Central Bank of UAE holds the primary financial regulatory authority position in the state. There are 26 foreign banks and 23 local banks in the UAE, where the largest banks in the UAE dominate the country’s banking industry.
Islamic banking involves 23 Islamic windows and eight full-fledged Islamic banks set up by conventional banks in the UAE.
There are four kinds of the bank in UAE that are considered the best banks in UAE:
- Commercial banks
- Industrial banks
- Merchant banks
- Islamic banks
The UAE banking system, according to Moody, is stable because of the bank’s liquidity buffers and resilient capital levels.
8 Top Banks in UAE
1. Emirates NBD
It is one of the largest banks in the UAE located in the Middle East. It employs 9,000 staff and is headquartered in Dubai. The bank currently has 1,023 ATMs, 221 branches, and SDMs in UAE and other countries too.
It works via Wholesale Banking, Islamic Banking (IB), Retail Banking and Wealth Management, International, and Information Technology and Operations. Total assets of the bank in 2016 were US $121 billion and net income of US $1.97 billion.
2. National Bank of Abu Dhabi
It is one of the best banks in UAE as it is the largest lender among all the banks. It was established in 1968 and headquartered in Abu Dhabi, serving in 19 countries across the world.
Also, it provides retail, corporate, investment, private, and Islamic banking services. It has a staff of 10,849 people. Total assets of the bank in 2016 were US $114 billion and net income of US $1.44 billion.
3. Abu Dhabi Commercial Bank
It was established in 1979 and headquartered in Abu Dhabi, serving in 19 countries including Labuan, Oman, Egypt, USA, Jordan, Brazil, India, Kuwait, China, the UK, France, Malaysia, Bahrain, Sudan, Hong Kong, and Switzerland.
Also, it provides retail, corporate, investment, private, and Islamic banking services. It has a staff of 16,924 people. Total assets of the bank in 2016 were US $66 billion and net income of US $1.65 billion. It has a team of 1400 people.
4. Dubai Islamic Bank
This bank came into being in 1975 and headquartered in Dubai. It works via Wholesale Banking, Islamic Banking (IB), Retail Banking and Wealth Management, International, and Information Technology and Operations.
It maintains 90 branches and 1.7 million customers that makes it one of the top banks in UAE. Total assets of the bank in 2016 were US $47 billion and net income of US $1.12 billion. It has a staff of 1400 people.
5. Mashreq Bank
This bank came into being in 1967 and headquartered in Dubai. It works via Wholesale Banking, Islamic Banking (IB), Retail Banking and Wealth Management, International, and Information Technology and Operations.
It maintains 20 international branches, 45 domestic branches, and 4000 staff members that makes it one of the best banks in UAE.
The bank is an associated company of the HSBC Group and a Joint Stock Company. Total assets of the bank in 2016 were US $33 billion and net income of US $531 billion.
6. Abu Dhabi Islamic Bank
This bank came into being in 1997 and headquartered in Abu Dhabi. It works via Wholesale Banking, Islamic Banking (IB), Retail Banking and Wealth Management, International, and Information Technology and Operations.
It is located in Saudi Arabia, Iraq, Egypt, and the UK that makes it one of the best banks in the UAE. Total assets of the bank in 2016 were US $33 billion and net income of US $531 billion.
7. Union National Bank
This bank provides investment and commercial banking services to salaried people, high net worth people, self-employed people, and business entities in the UAE and other countries. It was established in 1982 and headquartered in Abu Dhabi.
It has 76 branches worldwide and works via financial and international institutions and investment and treasury division. Total assets of the bank in 2016 were US $28 billion and net income of US $430 billion.
8. Commercial Bank of Dubai
It is one of the largest banks in the UAE, founded in 1969 and is headquartered in Dubai. It is known as the 35th biggest bank in the Persian Gulf region.
Further, it works via Wholesale Banking, Islamic Banking (IB), Retail Banking and Wealth Management, International, and Information Technology and Operations. Total assets of the bank in 2016 were US $17 billion and net income of US $273 billion.
Happy banking!
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Author: Bakhtawar
