The bank in UAE have divided into two major categories based on the shareholding, registrations, and the license that they have received for operation.
- Locally incorporate banks: These are the public shareholding companies and obtain the operating license in accordance with the provision of Union law No 10, 1980.
- Foreign bank branches: The foreign banks operate their branches in the country and obtain the operating license from the central bank of the United Arab Emirates.
The central bank in the UAE is the government body which regulates both national and international banks in the UAE. There are 21 local commercial banks in this country most of them have the 2 decad experience on the UAE financial market.
Local banks mean they are registered in the United Arab Emirates with the majority national shareholding.
As a Muslin country, the majority of banks in the UAE provide the modern Islamic finances and the Sharia law applies to all products. The UAE banks are a world-class financial institution, therefore, they have the international footprint not only the GCC countries but also across the world.
List of the Local commercial bank in UAE
|Bank Names||Head quarter||Branches|
|1 First Abu Dhabi Bank P.J.S.C||Abu Dhabi||69|
|2 Abu Dhabi Commercial Bank P.J.S.||Abu Dhabi||75|
|3 Arab Bank for Inv. & Foreign Trade||Abu Dhabi||9|
|4 Commercial Bank of Dubai P.J.S.||Dubai||15|
|5 Dubai Islamic Bank P.J.S.||Dubai||65|
|6 Emirates NBD Bank P.J.S.C||Dubai||90|
|7 Emirates Islamic Bank P.J.S.C||Dubai||62|
|8 Mashreq Bank P.J.S.||Dubai||29|
|9 Sharjah Islamic Bank P.J.S.C||sharjha||32|
|10 Bank of Sharjah P.J.S.||sharjha||5|
|11 United Arab Bank P.J.S.C||sharjha||9|
|12 Invest Bank P.J.S.||sharjha||8|
|13 National Bank of R.A.K||Rashal Khaimah||36|
|14 Commercial Bank International PLC||Dubai||9|
|15 National Bank of Fujairah PSC||Fujairah||15|
|16 National Bank of U.A.Q||U. A. Q.||13|
|17 Abu Dhabi Islamic Bank P.J.S.||Abu Dhabi||76|
|18 Dubai Bank Dubai||Dubai||1|
|19 Noor Bank P.J.S.||Dubai||12|
|20 Al Hilal Bank P.J.S.||Abu Dhabi||12|
|21 Ajman Bank P.J.S.C||Ajman||8|
There are 7 emirates in the UAE and the government of each emirate has sponsored at least one bank. They hold a large portion of shares and ownership to the state bank. We can find that the bank name refers to the state.
Particularly for the banks which opened on behalf of the State Government, They provide Islamic finance to the customers. When you see the top ten banks in the UAE, the government-sponsored banks are in the top spot.
Although 2020 has become a bad financial year for the UAE banks due to the low oil prices they are still on reasonable profit.
Most of the UAE bank has implemented the modern technology on their services including, internet and mobile banking, debit and credit card facility, and investment and wealth management services.