For the development of private and public business in the United Arab Emirates, a convenient banking system was created. It is controlled by government agencies, there are benefits for starting your own business, profitable products for individuals. Now banks in Dubai and Abu Dhabi offer products for businesses, local citizens and visitors.
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About the banking system in the UAE
Until 2012, the banking sector developed rapidly. But after the crisis, most institutions reported losses. Therefore, the state system of control and regulation was revised. The requirements for the assets of Dubai banks and the issuance of licenses have been tightened. But this did not affect the development of the banking sector. Now in Dubai there are representative offices of local financial institutions and global corporations.
Features of the country’s financial system:
- Commercial banks in Dubai with a limited license. Feature – they can open deposits for local residents only in foreign currency. Dirhams are not allowed. But he can issue loans to everyone – UAE citizens, foreign residents.
- Investment banks in Dubai are created for the growth of the tourism business, industry in the country. Restriction on the term of deposits – up to two years.
- The Hawala System , “Hawala” – money transfer system. It is used by all foreign workers in the country. It provided complete anonymity of transactions, but after 2012, the requirements for it became tougher.
The work of banks in Dubai and other emirates is regulated by central Bank Of Emirates. The financial condition is checked; licks are issued to new organizations. The advantage of the UAE banking system is that there is an opportunity for the development of private business, a lot of products for individuals and organizations. Including – non-residents of the country.
Dubai bank rating
According to the results of financial activity, Dubai is recognized as the largest bank in the emirate of Dubai Islamic bank. Here you can open a deposit, take a loan. There are many interesting products for commercial companies. Advantage – a network of branches abroad and in the country. However, the norms of Islam are accepted here, so the employees are demanding in appearance, a respectful tone is observed. Non-Muslims can be served.
The current rating of banks located in the city of Dubai:
- Al hilal bank. The main office is located in Abu Dhabi; several branches are opened in Dubai. Part of the assets is owned by the UAE government, so there are government programs to support private business.
- First Gulf Bank. One of the oldest banks in the United Arab Emirates, founded in 1979. The founders are Sheikh Zayed bin Sultana. He specializes in mortgage lending and is associated with many construction companies in the UAE. It is developing dynamically, more than 30 branches have been opened in the country.
- Citibank UAE. A popular financial institution, Dubai banks of this network were opened in 1964. Activities are commercial only. Real estate purchase transactions are concluded, a deposit agreement can be concluded, a loan can be taken. Serves residents of the UAE, non-residents who are officially in the country.
- Union National Bank. Headquarters of the bank in Dubai and Abu Dhabi. It is one of the three leading financial institutions in the country. Engaged in investment, servicing the private and commercial sectors. The advantage is a lot of branches, a convenient system for processing contracts and other documents.
- Emirates NBD. Convenient for individuals, many banking products have been developed for them. The peculiarity is the many small branches of the bank located throughout Dubai. There are branches abroad, which simplifies the transfer of money.
- Bank of a wide profile, works with individuals, organizations. But this narrows down the list of products. There are a number of interesting offers, announcements about their appearance are posted on the official website.
According to customer reviews, service in Dubai banks is at a good level. Provide information about all services in Arabic and English. But all internal documentation is kept only in Arabic.
About service
The developed banking system in the UAE allows servicing residents and non-residents of the country. There are conditions for running your own business, investments. In the branches you can issue standard packages of banking services, get new products. The staff can communicate in English.
Standard services in UAE banks:
- Personal account – for citizens of the United Arab Emirates and non-residents of the country. The possibility of choosing a currency, but for visitors there are increased requirements – the balance on the account.
- Opportunity to open a current account for corporate business.
- Lending – mortgage, cash.
- Banking operations – money transfer, replenishment of debit and credit cards, payment for services.
To open an account, a minimum package of documents is required. Reliability of storage of funds is provided by the state. Relatively high deposit rates. In reviews, it is often noted that Dubai banks have low service rates.