury, Corporate Banking, Real Estate Development, Consumer Banking, and various banking segments. It serves about 1.7 million customers and clients across the UAE.
[2020 projection] Revenue (TTM): AED9.1B | Net Income (TTM): AED46.8M
Recognition: Awarded Middle East’s Best Digital Bank in 2020 by Euromoney
Established in 1967, Mashreq is one of the oldest bank in UAE. It has its headquarters in Dubai. It is an associated organization of Joint Stock Company and HSBC Group.
It offers Brokerage Services, Asset Management Services, Islamic Banking, Commercial Banking, Investment Banking, and Retail Banking services.
The bank has branches in countries like Bahrain, Qatar, Kuwait, and Egypt. It functions with 4,000 employees.
When you open a bank account compare every individual aspect before proceeding with your applications. Banks always contain hidden charges or fees that you may not know. If you are an expat, avoid taking loans and credit cards. Know about account closing charges and minimum balance requirements etc. Hope you liked our article on showcasing some of the best banks in UAE.
If you think we have missed any, please do comment below. Let us know your experiences with banks involving loans and accounts.