The United Arab Emirates (UAE) is the Middle East's leading financial hub, attracting a wide range of investors and companies from around the world thanks to its business-friendly environment. This has sparked intense competition among banks, financial institutions, and other financial service providers to offer top-notch banking services. In the UAE, there are 23 domestic banks and 28 foreign banks, with some specializing in Islamic banking and others catering to both ex-pats and UAE nationals of all faiths.
This guide explores the best banks in the UAE. We've compared and analyzed 51 banks with operations in the UAE, evaluating them across six key categories: fees, available products, customer service, and the number of branches and ATMs.
Based on our research, the top banks in the UAE are:
- Emirates National Bank of Dubai
- Emirates Islamic Bank
- First Abu Dhabi Bank
- Abu Dhabi Commercial Bank
- Mashreq Bank
- Dubai Islamic Bank
- National Bank of Fujairah
- Standard Chartered Bank
- National Bank of Ras Al-Khaimah
- Abu Dhabi Islamic Bank
An Overview of Our Top 10 UAE Banks
1. Emirates National Bank of Dubai (ENBD)
Bank Details – In 2007, the Emirates Bank International (EBI), the second-largest bank in the UAE, merged with the National Bank of Dubai (NBD), the fourth-largest bank, to form Emirates National Bank of Dubai (ENBD). This merger created the biggest banking conglomerate in the GCC, with operations in over 10 countries across 3 continents. ENBD also has the most ATMs in the UAE.
Key Products:
- Emirates NBD Credit Card: ENBD offers various credit cards to suit different individuals, with interest rates starting at 1.49% and a minimum salary requirement of 5,000 AED per month.
- Emirates NBD Personal Loan: The bank provides six types of personal loans, including personal cash loans, personal loans for self-employed individuals, and personal loans for ex-pats, with interest rates starting from 2.38%.
Key Services:
- Factoring: This service allows companies to sell their receivable bills to boost cash flow.
- Wakala Deposits: A Sharia-compliant investment option for customers.
Assets and Profits:
- Total Assets: 683 billion AED (April 2022)
- Net Profit: 2.7 billion AED (April 2022)
2. Emirates Islamic Bank
Bank Overview – Emirates Islamic Bank is among the top banks in the UAE specializing in Sharia-compliant products. Established in 2004, it offers loans, credit cards, and other banking services to businesses and individual customers.
Key Products:
- Emirates Islamic Credit Cards: The bank offers 13 different credit cards, which require a minimum salary of 5,000 AED per month to apply. These cards feature benefits like cashback, dining discounts, and skywards miles.
- Emirates Islamic Personal Loans: Both ex-pats and UAE nationals can get personal loans from Emirates Islamic Bank. The loans come with a free credit card, with a minimum monthly salary of 5,000 AED required for approval.
Key Services:
- E-Savings Account: This online savings account provides up to 2% APY, has no withdrawal limits, and adheres to Sharia principles.
- Islamic Banking Services: Emirates Islamic Bank's entire range of services follows Sharia-compliant guidelines.
Assets and Profits:
- Total Assets: 70.6 billion AED (January 2021)
- Net Profit: 482 million AED (January 2021)
3. First Abu Dhabi Bank
Bank Overview – First Abu Dhabi Bank (FAB) is a leading financial institution with branches worldwide. It is one of the top banks in the UAE for ex-pats and UAE nationals, known for its strong customer service and extensive range of banking services. FAB is also among the largest equity-based banks in the UAE.
Key Products:
- FAB Personal Loan: FAB provides a variety of personal loans with interest rates starting from 1.62%. Applicants need a minimum monthly salary of 7,000 AED, and even newcomers to the UAE can apply.
- FAB Credit Card: The bank offers 19 different credit cards with interest rates starting at 3.25%. To qualify, individuals need a monthly salary of at least 5,000 AED.
Key Services:
- FAB at Work: This service assists companies in onboarding new employees and setting up bank accounts to facilitate salary deposits.
- FAB Accelerator: Customers who transfer at least 15,000 AED monthly can join the FAB Accelerator program, which offers reward points, Airmiles, and cashback.
Assets and Profits:
- Total Assets: 941 billion AED (March 2021)
- Net Profit: 5.1 billion AED in Q1 (April 2022)
4. Abu Dhabi Commercial Bank (ADCB)
Bank Overview – 58% of ADCB's shares are owned by the Abu Dhabi Investment Council, a branch of the Abu Dhabi government. The bank ranks among the top 3 largest and most reputable banks in the UAE.
Key Products:
- ADCB Business Loan: Businesses can apply for various loans, including insta-loans, equipment financing, and commercial real estate loans. ADCB offers loan approvals within 7 days, with a 2% processing fee and an interest rate of 17%.
- ADCB Personal Loan: The bank provides 10 types of personal loans, such as rental loans, smart financing, and ex-pat loans. Interest rates start at 2.89%, and applicants need a minimum monthly salary of 5,000 AED.
Key Services:
- Treasury Services: ADCB allows clients to engage in treasury trading.
- Offshore Accounts: Clients can open offshore accounts with ADCB, which are held outside of the UAE and can contain multiple currencies.
Assets and Profits:
- Total Assets: 446 billion AED (March 2022)
- Net Profit: 5.24 billion AED (January 2022)
5. Mashreq
Bank Overview – Mashreq is among the fastest-growing banks in the UAE. It is notable for its smartphone app, allowing clients to transfer money to over 20 countries without any fees.
Key Products:
- Mashreq Bank Personal Loan: Individuals with a minimum monthly salary of 3,000 AED can apply for personal loans, with interest rates starting at 5.99%.
- Mashreq Bank Credit Card: Available to anyone with a minimum monthly salary of 7,000 AED, these credit cards have an interest rate of 2.99%.
Key Services:
- Islamic Brokerage: Mashreq offers a Sharia-compliant brokerage service with its own trading platform.
- Mashreq Neo: This is the UAE's first digital-only bank, offering cashback, reward points, and other discounts without any physical branches.
Assets and Profits:
- Total Assets: 169 billion AED (November 2021)
- Net Profit: 1 billion AED (January 2022)
6. Dubai Islamic Bank
Bank Overview – Established in 1975 and headquartered in Dubai, Dubai Islamic Bank was the first to offer Islamic finance solutions to UAE residents. It allows clients to invest in Sharia-compliant financial products without hidden fees.
Key Products:
- DIB Credit Card: You can apply for various DIB credit cards with interest rates ranging from 0% to 3.25%, requiring a minimum monthly salary of 5,000 AED.
- DIB Personal Loan: This bank provides 9 different personal loans with interest rates starting from 6%. Applicants need a minimum monthly salary of 3,000 AED.
Key Services:
- Islamic Sukuk Investments: Through Dubai Islamic Bank Treasury, clients can trade Sukuks and other Sharia-compliant financial instruments.
- Johara Ladies Savings Account: A special Sharia-compliant savings account in AED and USD, offering features like salary in advance and bill payment services.
Assets and Profits:
- Total Assets: 279.1 billion AED (January 2022)
- Net Profit: 1.3 billion AED (April 2022)
7. National Bank of Fujairah
Bank Overview – The National Bank of Fujairah is one of the top banks in the UAE, having earned several awards, including Best SME Internet Banking Service and Best Treasury Management at the Banker Middle East UAE Product Awards. It provides a wide range of banking services, including consumer and business loans and credit cards.
Key Products:
- National Bank of Fujairah Credit Card: NBF offers three credit card options with interest rates starting at 2.99%. To apply, you need a minimum monthly salary of 5,000 AED.
- National Bank of Fujairah Home Loan: This Islamic mortgage offers up to 2 million AED with a 3.75% interest rate.
Key Services:
- Tasdeed Prepaid Card: A prepaid card branded by NBF that can be used to pay for government services.
- NBF Elham: A bank account designed for women without a minimum balance requirement.
Assets and Profits:
- Total Assets: 39.9 billion AED (January 2021)
- Net Profit: 115.2 million AED (January 2022)
8. Standard Chartered Bank
Bank Overview – Standard Chartered Bank is one of the largest international banks, providing both conventional and Islamic banking services. Established in 1958, it opened its first UAE branch in Sharjah and now has ATMs throughout the UAE.
Key Products:
- Standard Chartered Xtra Saver Account: A high-interest savings account with a 1.2% annual percentage yield (APY), available in USD and AED, that comes with an international debit card.
- Standard Chartered Saadiq Personal Finance: This Sharia-compliant personal finance product offers profit rates from 7.55% APY and includes a free cheque book and debit card.
- Standard Chartered Futura: An affordable lifetime insurance coverage for both UAE residents and ex-pats.
- Global Choice: A savings account designed for children with higher-than-normal interest rates.
Key Services:
- Priority Banking Service: By using this service, you can earn up to 7,000 AED cashback.
Assets and Profits:
- 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 Overview – RAKBANK is 52.75% government-owned, with 33 branches in the UAE. It has won several awards, such as SME Bank of the Year and Best Internet Banking. The bank provides a diverse array of personal and business banking services, including loans, credit cards, and digital banking solutions.
Key Products:
- RAKBANK Credit Card: The bank offers various credit cards with interest rates between 2.95% and 3.19%. You can apply for one if you have a minimum monthly salary of 5,000 AED.
- RAKBANK Business Loan: This loan allows businesses to borrow up to 3 million AED for business financing.
Key Services:
- RAKmoney Transfers: A low-cost money transfer service to Nepal, Sri Lanka, the Philippines, and India.
- Business Equipment Finance: This service helps finance commercial vehicles, medical equipment, and construction equipment to support business growth.
Assets and Profits:
- Total Assets: 56.3 billion AED (February 2022)
- Net Profit: 220.1 million AED in Q1 2022 (April 2022)
10. Abu Dhabi Islamic Bank (ADIB)
Bank Overview – Abu Dhabi Islamic Bank (ADIB) is a Sharia-compliant bank with over 70 branches and more than 460 ATMs throughout the UAE. It has a strong focus on younger customers, offering a student ISIC card that rewards students for managing their money wisely. This card is accepted in over 10 countries and provides various discounts and other benefits.
Additional Key Products:
- ADIB Personal Loan: The bank offers 10 different personal loans with interest rates starting at 3.44%. To qualify, you need a minimum monthly salary of 8,000 AED.
- ADIB Credit Cards: ADIB has several credit card options with interest rates starting at 2.99%, available for those earning at least 5,000 AED monthly.
Key Services:
- Global Transaction Banking: ADIB provides cost-effective cash and trade management solutions for businesses and financial institutions to address working capital needs.
Assets and Profits:
- Total Assets: 126 billion AED (March 2021)
- Net Profit: 2.33 billion AED (February 2022)
UAE Banks Compared
Conclusion
With an understanding of the top banks in the UAE for both ex-pats and UAE nationals, you're now equipped to choose where to apply for a bank account, personal or business loan, or credit card. Here's a brief guide on how to get started.
