Best Banks in UAE

0
Regal Wallet Banner

The United Arab Emirates is the biggest financial hub of the Middle East. It is attracting many investors and companies from across the globe because of its favourable business environment. As a result, banks, financial institutions, and other financial service providers compete to offer these investors and companies the best possible banking services. There are 23 domestic and 28 foreign banks in the UAE in total. Some of these banks are Islamic banks whilst others provide banking services to both ex-pats and UAE nationals of all religions.

In this guide, we break down the best Banks in UAE! We have compared and analysed 51 different banks with offices in UAE and ranked them based on our evaluation in 6 major categories including: fees, available products, customer service, amount of branches and ATMs.

Based on our findings, this are the best Banks in UAE:

  1. Emirates National Bank of Dubai
  2. Emirates Islamic Bank
  3. First Abu Dhabi Bank
  4. Abu Dhabi Commercial Bank
  5. Mashreq Bank
  6. Dubai Islamic Bank
  7. National Bank of Fujairah
  8. Standard Chartered Bank
  9. National Bank of Ras Al-Khaimah
  10. Abu Dhabi Islamic Bank

Our Top 10 UAE Banks In Overview

1. Emirates National Bank of Dubai (ENDB)

Bank Information – When the second biggest bank in UAE, the Emirates Bank International (EBI), and the fourth biggest bank in UAE, the National Bank of Dubai (NBD), merged in 2007 into the Emirates National Bank of Dubai (ENDB), it created the banking conglomerate with the largest amount of assets in the GCC region. ENDB operates in more than 10 countries over 3 continents and is the bank with the most ATMs in UAE. 

Notable products offered:

  • Emirates NBD Credit Card – ENDB offers multiple types of credit cards for different kinds of individuals. The interest rates start at 1,49% and they require a minimum salary of 5,000 AED per month. 
  • Emirates NBD Personal Loan – ENDB offers 6 personal loans of which personal cash loans, personal loans for self-employed individuals, and personal loans for ex-pats are the most popular. Interest rates start from 2,38%. 

Notable services offered:

  • Factoring – Companies can sell their receivables bills to increase cash flow using this service.
  • Wakala Deposits – You can invest in Sharia-compliant financial products via ENDB.

Assets and Profit:

  • Total Assets – 683 Billion AED (April 2022)
  • Net Profit – 2,7 Billion AED (April 2022)

2. Emirates Islamic Bank

Bank Information – The Emirates Islamic Bank is one of the best UAE banks providing Sharia-compliant products. It is founded in 2004 and provides loans, credit cards, and other banking services to both businesses and consumers. 

Notable products offered: 

  • Emirates Islamic Credit Cards – Anyone with a salary over 5000 AED per month can apply for one of the 13 different credit cards they offer. These credit cards come with advantages like cashback, dining discounts, and skywards miles. 
  • Emirates Islamic Personal Loans – Both ex-pats and UAE nationals can apply for a personal loan at Emirates Islamic Bank. These personal loans come with a free credit card and you need to have a minimum monthly salary of 5000 AED to be granted the loan.

Notable services offered:

  • E-savings account This online savings account offers up to 2% APY, has no withdrawal limits, and is Sharia-compliant.
  • Islamic Banking Services – All banking services offered by Emirates Islamic Bank are Sharia-compliant. 

Assets and Profit:

  • Total Assets – 70,6 Billion AED (January 2021)
  • Net Profit – 482 Million AED (January 2021)

3. First Abu Dhabi Bank

Bank Information – The First Abu Dhabi Bank has branches across the globe, is one of the best banks for ex-pats and UAE nationals, and is one of the largest equity-based banks in UAE. They have excellent customer support and offer a wide range of banking services. 

Notable products offered: 

  • FAB Personal Loan FAB offers multiple personal loans with interest rates starting from 1,62%. Anyone with a minimum salary of 7,000 AED can apply for a personal loan with FAB, including people new to UAE. 
  • FAB Credit Card – Individuals can apply for 19 types of credit cards with interest rates starting from 3,25%. A 5,000 AED monthly salary is required in order to apply.

Notable services offered:

  • FAB at Work – FAB helps companies expand by helping new employees onboard and open bank accounts for them to deposit their salaries. 
  • FAB Accelerator – Whenever you transfer at least 15,000 AED monthly, you can be part of the FAB Accelerator program which nets you reward points, Airmiles, and cashback. 

Assets and Profit:

  • Total Assets 941 Billion AED (March 2021)
  • Net Profit – 5.1 Billion AED in Q1 (April 2022)

4. Abu Dhabi Commercial Bank (ADCB)

Bank Information – 58% of all ADCB shares are in the hands of the Abu Dhabi Investment Council which is part of the Abu Dhabi government and the bank is one of the top 3 biggest and best banks in UAE. 

Notable products offered: 

  • ADCB Business Loan Businesses can apply for multiple loans at ADCB like insta-loans, loans for equipment financing, loans to exploit commercial real estate, and more. ADCB approves loans within 7 days, charges a 2% processing fee, and 17% interest.
  • ADCB Personal Loan – Individuals can get 10 types of personal loans like rental loans, smart financing, and ex-pat loans. Interest rates start at 2,89% and the minimum required monthly salary is 5,000 AED.

Notable services offered:

  • Treasury Services – With ADCB clients can take part in treasury trading. 
  • Offshore Accounts – Clients can open offshore accounts with ADCB which are held outside of the UAE and allow them to hold multiple currencies. 

Assets and Profit:

  • Total Assets – 446 Billion AED (March 2022)
  • Net Profit – 5,24 Billion AED (Jan 2022)

5. Mashreq

Bank Information – Mashreq is one of the fastest-growing banks in UAE. One of its most unique features is its smartphone app that allows clients to send money to over 20 countries without paying any fees.

Notable products offered: 

  • Mashreq Bank Personal Loan – Individuals can apply for multiple loans with interest rates starting from 5,99% when they have a monthly salary of at least 3,000 AED. 
  • Mashreq Bank Credit Card –  Anyone with a minimum monthly salary of 7,000 AED can apply for a Mashreq Bank credit card with a 2,99% interest rate.

Notable services offered:

  • Islamic Brokerage – Mashreq bank offers Sharia-compliant brokerage services with its own trading platform. 
  • Mashreq Neo – The first digital bank in UAE without branches that offers cashback offers, reward points, and other discounts. 

Assets and Profit:

  • Total Assets – 169, Billion AED (November 2021)
  • Net Profit – 1 Billion AED (January 2022)

6. Dubai Islamic Bank

Bank Information – Dubai Islamic Bank is founded in 1975, headquartered in Dubai, and was the first bank offering Islamic finance solutions to UAE residents. Via Dubai Islamic Bank clients can invest in Sharia-compliant financial products with no hidden fees.

Notable products offered: 

  • DIB Credit Card – You can apply for different DIB credit cards with interest rates from 0 to 3,25% if you earn a minimum monthly salary of 5,000 AED.
  • DIB Personal Loan – Consumers can apply for 9 different personal loans with interest rates starting at 6%. Applicants should earn a minimum salary of 3,000 AED.  

Notable services offered:

  • Islamic Sukuk Investments – Via Dubai Islamic Bank Treasury you can trade Sukuks and other Sharia-compliant financial products. 
  • Johara Ladies Savings Account – Special Sharia-compliant savings account in AED and USD that offers salary in advance and bill payment services.

Assets and Profit: 

  • Total Assets – 279,1 Billion AED (January 2022)
  • Net Profit – 1,3 Billion AED (April 2022)

7. National Bank of Fujairah 

Bank Information –  The National Bank of Fujairah is one of the best banks in UAE and has won many awards like the Best SME Internet Banking Service and Best Treasury Management at the Banker Middle East UAE Product Awards. It offers consumer and business loans, credit cards, and a wide range of other banking services.

Notable products offered: 

  • National Bank of Fujairah Credit Card – NBF has 3 different credit cards available with interest rates from 2,99%. You can apply for an NBF credit card when you have a minimum monthly salary of at least 5,000 AED.
  • National Bank of Fujairah Home Loan – You can apply for an NBF Islamic mortgage of up to 2 million AED with an interest rate of 3,75%.

Notable services offered:

  • Tasdeed Prepaid Card – NBF-branded prepaid card usable to pay for government services. 
  • NBF Elham – Bank account for women without minimum balance requirement.

Assets and Profit: 

  • Total Assets – 39,9 Billion (January 2021)
  • Net Profit – 115.2 million (January 2022)

8. Standard Chartered Bank

Bank Information – Standard Chartered Bank is one of the largest international banks offering both conventional and Islamic banking services. It is founded in 1958 with its first UAE branch in Sharja and has ATMs across the entire UAE nowadays. 

Notable products offered: 

  • Standard Chartered Xtra Saver Account – A high-interest savings account that offers 1,2% APY available in both USD and AED that comes with an international debit card. 
  • Standard Chartered Saadiq Personal Finance – Sharia-compliant personal finance with profit rates from 7,55% APY that comes with a free cheque book and debit card.
  • Standard Chartered Futura – Low-cost lifetime insurance coverage for UAE residents and ex-pats.
  • Global Choice – Savings account for children with higher-than-normal interest rates.

Notable services offered:

  • Priority Banking Service – Earn up to 7,000 AED cashback by using this service.

Assets and Profit: 

  • Total Assets – Over 3 Trillion AED (February 2022)
  • Net Profit – 3,89 Billion AED in Q1 2022 (April 2022)

9. National Bank of Ras Al-Khaimah (RAKBANK) 

Bank Information – RAKBANK is 52,75% government-controlled, has 33 branches in UAE, and has won multiple accolades like the SME Bank of the Year and Best Internet Banking awards. It offers a wide range of personal and business banking services including, but not limited to loans, credit cards, and digital banking solutions.

Notable products offered: 

  • RAKBANK Credit Card – RAKBANK has multiple credit cards available with interest rates ranging from 2,95% to 3,19% which you can apply for whenever you earn a monthly salary of at least 5,000 AED.
  • RAKBANK Business Loan – You can apply for a RAKBANK business loan of up to 3 million AED to finance your business. 

Notable services offered:

  • RAKmoney Transfers – Low-cost money transfers to Nepal, Sri Lanka, the Philippines, and India.
  • Business Equipment Finance – You can apply for business equipment finance to finance commercial vehicles, medical, general, and construction equipment to grow your business. 

Assets and Profit: 

  • Total Assets – 56,3 Billion AED (February 2022)
  • Net Profit – 220,1 Million in Q1 2022 (April 2022)

10. Abu Dhabi Islamic Bank (ADIB)

Bank Information – ADIB is a Sharia-compliant bank with over 70 branches and more than 460 ATMs across the country that focuses heavily on younger demographics. One of its notable products is its student ISIC card, which rewards students for effective money management skills. The card is accepted in more than 10 countries and offers discounts and other perks to its users. 

Other notable products offered: 

  • ADIB Personal Loan – You can apply for 10 different personal loans at ADIB with interest rates starting at 3,44%. A minimum salary of 8,000 AED is required. 
  • ADIB Credit Cards – ADIB has several credit cards available with interest rates from 2,99% which you can apply for whenever you earn at least 5,000 AED monthly. 

Notable services offered:

  • Global Transaction Banking – Cost-effective cash and trade management solutions for businesses and financial institutions to meet working capital requirements. 

Assets and Profit: 

  • Total Assets – 126 Billion AED (March 2021)
  • Net Profit – 2,33 Billion AED (February 2022)

UAE Banks Compared

UAE Bank NameAmount of Branches and ATMs
Emirates National Bank of Dubai33 Branches and 1081 ATMs
Emirates Islamic Bank50 Branches and 39 ATMs
First Abu Dhabi Bank74 Branches and 100+ ATMs
Abu Dhabi Commercial Bank 72 Branches and 450 ATMs
Mashreq Bank31 Branches and 31 ATMs
Dubai Islamic Bank90 Branches and 520 ATMs
National Bank of Fujairah48 Branches and 48 ATMs
Standard Chartered Bank5 Branches and 42 ATMs
National Bank of Ras Al-Khaimah26 Branches and 131 ATMs
Abu Dhabi Islamic Bank89 Branches and 577 ATMs

Conclusion

Now that you know what the best banks in UAE are for both ex-pats and UAE nationals, you can decide where you want to apply for a bank account, personal or business loan, or credit card. Below we will explain how you can do this. 

How to Apply for a UAE Bank Account – Step by Step

|

How to Apply for a Loan in UAE – Step by Step

|

How to Apply for a Credit Card in UAE – Step by Step

Previous articleHow to Invest in Gold in UAE
Next articleHow to Choose a Financial Advisor in UAE
Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.