The United Arab Emirates (UAE) stands as a beacon of financial prosperity, and its banking sector is a crucial pillar supporting the dynamic economy. In this comprehensive guide, we explore the top 10 banks in the UAE, shedding light on their offerings, and delve into the intricacies of mortgage rates and real estate buyer guides.
1. First Abu Dhabi Bank (FAB)
Bank Overview:
First Abu Dhabi Bank (FAB) was established through the merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), a decision unanimously endorsed by their respective boards of directors on July 3, 2016.
The merger, approved by shareholders on December 7, 2016, was executed through a share swap mechanism, with FGB shareholders receiving 1.254 NBAD shares for each FGB share held.
The culmination of this strategic merger gave rise to the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), officially launched in April 2017.
The brand identity of FAB seamlessly integrates the historical elements of both NBAD and FGB, incorporating the ‘Abu Dhabi’ and ‘First’ identities.
Marked by the incorporation of the acronym F.A.B in its logo, featuring the prominent “Awwal” (First) brand mark symbolizing growth and leadership, FAB embarked on international expansion in 2019, initiating operations in Saudi Arabia.
Headquartered at the Khalifa Business Park in Abu Dhabi, FAB’s global network extends across five continents, equipping the bank with the requisite global relationships, expertise, and financial strength to cater to the diverse needs of local, regional, and international businesses operating both domestically and abroad.
Largest equity-based bank in the UAE, offering tailor-made solutions.
Popular Products:
- Consumer Mortgages–Home Loans Mortgages for First-Time Homeowners Are you a first-time homeowner? The excitement of buying your first home is a feeling you will remember for the rest of your life. We want that experience to be joyful and seamless from the get-go. This is why we have carefully curated a selection of financing options to set you on the right path, and we will guide you through your journey every step of the way.Consumer MortgagesAll you need to know about owning property in the UAEThe UAE is the perfect canvas to create a fulfilling lifestyle for you and your loved ones. From world-class education, entertainment, and infrastructure to unparalleled security and excellent business opportunities, the UAE has all the right ingredients to accommodate all your life goals.What Separates the UAE from the WorldDid you know the UAE ranked 4th best place to live and work?A global survey of over 20,000 people who live and work abroad placed the UAE among the top 5 of the best places in the world to live and work. This is a testament to the country’s potential as a leading global economy owing to its keen focus on infrastructure, overall quality of life, innovation, and inclusion amidst diversity.Home Loan for Residences and Investments in UAEUnbox your dream houseOwn your own home with FAB’s range of mortgage options and rates starting from 3.99%.Enjoy a range of great rates on a FAB Mortgage with fixed and variable rate options, low down payments, high mortgage amounts, and low fees. FAB mortgage advisers will be with you every step of the way to advise on the best mortgage for you, and you’ll get great benefits, including your choice of FAB credit card.Enjoy our fixed-rate mortgages of up to five years:Fixed-rate period With a salary transfer to a FAB account* One year 3.99% Three years 4.24% Five years 4.49% Without a salary transfer to a FAB account**One year 5.24%Three years 5.24%Five years 5.24%Other great benefits include:Get best-in-market fixed rates when you transfer your salary to an FAB account. You’ll also get to choose a FAB credit card to complement your loa, if you do not already hold one Plus earn up to AED 12,500 cashback when you transfer your salary to a FAB account and open an iSave Account with our Multi Product Package offer More flexibility with our variable rates: One-year variable rate from 0.55% + 3 months EIBOR for the first year and 1.5% + 3 months EIBOR from the second year onwards Up to 85% financing for first-time buyers No approval-in-principle fee Up to AED 10,000 in FAB Rewards when you transfer your salary to a FAB account Exclusive deals on processing fees and discounted valuation fees on properties with major developersOwn your dream home today with a FAB Home Loan.
- FAB Personal Loan: Interest rate from 1.62%, minimum salary AED 7K.
- FAB Credit Card: 19 options, minimum salary requirement of AED 5K, interest rates from 3.25%.
Unique Services:
- FAB Accelerator: Personalized banking experience.
- FAB at Work: Supports organizations by facilitating employees’ onboarding and financial needs.
2. Emirates NBD
History and Profile:
Emirates NBD Bank PJSC, a government-owned institution based in Dubai, stands as one of the Middle East’s largest banking groups in terms of assets. Formed through the merger of the National Bank of Dubai (NBD) and Emirates Bank International (EBI) on March 6, 2007, it became the first national bank established in Dubai.
Officially listed on the Dubai Financial Market (DFM) on October 16, 2007, the bank further expanded through the acquisition of Dubai Bank on December 1, 2012.
As of December 31, 2020, Emirates NBD reported total assets of AED 698 billion, deposits of AED 464 billion, total income of AED 23.21 billion, and a net profit of AED 7 billion.
The bank operates in the UAE, Egypt, India, Saudi Arabia, Singapore, and the United Kingdom, with representative offices in China and Indonesia.
Recent Developments:
On October 7, 2022, Emirates NBD Bank PJSC divested 86,316,964 ordinary shares of BankIslami Pakistan Limited to JS Bank Limited.
As of September 30, 2023, Emirates NBD’s total assets surged to AED 836 billion (approximately USD 228 billion).
The acquisition of DenizBank marked a significant milestone, expanding the group’s presence to 13 countries and serving over 20 million customers.
Emirates NBD, with 853 branches and 4,213 ATMs/SDMs globally, operates as a key player in the digital banking industry, where 97% of financial transactions occur outside its branches.
Expansion and Recognition:
Emirates NBD announced plans for further expansion in India, securing approval from the Reserve Bank of India (RBI) to open branches in Gurugram and Chennai.
The bank is a significant participant in various sectors through its group companies, including Emirates Islamic PJSC, Emirates NBD Asset Management, and Emirates NBD Securities, among others.
Awards and Recognition:
Emirates NBD has received numerous accolades, including being recognized as the ‘Best Bank in the Middle East,’ ‘Best Bank in the UAE,’ and ‘Best Bank for ESG in the UAE’ at the Euromoney Excellence Awards 2023. Additionally, the bank secured top rankings in Forbes’ World’s Best Banks for 2023 and Forbes Middle East’s Top 100 Listed Companies for 2023.
Corporate Responsibility:
Emirates NBD actively contributes to sustainable development initiatives and community welfare, aligning closely with the UAE government’s strategies. As a Premier Partner and Official Banking Partner for Expo 2020 Dubai, the bank has made a global impact.
Committed to supporting sustainability, Emirates NBD is a Principal Banking Partner of COP28 and an early supporter of the Dubai Can sustainability initiative.
Culture and Heritage:
Emirates NBD emphasizes the preservation of UAE culture and heritage, exemplified by the Emirates NBD Pearl Museum, which houses the GCC’s largest collection of natural pearls. The museum is a testament to the bank’s dedication to cultural preservation.
Diversity and Employment:
Employing over 30,000 individuals from more than 90 nationalities, Emirates NBD stands as one of the largest and most culturally diversified employers in the UAE. As a national banking champion, it serves as an ambassador for economic and social progress for the entire UAE on the global stage.
Popular Products:
A home away from home
Eyeing a property in Dubai or Abu Dhabi? This is the perfect home loan package for you.
Financing up to 80% of the property value
Borrow up to AED 20 Million or 84 salary multiples (whichever is lower)
- Emirates NBD Credit Card: Interest rate from 1.49%, minimum salary AED 5K.
- Emirates NBD Personal Loan: 6 options, interest rates from 2.38%.
Unique Services:
- Factoring Services: Enhances cash flows.
- Wakala Deposits: Shari’a compliant investment authorization.
3. Abu Dhabi Commercial Bank (ADCB)
Bank Overview:
Abu Dhabi Commercial Bank (ADCB), listed on the Abu Dhabi Securities Exchange (ADX) under the symbol ADCB, stands as a prominent financial institution in the United Arab Emirates (UAE).
As a full-service commercial bank, ADCB offers an extensive array of products and services encompassing retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives, Islamic products, project finance, and property management services.
Established in 1985 as a public shareholding company with limited liability, ADCB emerged from the mergers between Emirates Commercial Bank, Federal Commercial Bank, and Khaleej Commercial Bank, the latter having been established in 1975.
The Government of Abu Dhabi, represented by the Abu Dhabi Investment Council (ADIC), holds a majority stake of 62.52% in ADCB shares, with the remaining shares distributed among various institutions and individuals.
As of the available data from September 30, 2018, ADCB employs over 5,000 professionals dedicated to serving retail and corporate clients. With 56 branches across the UAE and an additional branch in Jersey, the bank also operates representative offices in Singapore and London.
In January 2019, ADCB, Union National Bank, and Al Hilal Bank announced a merger, consolidating their operations.
While the combined entity retains the name ADCB, Al Hilal Bank operates independently as a standalone Islamic bank under the new group structure.
This strategic merger positions ADCB Group as the fifth-largest bank in the region, serving approximately 1 million customers.
Area of Business: ADCB operates as a UAE-based public joint-stock company, providing retail, commercial, investment, merchant, brokerage, and fund management services through its network of 48 branches in the UAE and one branch in the UK.
As a dynamic financial institution, ADCB continues to play a pivotal role in the economic landscape of the UAE, offering comprehensive financial solutions to its diverse clientele
It is ranked among the top 3 banks in the UAE, closely associated with the Abu Dhabi government.
Popular Products:
Who can apply for an ADCB Mortgage?
ADCB Mortgage loan Facilities are open to all eligible UAE residents (Nationals and Expatriates) as well as eligible Non-residents.
Do I need to be an existing ADCB account holder or customer to apply for a mortgage?
If you are a UAE resident, you do not need to have an account or be an existing customer of ADCB to take a mortgage. However, should you wish to do so, it will be a regular mandate to open a current account from ADCB which will then also be acting as your mortgage repayment account. A regular savings account from ADCB will not be accepted as a mortgage repayment account.
If you are a Non-resident, you need to have a savings account as it will serve as your repayment account. For Self — Employed Private Customers the minimum required Length of Relationship with ADCB is 3 months, for Self — Employed Excellency and Privilege Customers the minimum Length of Relationship is 12 months.
- ADCB Personal Loan: options, interest rates from 2.89%, minimum salary AED 5K.
- ADCB Business Loan: Approval in 7 days, 2% processing fee, 17% interest rate.
Unique Services:
- Offshore Account: Manages multiple currencies globally.
- Treasury Services: Responsive trading and structuring in Abu Dhabi.
4. Emirates Islamic Bank
Bank Overview:
Emirates Islamic Bank: Launched in 2004, Emirates Islamic (formerly known as Emirates Islamic Bank) stands as one of the four Islamic banks in Dubai, United Arab Emirates.
The establishment of the bank was driven by a commitment to providing banking services of the highest standards in adherence to Shari’a principles.
Offering a diverse range of products catering to individuals, small businesses, and large corporations, Emirates Islamic is the preferred choice for those seeking excellence in financial management.
At the core of the Emirates Islamic experience is a profound dedication to the customer, positioning them at the heart of the bank’s operations.
Customers are not merely clients but esteemed partners, and collaborative efforts are employed to ensure the delivery of optimal results for both the individual and the institution.
Through the utilization of Islamic financing tools such as Murabaha, Ijarah, and Takaful, Emirates Islamic reduces uncertainties in transactions, providing customized solutions suitable for individuals seeking savings or large corporations in search of a reliable long-term partner.
A notable transformation in the bank is reflected in its rebranding, showcasing an innovative approach and a steadfast commitment to delivering the best financial solutions in the market.
This new brand mirrors the bank’s contemporary identity and its forward-looking vision. Irrespective of one’s financial needs, Emirates Islamic offers tailored solutions, epitomizing its dedication to serving diverse requirements.
The bank eagerly anticipates welcoming individuals to experience the distinctive offerings and services of Emirates Islamic.
Emirates Islamic has garnered numerous awards and accolades for its exceptional services and products, recently being honored as the “Best Islamic Bank in the UAE” by esteemed organizations such as World Finance Magazine and Global Banking and Finance Review.
Shari’a-compliant bank focusing on Islamic principles.
Popular Products:
Manzili Home Finance in Dubai & UAE
What are the features of Islamic mortgages?
By adhering to ethical principles, Islamic mortgages allow individuals to finance their homes while remaining compliant with Sharia law. b) Shared Risk: In Islamic mortgages, the lender and buyer share the risks associated with property ownership
Benefits
Attractive and highly competitive profit rates linked with
EIBOR, Click here to learn more about EIBOR Rates
1% Processing Fee (0% processing fee for buy-outs)
Easy documentation and quick approvals
Low rate on Life Takaful
Enrolment into Priority Banking (subject to eligibility)
Finance solutions available for transfer/registration and brokerage benefits
Attractive and highly competitive profit rates linked with EIBOR, Click here to learn more about EIBOR Rates
1% Processing Fee (0% processing fee for buy-outs)
Easy documentation and quick approvals
Low rate on Life Takaful
Enrolment into Priority Banking (subject to eligibility)
Finance solutions available for transfer/registration and brokerage fee
*Please Note: Buy-out options are also available. You can transfer your existing finances from other banks and financial institutions to Emirates Islamic at lower profit rates, longer tenors, and lower installments.
- Emirates Islamic Credit Cards: 13 options, minimum salary of AED 5000.
- Emirates Islamic Personal Loans: Free credit cards, minimum salary of AED 5000.
Unique Products:
- E-savings Account: Online savings with up to 2% profit, following Shari’a principles.
- Banking Services: Full suite of Islamic banking products with wide-ranging benefits.
5. Dubai Islamic Bank
Bank Overview:
Founded on September 15, 1975, Dubai Islamic Bank (DIB) has been a pioneering force in Islamic banking globally. Established by Saeed Bin Ahmed Lootah, the bank’s inception was authorized by a decree from H.H. Shaikh Rashid bin Saeed Al Maktoum on March 12.
As the first Islamic bank in the world to fully integrate Islamic principles into its operations, DIB has grown to become the largest Islamic bank in the United Arab Emirates (UAE).
Listed on the Dubai Financial Market as a public joint-stock company, DIB is not only the UAE’s largest Islamic bank by assets but also holds the distinction of being the world’s first full-service Islamic bank and the third-largest Islamic bank globally.
Operating 90 branches across the UAE and extending its reach to seven markets worldwide, DIB is committed to spearheading the evolution of the global Islamic finance industry.
With an expanding global footprint, the bank serves nearly 1.7 million customers, offering an ever-growing array of innovative Sharia-compliant products and services.
DIB’s Significant Subsidiaries and Associates:
Dar Al Sharia: Established in 2008, Dar Al Sharia is a Sharia legal and financial consultancy firm.
Dubai Islamic Bank Pakistan: Founded in 2006, this is a fully-owned subsidiary of DIB.
Panin Dubai Syariah Bank: DIB holds a 38.3% ownership stake in this Shariah-compliant player in Indonesia.
Bank of Khartoum: DIB has a strategic stake in Bank of Khartoum, one of Sudan’s largest banks.
Deyaar: Established in 2002, Deyaar Development is a prominent real estate development company.
Bosna Bank International: Founded in 2000, this is the first Sharia-compliant bank in Europe.
DIB Bank Kenya Limited: Licensed in May 2017 by the Central Bank of Kenya, exclusively offering Shariah-compliant banking services in Kenya.
Services:
DIB offers a comprehensive range of banking services, encompassing corporate, personal, SME, and priority banking services across Pakistan. With various account options, the bank provides access to conventional cash management, online payments, business financing, and saving services, aligning with its commitment to Sharia principles and innovation.
Recognized as the best Islamic bank in the region.
Popular Products:
Sustainable Home Finance solution.
Sustainable-Home-Finance-Benefits
Because we only have one home
DIB says Every choice we make can have a profound impact on the planet we call home. DIB Nest — Sustainable Home Finance is designed to help fulfill your dreams of a beautiful home for your family, which is built with sustainable principles.
Ancillary Finance for Solar panels, sustainable construction materials, etc.
Home Finance Rate Discount
Discount on Due Diligence & Documentation Fees
Evaluation Fees Reimbursement
Free Property Takaful for 1st year only (ready properties)
Paperless pre-approvals and Digital Contracts
Comprehensive solutions for all property investment needs
Refinance your existing property, or buy your second home through DIB comprehensive solutions.
Ijarah — A lease contract with a variety of down payments, tenure, and variable rate options, wherein the Bank leases the property in return for a variable rental payment over a specified period, post which and on completion of all payments, the title of the property is transferred to the customer by the Sharia-compliant documents.
Forward Ijarah — for UAE Nationals
The Forward Ijarah product is to finance under-construction, off-plan & ready properties.
The product is a Shariah-compliant product wherein the customer enters into a lease agreement with DIB for a property to be built and delivered by the customer (under the Purchase Istisna agreement) at an agreed future date to the bank.
- DIB Personal Loan: 9 options, interest rates from 6%, minimum salary AED 3000.
- DIB Credit Card: Various options, interest rate from 0–3.25%, minimum salary AED 5000.
Unique Services:
- Johara Ladies: Innovative banking products for women.
- Investment Products-Islamic Sukuk: Competitive prices on Sharia-compliant securities.
6. Standard Chartered Bank
Bank Overview:
An international bank with a significant presence in the UAE since 1958. Standard Chartered Bank is a prominent international banking group with over 80,000 employees and a rich 150-year history, deeply rooted in some of the world’s most dynamic markets.
The bank plays a pivotal role in supporting individuals and companies that drive investment, trade, and wealth creation across Asia, Africa, and the Middle East. Embodying its heritage and values, Standard Chartered’s brand promise, “Here for Good,” underscores its enduring commitment to making a positive impact.
Unique Footprint:
Standard Chartered prides itself on its distinctive global footprint, where collaboration occurs among people from diverse cultures, backgrounds, and experiences.
This emphasis on diversity sets the bank apart, fostering an environment where new ideas are embraced, viewpoints are challenged, and innovation is unlocked. This approach is instrumental in helping every individual within the organization reach their full potential.
Presence in the UAE:
In the UAE, Standard Chartered established its first branch in Sharjah in 1958. Over the years, the bank’s presence has grown with the opening of several branches. Presently, Dubai serves as the bank’s regional hub for the Africa and Middle East region, with a focus on Islamic banking through Standard Chartered Saadiq.
Banking Products and Services:
Standard Chartered in the UAE offers a comprehensive range of Islamic and conventional banking products and services catering to retail, private, commercial, and corporate clients.
The bank’s core objective is to deliver exceptional value by providing a knowledgeable, efficient, and reliable service in a personal, helpful, and responsive manner.
Customer-Centric Approach:
Central to the bank’s philosophy is a professional and consultative approach with each customer.
By building a deeper understanding of individual needs, Standard Chartered identifies and matches them with quality products, ensuring a personalized and effective banking experience.
Commitment to Financial Management:
In essence, Standard Chartered is deeply committed to helping clients manage their finances optimally.
Whether through its extensive range of products or its customer-centric approach, the bank remains dedicated to assisting clients in achieving their financial goals.
Global Listing:
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges, along with the Bombay and National Stock Exchanges in India, showcasing its global presence and recognition in the financial markets.
Popular Products:
The Standard Chartered Home Suite Bundle Account has everything you need to own the perfect home. With its additional features, the experience of buying your dream home will be even more enriching.
architect looking at the blueprint of the home to calculate the home loan amount
small wooden house shown along with coins signifies saving for a home loan
Competitive Pricing
Offering competitive variable interest rates.
This will be the sum of the EIBOR plus the margin.
- Standard Chartered Xtra Saver Account: High-interest rate of 1.1% p.a.
- Standard Chartered Saadiq Personal Finance: Islamic personal finance starting at 7.55%, free debit card.
Unique Services:
- Priority Banking: Earn up to AED 7000 cashback on priority banking services.
Total Assets and Net Profit (As of December 2019):
- Total Assets: AED 10 Million
- Net Profit: AED 294 K
7. Abu Dhabi Islamic Bank (ADIB)
Bank Overview:
ADIB Overview:
Abu Dhabi Islamic Bank PJSC (ADIB), established on May 20, 1997, through the Amiri Decree №9 of 1997, is a distinguished Islamic bank headquartered in Abu Dhabi, United Arab Emirates.
Commencing commercial operations on November 11, 1998, and formally inaugurated on April 18, 1999, by Abdullah Bin Zayed Al Nahyan, UAE Minister of Information and Culture, ADIB operates following Islamic Shari’a principles.
A Leading Islamic Bank:
ADIB stands as a leading bank in the UAE and is globally recognized as the 4th largest Islamic bank by assets.
Incorporated in 1997 as the first Islamic bank in the Emirate of Abu Dhabi, ADIB has demonstrated consistent growth, with assets now totaling USD 39 billion. Serving over 1 million customers, ADIB provides a balanced proposition, combining a highly personalized customer experience with world-class digital banking services.
Strong Governance and Values:
Guided by Islamic finance values, principles of responsible corporate citizenship, and a commitment to simplicity, fairness, and transparency, ADIB boasts a robust corporate governance structure overseen by an eminent board and a strong and experienced management team.
A Universal Financial Service Provider:
ADIB is a full-fledged financial service provider catering to individuals, corporates and affluent customers.
The wider ADIB Group extends its services to brokerage, real estate, property management, payments, and insurance.
Large Regional Presence:
With one of the largest distribution networks in the UAE, ADIB operates 62 branches and 379 ATMs. Internationally, the bank has a strategic presence in six markets, including Egypt, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan, and Iraq.
Internationally Recognized Excellence:
ADIB has garnered numerous accolades, including being ranked the number one bank in the UAE by Forbes and named the “World’s Best Islamic Bank” by IFN and The Banker magazine.
The bank has also received recognition for its digital initiatives, named the “Best Islamic Digital Bank” by Global Finance and “Most Innovative Bank in the Middle East” by EMEA Finance.
Digital Focus:
ADIB’s digital transformation journey prioritizes customer-centric solutions, with 70% of customers now enrolled through digital channels.
The bank’s state-of-the-art digital command center, ACE (Analytics Center of Excellence), utilizes data and artificial intelligence to drive efficiency, optimize performance, enhance preventive controls, and provide real-time responses to market dynamics.
This digital focus ensures a superior banking experience and a better understanding of customer needs, enhancing the overall brand experience.
The publicly owned bank committed to delivering on promises.
Popular Products:
Got your eyes on a property or thinking of building your dream home? ADIB Home Finance makes your dream home a reality!
A guide to understanding home finance in the UAE
With a wide range of homes to choose from and low financing rates available, buying a property in the UAE has never been more attractive. Our quick guide explains all you need to know about home finance in the UAE
- ADIB Personal Loan: options, interest rates from 3.44%, minimum salary AED 8K.
- ADIB Cards: Various cards, interest rate 2.99%, minimum salary AED 5000–30K.
Unique Services:
- Global Transaction Banking: Efficient Cash & Trade Management solutions.
Total Assets and Net Profit (As of December 2019):
- Total Assets: AED 10 Million
- Net Profit: AED 2,501 Million
8. National Bank of Ras Al-Khaimah (RAKBANK)
Bank Overview:
RAKBANK, a prominent retail and business bank in the UAE, concluded the year 2020 with AED 52.8 billion in assets, AED 36.9 billion in deposits, and a net profit of AED 505.4 million. Offering conventional and Islamic retail, small business, and commercial banking services, the bank operates through a network of 27 branches and various channels, including ATMs, telephone, online, and mobile banking.
In 2013, RAKBANK expanded its offerings by launching an Islamic Banking unit, RAKBANK AMAL, to tap into the growing Shariah-compliant financial sector in the country.
This initiative facilitated through its subsidiary, RAK Islamic Finance Company, provides a range of Islamic banking products and services.
RAKBANK made strategic moves, expressing its intention to acquire a majority stake in Ras Al Khaimah National Insurance Company (RAKNIC) in August 2014. The acquisition, approved by the Bank’s shareholders, signifies its commitment to diversification and expansion within the financial landscape.
Ownership and Shareholders:
The Government of Ras Al Khaimah holds a majority ownership of 52.76% in RAKBANK.
The Board comprises members from the ruling family of the emirate, along with prominent businessmen from the UAE and Kuwait.
Government of Ras Al Khaimah: 52.76%
UAE Citizens: 26.99%
Foreign Ownership: 20.25%
Awards:
RAKBANK has received recognition for its excellence in various categories, including:
Best Internet Banking Initiative Award at The Asian Banker — Middle East Retail Product Awards 2014 for Click and Collect.
Bank of the Year award at the 2012 Arabian Business Achievement Awards.
Best Marketing Campaign of the Year award at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign
Government-owned with accolades for services, including “SME Bank of the Year.”
Popular Products:
RAKBANK offers a diverse range of mortgage products, catering to resident expatriates, GCC nationals, and UAE nationals, including both conventional and Islamic mortgages.
The Home Loan product, named Home In One, is designed for both salaried and self-employed individuals seeking to purchase approved residential and commercial properties in Abu Dhabi, Dubai, or Ras Al Khaimah.
This flexible, affordable, and user-friendly mortgage product combines a current account, savings account, and mortgage account into a single, easy-to-manage account. The interest you pay decreases as you deposit more money.
Key Features of RAKBank’s Home-in-One Offer for Ready Residential Properties:
- Variable Rate from Day 1:Variable interest rates commence from day 1, ranging from 3-month EIBOR + 1.20% to 3-month EIBOR + 1.99% on a reducing rate per annum basis.
- Attractive Fixed Rates: Salaried and self-employed customers can opt for an attractive fixed rate for a period of 3 years, with rates starting from 5.09% per annum to 5.39% on a reducing rate per annum basis.
- Follow-On Rates after Fixed Rate Period:Upon the expiration of the fixed-rate period, follow-on rates are applicable, ranging from 3 months EIBOR + 1.79% to 3-month EIBOR + 2.19%.
This comprehensive mortgage solution provides flexibility and affordability, ensuring that customers have a range of options to suit their financial needs and preferences.
- RAKBANK Business Loan: Maximum finance of up to AED 3 million.
- RAKBANK Credit Card: Various options, interest rate 2.95–3.19%, minimum salary AED 5–35K.
Unique Services:
- Business Equipment Finance: Financing for various equipment.
- RAKmoney Transfer Facilities: Facilitates transfers to India, Nepal, Sri Lanka, Philippines.
Total Assets and Net Profit (As of December 2018):
- Total Assets: AED 52.7 Billion
- Net Profit: AED 917.5 Million
9. National Bank of Fujairah
Bank Overview:
About the National Bank of Fujairah (NBF):
National Bank of Fujairah stands as a highly regarded corporate bank in the UAE, recognized for its award-winning services, profound understanding of local markets, and steadfast commitment to its clientele.
Being the preferred bank in the UAE for over three decades, choosing to bank with the National Bank of Fujairah is a strategic and sound business decision. NBF offers a comprehensive range of services as a full-service corporate bank, encompassing corporate and commercial banking, treasury, trade finance, personal banking, and Shari’a-compliant services.
Key Information:
Ratings: Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s, and BBB+/A-2 by Standard & Poor’s, both with a stable outlook.
Stock Listing: Listed on the Abu Dhabi Securities Exchange under the symbol “NBF.”
Business Focus:
National Bank of Fujairah specializes in providing corporate banking, business banking, and personal banking services. Its offerings also include trade finance, treasury, cash management, precious metals and diamonds, and Islamic banking support. Notably, in 2017, the bank became the first conventional bank to join Nasdaq Dubai’s Islamic Murabaha platform for Islamic financing.
Leveraging extensive banking experience and market insights, NBF is strategically positioned in Fujairah and the UAE to cultivate enduring relationships with clients and assist them in achieving their business objectives.
Digital Platforms:
NBF facilitates seamless banking experiences through its online platforms, NBF Corporate Access and NBF Direct.
These platforms empower corporates and individuals to manage transactions efficiently, offering a comprehensive suite of user-friendly functionalities and robust security features for peace of mind.
Recognized at the 2017 Banker Middle East UAE Product Awards for excellence.
Popular Products:
Home Loan
NBF Home Loan
Buying a home is a big step and there are many things to think about. At National Bank of Fujairah, you just choose your ideal home and we’ll take care of the rest.
Key Features & Benefits
Loan amount of up to AED 20 million
Competitive interest rates
Financing of up to 80% of the property’s value
Flexible repayment periods of up to 25 years
Financing for all completed properties across the UAE
Financing available for select off-plan properties
Quick approvals
Required Documents
To be eligible for an NBF Home Loan, you need to be living in the UAE, be over 21 years of age, and provide proof of your income.
When you visit an NBF branch, you’ll need to complete an application form. You will also need to provide (where applicable):
A copy of your valid passport
An original salary certificate from your employer
Bank statements dating back to the past six months
A pre-approval processing fee cheque
- NBF Home Loan: Islamic mortgage at 3.75% interest rate, maximum finance AED 2 million.
- NBF Credit Card: 3 options, interest rate 2.99%, minimum salary AED 5000.
Unique Services:
- NBF Elham: Specialized banking for Emirati Women.
- Tasdeed Prepaid Card: Fast and secure payment for government services in Fujairah.
Total Assets and Net Profit (As of December 2018):
- Total Assets: AED 39 Billion
- Net Profit: AED 615 Million
10. Mashreq Bank
Bank Overview:
As one of the UAE’s premier financial institutions for over five decades, Mashreq stands as a leading bank with an expanding presence across the Middle East and North Africa (MENA) region.
Founded in Dubai in 1967, Mashreq traces its roots to being the oldest bank in the UAE. Over the years, it has evolved into a prominent financial entity, celebrating over five decades of excellence and establishing a robust global presence with offices in Europe, Asia, Africa, and the US.
Global Presence:
Mashreq operates internationally, with offices in major financial capitals worldwide, including Europe, Asia, Africa, and the US.
Awards and Recognition:
The bank’s innovative solutions have earned it numerous accolades, including the ‘Most Innovative Bank in the Middle East’ from Euromoney in 2022.
Stability and Profitability:
Mashreq is recognized for its stability, consistency, and profitability, establishing itself as a reliable and profitable bank for its customers.
Innovation, Consistency, and Prudence:
Mashreq mirrors the UAE’s growth by consistently expanding its service offerings. It has become an integral part of the country’s financial landscape, catering to the diverse needs of businesses and individuals.
Customer-Driven Innovation:
With a pioneering spirit, Mashreq has been a trailblazer in introducing innovative products and services. It has a history of being the first UAE bank to deploy ATM cash dispensers, issue debit and credit cards, and introduce consumer loans. The bank continues to lead with innovations such as chip-based credit cards and digital point-of-sale readers.
Global Reach:
Mashreq operates 16 overseas offices in 13 countries, engaging in corporate banking in Bahrain, Qatar, Kuwait, and India. It offers corporate and retail banking in Egypt, foreign exchange services in Bangladesh, Pakistan, and Nepal, and maintains full-service branches in New York, London, and Hong Kong.
Service Offerings:
Mashreq provides a comprehensive range of conventional and Islamic personal and investment banking services, along with asset management services. It remains committed to customer satisfaction through continuous innovation and personalized financial solutions.
A rising financial institution with a strong market share.
Popular Products:
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Fixed and variable interest rate options are available.
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Zero processing fee
A home loan especially for non-residents
Take advantage of our unique non-resident Home Loan which allows non-residents to purchase residential property in Dubai either for investment purposes or as a second home.
- Mashreq Bank Credit Card: Interest rate 2.99%, minimum salary AED 7000.
- Mashreq Bank Personal Loan: There is a wide range of personal loans to meet various financial needs.
Unique Services:
- Mashreq Gold: Exclusive privileges for gold customers.
- Islamic Brokerage: Trading in Sharia-compliant financial products. In conclusion, the banking sector in the United Arab Emirates (UAE) stands as a robust and multifaceted industry, presenting a myriad of financial products and services tailored to meet the diverse needs of consumers. This comprehensive guide has elucidated the offerings of the top 10 banks in the UAE, providing valuable insights into their respective rates, banking services, and mortgage products. The significance of selecting a bank that aligns with one’s individual or business requirements cannot be overstated.
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