UAE is one of the countries which has a strong financial market comparing the other countries in the Gulf regions. There are 21 local commercial banks with 650 branches across the country. Majorities of the bank have headquartered in Abu Dhabi and Dubai. Here in this post, I will explain the best bank in UAE based on their financial data.
After the global pandemic 2020, most of the banks have affected some way because only the strong industrial market contributes to the banks’ growth.
Many small, medium and large organizations have severely impacted form the government precautionary measures result of that almost all industries had shutdown.
Although international banks are in the UAE financial market, local banks are in the top ten because of their high volume of trade and assets.
Top 10 Best bank in UAE
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First Abu Dhabi Bank
It is the largest commercial bank in the UAE and one of the top five banks in the gulf region. FAB provides a wide range of financial services providing customers with different options for deposit and credit products. It is not only the best bank in UAE for the local communities but also the best bank in UAE for expats residents.
Deposit products;
- iSave account: This saving account can be opened with zero minimum balance and no additional charges will be applied. The more you save, the more you can withdraw, there is no restriction on the number of transactions you make to save or withdraw.
- Emirati Al AWWAL Saving Certificate: This is the product that has been designed to encourage the UAE nation to save their money rather than spend more on their lifestyles. Attractive assured profit rates will credit into the liked account annually.
- Fixed Deposit: Eligibility for all types of customers in the UAE and it provides a higher interest on the deposit and overdraft facility available against this account. The mature tenure is flexible for up to 12 months.
- Smart deposit account: It is useful for the long term deposit especially for your children and the tenure available for two, three, five, seven, and ten years.
Loan products
- Personal Loan for UAE Nationals
- Personal Loans for Expats
- New to Country Loans
- New to Employment Loans
- Etihad Guest Personal Loan
- Secured Loans
- Landlord Loans
- Debt Consolidation Loans
- National Loans Scheme
- Buyout Loans
- Car Loans for Salaried Individuals
- Car Loans for Self Employed Individuals
- Etihad Guest Car Loan
Total Assets – AED 744 Billion ( 2018)
Net Profit – AED 12 Billion (2018)
2. Emirates NBD
It is the best bank in Dubai owned by the Dubai government, it provides the various solution to the customers from saving, loan, and investment. Here are the most popular savings and loan products the bank has provided;
Deposit accounts;
- Current account
- Several saving accounts
- Gold investment account
- Value account
- Islamic account
Loan products;
- Personal loan
- Home Loan
- Overdraft loan
- Islamic finance
- Credit card
Total Assets – AED 500 Billion (2018)
Net Profit – AED 10 Billion (2018)
3. Union Bank merged with (ADCB)
The bank is headquartered in Abu Dhabi, and the Abu Dhabi government holds 52.62 percent of its share. And other portions of the shares have held by the general public and private institutions. The bank is providing personnel banking and corporate banking to the customers.
Deposit products;
- Current & Savings Account
- Etihad Guest Accounts
- Fixed Deposit Account
- Offshore
- Business Accounts
- Safe Deposit Locker
Loan products;
- LoansCar Loans
- Home Loans
- Personal Loans
- Credit card
Total Assets – AED 279 Billion(2018)
Net Profit – AED 4 Million(2018)
4. Emirates Islamic Bank
It is the largest Islamic bank in the UAE that has adopted Islamic principles and Sharia law to address banking issues that arise with customers. Although it provides Islamic finance, it is one of the best banks in the UAE for non-Muslims resistant. The product and the services have described below;
Deposit products;
- Booster WAKALA Deposit
- Investment term deposit
- Flexi term deposit
Loan products;
- Personal Finance
- Auto Finance
- Home Finance – Bina’a
- Home Finance – Manzil
- Commercial Property Finance
- Financing Against Shares
- Credit card
Total Assets – AED 58 Billion (2018)
Net Profit – AED 924 Million (2018)
5. Dubai Islamic Bank
Another Islamic bank in Dubai is the DIB which provides the best Islamic finance to its customers. In terms of the asset, it comes to the top ten Islamic banking in the Gulf region. Most of its products are approved by Sharia law, however, it offers modern Islamic banking to anyone regardless of nationality and religious differences.
Deposit products;
- Advance Profit Payment Wakala
- Maximiser Wakala Deposit
- Long-Term Wakala Deposit Fixed term
- Monthly Payment Wakala Deposit
- Recurring Wakala Deposit
- USD Wakala Deposit
- Retail Wakala
- Al Islami Investment Deposit Account
Loan products;
- Auto Finance
- Home Finance
- Personal Finance
- Credit card
Total Assets – AED 223.7 Billion (2018)
Net Profit – AED 5 Billion (2018)
6. Abu Dhabi Commercial Bank (ADCB)
ADCB became the largest bank after a successful merger with the Union National Bank in the UAE. The bank provides various services to the customer whether they are individuals or the organization.
Deposit products;
- Current & Savings Account
- Offshore
- Business Accounts
Loan products;
Total Assets – AED 107 Billion (2018)
Net Profit – AED 1,186 Million (2018)
7. Abu Dhabi Islamic Bank (ADIB)
ADIB is the largest Islamic financial institution based in Abu Dhabi the capital city of the United Arab Emirates. It is the best Islamic bank in the UAE. ADIB is a partner of the Emirates Airline Skyward program and the customer who deals with ADIB will receive a skyward reward on their card.
Deposit accounts
- Current Account
- Savings Account
- Ghina Savings Account
- Ghina Salary Account
- Banoon Children’s Savings Account
- Electron Account
- Short Term Investment Account
- Investment Deposit Account
Loan products;
- Personal Finance
- Home Finance
- Debt Settlement
- Car Finance
- Education Finance
- Travel Finance
- Boat Finance
- Goods Murabaha
- Credit card
- Total Assets – AED 125 Billion (2018)
- Net Profit – AED 2,501 Million (2018)
8. National Bank of Ras Al-Khaimah (RAKBANK)
The bank has operates all across the UAE with 33 branches even though it is originated and headquarters in Ras Al Khaimah northerner part of the UAE. The RAK government has owned 50% of its share and others from the general public.
Deposit products;
- Current
- Savings
- Emirates Skywards Savings Account
- RAKbooster
- RAKsave
Loan products;
- Home in One
- Personal Loan
- Cash Loan
- Education Loan
- Mortgage Home Loans
- Business or corporate loan
- Credit card
Total Assets – AED 52.7 Billion (2018)
Net Profit – AED 917.5 Million ( 2018)
9. National Bank of Fujairah
NBF is established with the help of the government of the Fujairah and now it has operated all across the UAE. Although it is coming from the least developed emirates of the UAE it has already proved as a leader in the field of modern Islamic banking.
Deposit products;
- Current
- Saving
- Fixed deposit
Loan products;
- Home loan
- Personal loan
- Business loan
- Credit card
- Total Assets – AED 39 Billion (2018)
- Net Profit– AED 615 Million (018)
10. Mashreq
It is one of the oldest privately-owned banks in the United Arab Emirates and founded in Dubai. It is the first bank which provided ATM, debit, and credit card facility in the UAE. The bank offers advanced banking facilities with the most innovative state-of-the-art technology.
Deposit products;
- Current Account
- Sweep Current Account
- Basic Savings Account
- Easy Saver Account
- Mashreq Millionaire
- Unfixed Deposits
- Fixed Deposits
- “Misr Um El Donia” Egyptian Account
- Step-Up Saver Account
- MaxSaver Account
- Current Gold Account
- Dream Saver Account
- Gold Edge Account
- Daily Bonus Account
- Money Multiplier Account
Loan products;
- Personal Loans For Expatriates
- Personal Loans For Emiratis
- New To UAE / New To Employer
- Debt Consolidation Loans
- National Loans Scheme
- Personal Loan Remit
- Mashreq Slice Loans
- Credit card
- Total Assets – AED 139 Billion ( 2018)
- Net Profit – AED 2.1 Billion (A2018)
Conclusion: All the best bank in UAE provides modern banking including mobile banking, internet banking, ATM deposit, and withdrawal services. Considering various aspects, we have chosen 10 financial institutions as the best bank in UAE.
