The Top Commercial Banks in Dubai and UAE
There are many commercial banks in Dubai and the UAE, some of which provide excellent services to their clients and others that fall far short of your expectations. To help you avoid the latter category and find a commercial bank that genuinely meets your needs, we’ve put together this list of our top picks of the best commercial banks in Dubai and UAE – all well-known institutions with promising prospects for success.
The Top 9 Commercial Banks in Dubai and UAE
1. HSBC Bank Middle East Limited
(Total Assets $2.958 trillion as of 2021)
If you’re looking for a bank, that’s credible, and with a global reach, HSBC Bank Middle East Limited is a great choice. This bank has been around since 1959 and is headquartered in Dubai, making it one of the most established banks in the region.
HSBC has a strong focus on providing excellent customer service, and they have won awards for their call center and online banking services. They also have an extensive network of branches and ATMs, so you can always find an HSBC location when you need one.
HSBC offers a wide range of products and services, including savings and checking accounts, loans, credit cards, investments, and more. And if you’re looking for a bank with experience with big projects, HSBC is a good choice as they’ve been involved in financing some of the most significant developments in Dubai, including the Burj Al Arab hotel and the Palm Jumeirah.
Pros
100% secure – no chances of losing your money in the account
Get free bank statements and balance inquiry
Available in both urban areas and rural settings
It can be used to make and receive global payments
Cons
Not available in all the countries
2. Citibank N.A
(Total Asset 2.291 trillion USD as of 2021)
Citibank N. A is one of the top commercial banks in Dubai, UAE, and has a wide range of products and services to offer its clients. It provides services such as credit cards, loans, deposits, investments, and more.
The bank has a strong presence in the country, with a large network of branches and ATMs. In addition, it boasts an online presence and offers an excellent mobile app for its customers.
Pros
High eligibility for high loan limits
It has a vast coverage outside Dubai
Highly reliable, being in the business for several decades
Huge loan facilities, including student loans, development loans, and emergencies.
Cons
Non-banking customers may fail to qualify for loans
3. Standard Chartered Bank
(Total Asset 827.8 billion USD as of 2021)
Standard Chartered is one of the oldest and most prestigious banks in Dubai, with a long and storied history dating back to the 1800s. The bank has a strong presence in both Dubai and Abu Dhabi and offers a full range of banking services to individuals and businesses.
Standard Chartered is known for its excellent customer service, and its staff is always helpful and professional. The bank has a vast network of ATMs and branches, so it’s easy to access your money when needed.
If you’re looking for a reliable and established commercial bank in Dubai, Standard Chartered is an excellent option.
Pros
Charges affordable interest on loan to customers
Quick opening of accounts
Free joining – no charges
Readily accessible services online
Cons
Loan limits may not be available to non-members.
4. Emirates Islamic Bank
(Total Asset $2,381.064B, as of 30th Sep 2022)
Emirates Islamic Bank is a great option if you’re looking for an Islamic bank in Dubai. This bank was founded in 2004 and is one of the leading banks in the UAE.
Emirates Islamic Bank offers a wide range of services, including personal banking, corporate banking, and investment banking. They also have a strong focus on customer service and offer 24/7 support.
In terms of products, they offer everything from savings accounts and credit cards to loans and mortgages. And they have a vast network of branches and ATMs, so you can always access your money when needed.
Pros
Easy joining – you can even join online
24/7 access to funds through mobile banking and internet banking
Easy to build credit limits for loans
A knowledgeable customer help desk ensures all your banking concerns are handled.
Cons
Closed on weekends and public holidays
5. Dubai Islamic Bank
(Total Assets 279.1 billion dirhams as of 2022)
You might not have heard of Dubai Islamic Bank, but it’s the largest Islamic bank in the UAE. It was founded in 1975 and has since grown to become one of the most popular banks in the country.
What sets Dubai Islamic Bank apart from other banks is its commitment to Islamic values and principles. This means that the bank offers products and services that comply with Sharia law, which is the Islamic code of conduct.
Some of the products and services that Dubai Islamic Bank offers include savings and investment accounts, personal loans, credit cards, business banking, and more. The bank also has a strong focus on corporate social responsibility, which is important to many people these days.
If you’re looking for a Sharia-compliant bank that offers a wide range of products and services, Dubai Islamic Bank is worth checking out.
Pros
Transparent and 100% secure
Low interest loans and other products
Strong digital presence with a wide array of financial services offered on its website and mobile app
The bank’s low transaction fees
Cons
There are penalties for delaying or defaulting on loans.
6. Emirates NBD
(Total Asset US$218.76 billion (2020))
Emirates NBD is one of the most popular commercial banks in Dubai and UAE. It offers a wide range of services to meet the needs of personal and business customers. The sevices include current and savings accounts, credit cards, loans, investments, and insurance, etc.
The bank also operates an extensive network of ATMs and branches across Dubai and UAE, making it easy for customers to access their funds when needed. In addition, Emirates NBD also offers several online banking services that make it convenient for customers to manage their finances from anywhere in the world.
Pros
They have a huge presence all over Dubai – including remote areas
They have invested massively in technology so you can make transaction from your comfort
Quick and reliable loan offers for customers
The bank offers quick services thanks to the high number of trained staff
Cons
The account opening procedure can be lengthy, especially to foreigners
7. Noor Bank
(Total Assets Dh50, 719,198,000 (2018))
Noor Bank is one of the youngest banks on this list, having only been founded in 2008. But in that short time, it’s managed to make a name for itself as a top commercial bank in Dubai and the UAE.
Noor Bank has a team of experienced bankers who are experts in both conventional and Islamic banking, which means they can offer a wide range of products and services to meet your needs.
Some of the products and services offered by Noor Bank include loans, accounts, cards, foreign exchange, and more. They also strongly focus on corporate and investment banking, making them a great choice for businesses.
Pros
Suitable for personal and business banking needs
Being the youngest, the bank has embraced digital services more than most others on this list.
There are no hidden charges when transacting.
The bank offers financial advice and investment ideas
Cons
Foreigners may struggle to open an account
8. Mashreq Bank
(Total Asset $48.2B)
Mashreq Bank is yet another top commercial bank operating in Dubai and UAE. It offers a comprehensive range of innovative banking solutions and services to personal and corporate clients across various industries. Some of the critical services and products offered by Mashreq Bank include:
– Accounts and deposits
– Credit cards
– Loans and advances
– Wealth management
– Trade finance
– Islamic banking
Mashreq Bank has a vast network of branches and ATMs across Dubai and UAE, making it easy for customers to transact banking business.
Pros
Conveniently located ATMs and branches.
It offers timely transactions both at the bank and online
24/7 guaranteed customer services
Extended banking hours
Cons
Some customers think the interest on loans is high.
9. Abu Dhabi Commercial Bank
(Total asset AED 476 billion)
If you’re looking for a bank with a long history in the UAE, then Abu Dhabi Commercial Bank is a good option. It was founded in 1985 and has grown to become one of the largest banks in the country.
ADCB offers various products and services, including personal and corporate banking, investments, and wealth management. ADCB has a friendly and helpful customer service and offers night and day support.
ADCB has an extensive network of branches and ATMs, so you’ll be able to find one no matter where you are in the UAE. They also have an extensive online and mobile banking platform so that you can do your banking anywhere.
Pros
You can bank at your convenience.
ADCB gives good interest on savings and competitive low interest loans
They allow you to operate saving accounts with zero balance
It’s widespread in other regions outside Dubai and UAE – for example, Singapore, Jersey, India, etc.
Cons
Fluctuating interests make it hard to estimate your returns on savings
Conclusion
That concludes our review of the top commercial banks in Dubai and UAE! We hope you found this article informative and helpful in choosing an ideal bank for your needs. Please remember that these are only a few of the many financial institutions available, so it’s essential to do your research and find the bank that best suits your needs. Good luck!