Banks in UAE

Last Updated :

Blog Author :

Edited by :

Reviewed by :

Table Of Contents

Overview of Banks in UAE

The Central Bank of UAE is the primary regulator of the banking system in UAE, responsible for formulating and implementing the banking, credit, and monetary policies across the UAE. It maintains the gold and foreign currency reserves and acts as the bank of banks operating in the UAE. The Central Bank serves as the state’s financial agent.

The Commercial Banks in UAE are of two major categories: -

Locally Incorporated Banks: These are public shareholding companies licensed per provisions of Union Law (10) of 1980.
Branches of Foreign Banks: These banks have obtained Central Bank’s license to operate in the region as per the law.

There are 46 commercial, locally incorporated banks in the UAE. The banks in UAE are dominated by the local banks owned by the governments of various Emirates.

The top banks in UAE provide various financial services to customers like private banking solutions, commercial banking, loans, credit cards, asset management, investment banking, Islamic banking, etc. Islamic banking has expanded considerably in the region, with seven dedicated banks providing Islamic banking products, Shariah-compliant, and other banks have started providing Islamic banking services.

Overview of Banks in UAE

Top 10 Banks in UAE

Here is the list of the top 10 banks in UAE: -

#1. First Abu Dhabi Bank:

It is the largest bank in UAE, formed by the merger of two banks – The National Bank of Abu Dhabi (NBAD) and First Gulf Bank in 2017. This top bank is headquartered in Abu Dhabi and provides corporate, retail, private, and Islamic banking services. The bank has assets of $183 billion as of 2017.

#2. Emirates NBD:

Emirates NBD was formed in October 2007 after a merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD), creating one of the largest groups in UAE. The headquarters of the bank are in Dubai. The Banks provide many services to the customers and operate through various business units – retail banking and wealth management, wholesale banking, Islamic banking, investment banking, mortgages, and credit cards.

#3. Abu Dhabi Commercial Bank (ADCB):

Abu Dhabi Commercial bank is headquartered in Abu Dhabi. The government of Abu Dhabi holds a 65% stake in the Bank formed in 1985 by the merger of three banks. In addition, with over $70.32 billion in total assets, the bank provides retail, commercial, Islamic banking, and financial services through its various business segments. Islamic banking, and financial services through its various business segments.

#4. Dubai Islamic Bank:

Dubai Islamic Bank was founded in 1975. It was the first Islamic Bank with the principles of Islam in its banking practices. Also, the largest Islamic bank in the UAE. The bank is headquartered in Dubai. The first Islamic bank acts as a torchbearer for Shariah-compliant banking provided by other banks worldwide. It promotes an innovative range of products per Shariah law. The bank has many business segments, including consumer banking, corporate banking, real estate development, treasury, etc.

#5. Union National Bank:

Union National Bank is a leading domestic bank founded in 1982 and headquartered in Abu Dhabi. The bank is jointly owned by the government of Abu Dhabi and Dubai. The bank has the International and Financial Institutions Division with Treasury and Investment Divisions. The bank provides various financial products and services to salaried individuals, self-employed personnel, high net worth individuals, and business entities in UAE. The bank also has overseas offices in Egypt, Qatar, Kuwait, and a representative office in China.

#6. Abu Dhabi Islamic Bank:

Abu Dhabi Islamic Bank is a public Joint Stock Company, headquartered in Abu Dhabi. Established on 20 May 1997, the bank is the Shariah-compliant lender and provides personal, business, private, and corporate banking services. It operates through its business segments – global retail banking, global wholesale banking, private banking, treasury, real estate, etc. The bank has an overseas presence in Egypt, Iraq, Saudi Arabia, and the UK.

#7. National Bank of Ras Al- Khaimah (RAKBANK):

National Bank of Ras Al- Khaimah or known by its trading name RAKBANK. The bank was founded in 1976 and is headquartered in the Emirate of Ras Al-Khaimah. The government of Ras Al-Khaimah owns 52.8% of the bank. The bank provides retail and commercial services to individuals and businesses in the UAE. The bank was awarded 'SME Bank of the Year' by the Arabian Business StartUp Awards 2016 and the best internet banking product of the year award in the Middle East by The Asian Banker.

#8. National Bank of Fujairah:

The National Bank of Fujairah is a commercial bank founded in 1982 and headquartered in Fujairah, UAE. The Bank and its subsidiary received the following recognitions at the 2017 Banker Middle East UAE Product Award: -

Best Customer Service – Corporate & Investment Banking
Best Treasury Management
Best SME Internet Banking Service
Best SME Trade Finance Offering
Best Corporate Advisory Service

#9. Mashreq Bank:

Mashreq Bank was founded in 1967 and is headquartered in Dubai. It is the oldest and the largest privately-owned top bank in the UAE. The bank is an associate company of HSBC Bank. It provides retail, commercial, and investment banking, including corporate finance and investment advisory on mergers and acquisitions, initial in public offering and underwriting, asset management, Islamic banking, and brokerage services. In addition, the bank was the first in UAE to issue debit cards, install ATM dispensers, and introduce consumer loans. Mashreq Bank has a wide global presence in Qatar, Kuwait, Egypt, and Bahrain.

#10. Commercial Bank of Dubai (CBD):

Commercial Bank of Dubai was founded in 1969 and is headquartered in Deira, Dubai. The bank provides various services like corporate banking, commercial banking, personal banking, Islamic banking, and other financial support services.