The UAE has developed a robust banking and financial sector, combining expert knowledge, boutique services, and the latest technological innovations to provide tailored financial solutions to a broad spectrum of clients. As the nation’s status as a global financial hub continues to grow and more foreign nationals set up business and become residents here, choosing the right bank becomes a crucial decision. Presented below is an overview of the best banks in the UAE, including their unique features and services.
1. Emirates NBD
Emirates NBD is one of the largest banking groups in the Middle East and has established itself as a leader in the UAE's banking sector. Formed in 2007 from the merger of Emirates Bank International and National Bank of Dubai, Emirates NBD offers a comprehensive range of financial services, including personal, business, and investment banking. The group’s operations have expanded beyond the region, with outposts in India, Singapore, and the United Kingdom.
Key Features:
Extensive Branch Network: With over 200 branches and 1,000 ATMs across the UAE, Emirates NBD provides ease of accessibility for customers.
Innovative Digital Banking: Emirates NBD has been a pioneer in digital banking. It was one of the first to launch a chat assistant in the form of ‘Eva’, and later introduced the digital ‘Liv Bank’, which offers its own range of features.
Customer Service: Emirates NBD has a reputation for high standards of customer service and offers a variety of personalised banking solutions for personal and business clients.
Unique Services:
Liv Bank: One of the first purely digital banks in the UAE, Liv makes it easier than ever before to open an account and bank on the go. Credit cards, loans, and other financial services can also be easily availed through Liv
Rewards Programs: Emirates NBD offers various rewards and loyalty programs, including cashback on purchases and exclusive discounts.
2. First Abu Dhabi Bank (FAB)
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First Abu Dhabi Bank was formed in 2017 through the merger of First Gulf Bank and National Bank of Abu Dhabi, creating a unique identity that carried on the legacy of its constituent banks. FAB is widely considered to be the best and safest bank in the UAE and has established a presence across five continents. The bank is especially renowned for its corporate banking and wealth management services.
Key Features:
Comprehensive Corporate Banking Services: FAB offers a full suite of options for corporate banking, including trade finance, treasury solutions, and project finance.
Wealth Management: FAB is known for its high-quality wealth management services that give high-net-worth clients security and peace of mind.
Global Presence: With an extensive network that includes branches in key global financial centres, FAB provides a robust platform for international business transactions and is an excellent choice for multinational corporations with a UAE presence.
Unique Services:
Payit Digital Wallet: An app that aims to offer a complete lifestyle solution, Payit lets customers make cashless transactions, pay their bills, transfer money locally and internationally, and much more.
Golden Visa Benefits: Clients who are Golden Visa holders can avail of exclusive benefits from FAB. They get access to lower mortgage rates and lower initial payments, as well as lower interest rates across a wider range of financial products.
3. Abu Dhabi Commercial Bank (ADCB)
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Abu Dhabi Commercial Bank, established in 1985, is one of the largest banks in the Middle East and offers a variety of services for personal and business banking clients. It also has a very attractive loyalty and rewards programme that makes it a popular choice for those opening their first account in the UAE.
Key Features:
Customer-Centric Approach: ADCB is very well-regarded in the UAE for its personalised customer service and for providing tailored solutions.
Diversity of Products: The range of products offered by ADCB is quite extensive and adaptable to different lifestyles and financial brackets.
Unique Features:
Loyalty Programme: Touchpoints is an app that allows ADCB customers to earn points on every transaction they make. The accrued points can be used to pay utility bills and to make partial payments on everything from school fees to property service charges. They can also be used to avail of discounts, or converted into air miles.
Etihad Guest Account: With ADCB, customers can earn Etihad Guest points, which are part of the air miles programme offered by Etihad Airways.
4. Dubai Islamic Bank (DIB)
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Dubai Islamic Bank, established in 1975, is the world’s first Islamic bank and the largest in the UAE. It incorporates all principles of Sharia, the governing law of Islam, into its operations and practices. In effect, this means that no interest can be charged on any products or services provided by the bank and profit is generated by alternative means. Islamic finance is a rapidly growing market across the world and DIB is at the forefront of that growth with a presence in seven key markets and further expansion on the horizon.
Key Features:
Islamic Banking Expertise: DIB offers a comprehensive range of Sharia-compliant products and services, including personal banking, corporate banking, and investment solutions.
Community Focus: The bank is involved in many community activities and charitable initiatives.
Customer Service: As part of its operating principles, DIB provides a variety of channels for customers to access banking services.
Unique Services:
Sharia-Compliant Products: DIB is a regional leader in the Islamic finance sector, offering a broad range of products that are designed to meet Islamic finance principles, including interest-free loans and profit-sharing investment accounts.
Private Banking and Wealth Management: As there is no interest charged or accrued on DIB products, the bank provides its customers with innovative wealth management and growth solutions to fulfill their financial goals.
5. Mashreq Bank
Mashreq Bank, founded in 1967 as the Bank of Oman, is the oldest privately held bank in the UAE and one of the oldest financial entities in the region. It offers an extensive selection of products and services for different types of clients and has established a strong presence across the world. Mashreq has three branches in New York, London, and Hong Kong, as well as outposts focusing on specific services (such as corporate banking or foreign exchange) in Asia and North Africa.
Key Features:
Tailored Solutions: Mashreq Bank has bespoke solutions for every type of client – UAE locals, expats, private banking individuals, and corporate entities. The bank’s global presence makes it an especially suitable choice for the latter.
Customer Experience: Customers of Mashreq don’t just benefit from exceptional service, their entire banking journey is seamless and the bank has received international recognition for the experience it provides.
Unique Services:
Digital Banking Leadership: Mashreq Bank has been at the forefront of digital banking innovation in the UAE, with services such as Mashreq Mobile and online banking.
Global Trade Services: Mashreq provides comprehensive trade and export services, making it a valuable partner for businesses engaged in international trade.
Final Take
Choosing the right bank in the UAE is dependent on various factors, including personal and business needs as well as the availability of personalised services. You will find many well-known international names such as HSBC and CitiBank in Dubai, but the banks listed above offer distinct advantages for the local market, from cutting-edge digital banking solutions to comprehensive Islamic finance products. As the UAE continues to advance as a global financial hub, these banks are well-positioned to meet the evolving needs of their customers with innovation, service excellence, and a commitment to financial growth.
