Top 10 Banks in the UAE: An Overview for 2023

The banking system of the United Arab Emirates is vivid and confusing as local and global players are presenting a broad offer of banking services. This is a breakdown of 10 of the best banks in the UAE as we move to a new year in 2023 and they attributes that make them stand out.

1. First Abu Dhabi Bank (FAB): Forged from the consolidation of First Gulf Bank and National Bank of Abu Dhabi, FAB today is the UAE’s biggest bank. It provides corporate, retail, and Islamic Banking facilities with operation both domestically and internationally.
2. The merger between Emirates Bank International and National Bank of Dubai offshoot the well established Emirates NBD, which today is among the largest banking groups in Middle East. Recognized for its efficient and friendly., customer relations and great products, it offers a wide range of retail, core and investment services.
3. It is a well established bank of UAE having its branches in Abu Dhabi, the bank is known as Abu Dhabi Commercial Bank (ADCB) ADCB. The following are the major products of the bank; Personal banking,Business banking as well as Corporate banking with a core bearing on customers’ digital solutions.
4. Dubai Islamic Bank (DIB): DIB is the largest Islamic bank in UAE and the first one which applied Islamic rule in all practices. It provides a wide range of Sharia compliant products and services to banking consumers which includes individuals and companies.
5. Mashreq Bank: It started as a branches network in 1967 and has grown into one of the oldest banks in the UAE today. It is famous for its firsts: introducing such novelties to the United Arab Emirates as an ATM and a credit card. Mashreq offers its clients range of banking solutions as a retail, corporate and investment bank.
6. Abu Dhabi Islamic Bank: is a big Shariah complaint financial institution that covers most of the Islamic financial services. It is well established both nationally and globally, with branches in several countries among them being the United Kingdom and KSA.
7. RAKBANK: Otherwise known as the National Bank of Ras Al Khaimah the RAKBANK has built a reputation as the destination of choice for those seeking excellent customer service and a particular focus on facilitating the growth of small and medium business. It provides various and affordable loan and mortgage services that make the company to draw many people and organizations.
8. Standard Chartered Bank: The Bank has been operating in UAE since 1958 in conventional banking while its Islamic Banking operation started a decade before the official launch of Islamic Banking. Today it is especially popular among foreign citizens and young workers as an MFI with unique digital services.
9. National Bank of Fujairah (NBF): NBF has established itself with core competencies in corporate and investment banking, in addition to women’s banking services for Emirati. This has earned it reputation in customer service delivery and more importantly in its embrace of innovation.
10. Commercial Bank of Dubai (CBD): CBD offers a wide set of banking products and services focusing on personal, corporate and Islamic banking. Founded in 1969 and it has a good reputation in delivery dependable and customer centred services.

A right bank has to be selected from the list of banks operating in the UAE based on the requirement of the individual, or personal preferences. When it comes to Sharia’s compliant services, best loan rates, or banking services through online means, the economy has much to offer from the best banks in the UAE.