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Best Banks in UAE 2022-23 - A Complete Guide & Overview
20 October 2021 Written by qadeer
The United Arab Emirates is rapidly evolving into a financial hub of the Middle East. Banks, financial institutions and insurance service providers cater to the demands of an ever growing heterogeneous population. Banks in particular offer a myriad of perks to its customers all year round – enabling everyone to pursue their ambitions.
In this blog, we look in terms of productsoffered, customer service, accessibility and technology.
Top 6 Banks in UAE
| 1. Emirates National Bank of Dubai (ENBD | 2. Abu Dhabi Commercial Bank (ADCB) | 3. Dubai Islamic Bank |
| 4. Standard Chartered | 5. Abu Dhabi Islamic Bank (ADIB) | 6. Mashreq Neo |
With presence in more than 10 countries over 3 continents, ENBD is by far the largest and most reliable bank originating from the UAE. The bank was formed in 2007 after a merger between the National Bank of Dubai and Emirates Bank International. Headquartered in Dubai, the bank offers a plethora of services to its customers. Emirates NBD was initially formed as the National Bank of Dubai (NBD) on 19 June 1963 by then Dubai's ruler Sheikh Rashid bin Saeed Al Maktoum, forming the first national bank established in Dubai. NBD merged with Emirates Bank International (EBI) on 6 March 2007 to form Emirates NBD. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM).
A wide range of products on offer and countrywide access to services.
Abu Dhabi Commercial Bank (ADCB) was formed in 1985 as a public shareholding company with limited liability, following the mergers between Emirates Commercial Bank, Federal Commercial Bank, and Khaleej Commercial Bank, which was established in 1975.The Government of Abu Dhabi through the Abu Dhabi Investment Council (ADIC) holds 62.52% of ADCB shares; the remainder is held by other institutions and individuals. ADCB is the third-largest bank in the UAE in terms of balance sheet size and offers a range of commercial and retail banking services to its customers.
What’s Unique About Them
Exceptional customer service
The Dubai Islamic Bank (DIB) is an Islamic bank in Dubai, established in 1975 by Saeed Bin Ahmed Lootah. It is the first Islamic bank in the world to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE.Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint-stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world's first full-service Islamic bank and the third-largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia-compliant products and services.
As one of the leading international banks in the world, Standard Chartered offers exceptional banking solutions to its clients; with a keen focus on customer service and automation of processes. It was one of the first banks to introduce automated teller machines; and continues to lead the way in terms of technology and innovation.
Standard Chartered plc is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
What’s Unique About Them
A globally recognized bank that ticks all boxes
Abu Dhabi Islamic Bank, A Public Joint Stock Company, is a leading Islamic bank headquartered and listed in Abu Dhabi- UAE with a purpose of being a lifelong partner for customers, colleagues and community. Over the last two decades, ADIB has demonstrated a consistent track record of growth with assets now totaling USD 34 billion.
The bank currently serves more than 1 million customers through a balanced proposition that combines a highly-personalized customer experience with world-class digital banking services.
ADIB is a full-fledged financial service provider that offers banking solutions for individuals, corporates and affluent customers. In addition, the wider ADIB Group provides brokerage, real estate and property management, payments and insurance services.
ADIB has one of the largest distribution networks in the UAE with more than 60 branches.
Internationally, the bank has a presence in six strategic markets - Egypt, , the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan and Iraq.
What’s Unique About Them
Combines Islamic finance with contemporary banking solutions to meet the needs of customers.
An offshoot of the oldest bank in UAE, Mashreq Neo is the first digital bank in the UAE. The bank is completely branchless and paperless; and offers all the conventional banking services as well as several unique offerings to attract a young customer-base. The smartphone bank application offers plenty of exciting solutions; such as Quick Remit; which allows individuals to send money to more than 20 countries without any charge. This facility offers excellent exchange rates, and is used by expats to send and receive money in a blink of an eye.
If you are looking for the best banking experience in the UAE, your search ends here! Awarded as 'The Best Mobile Banking App' in the Middle East, 2020 by World Finance, with Neo you not only get an intuitive and personalised app, but an entire bank in your hands.
What’s Unique About Them
A full-fledged bank in an app that holdsgreen credentials, saves time and offers plenty of rewards and cashbacks to its customers.
The banking sector in UAE is growing at an unprecedented rate, but there are only a few that can live up to the billing of the perfect bank. Emirates National Bank of Dubai (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), and Mashreq Neo are our top picks.
