Dubai is located on the Persian Gulf coast of the UAE (United Arab Emirates). Dubai is one of the seven Emirates that came together to form the United Arab Emirates. Its main source of income is in the tourism sector, thanks to it’s sightseeing exhilarating attractions. Dubai’s GDP in 2018 was $102.67 billion. That figure testifies of it’s thriving and robust economy.
Dubai banks are financial institutions that accept deposits from Dubai citizens and foreigners and creates credits. There are 49 banks in Dubai comprising of 23 local banks and 26 foreign banks. The currency of Dubai is UAE dirham (AED). The conversation rate from USD to AED is 0.26USD to 1AED. The business life in Dubai thrives well, coupled with the fact that Dubai is a center of attraction for lots of investors.
Banking System of Dubai
The Central Bank of UAE is the primary and most important bank, whose main objective is to regulate the economy, making it better and prevent it from falling. Since Dubai is a thriving city for doing business, knowing more about its banking system is important to those who wish to start their businesses in it. So, aside from the central bank of UAE, there are four major kinds of banks in Dubai.
- Commercial Banks. Several Banks in the UAE offers commercial banking services to the public, which involves giving loans and managing the account of individuals and firms.
- Investment/Merchant Banks. Investment banks are concerned with buying stocks, as well as selling stocks. If you choose to enter the stock market, this is the right bank for you.
- Islamic Banks. Islamic Banks are growing up fast and becoming more influential over time. This kind of bank connotes that businesses are done in accordance with the Islamic custom. Islamic banks are more prominent in the UAE, but there are certain areas outside the UAE providing Islamic Banking Services.
- Industrial Banks. Industrial banks provide support for productive activities.
Opening an account in any of these banks listed requires certain documents. However, like with every other bank, once these documents are available, the procedure is straight forward. Upon meeting with the bank and requesting an account, the relevant documents required for eligibility will be revealed to you.
Top Banks in UAE
Here we provide the list of various banks recognized and acknowledged for their outstanding customer services and relations.
- Emirates NBD. The Emirates NBD is well known to be the largest group bank in the UAE, having its headquarters located in Dubai. The bank has 221 branches within the country and overseas it manages. Their net profit as of 2016 clocked $1.97 billion. They also offer Islamic banking services but have other banking sectors they operate in such as retail banking, wholesale banking, and others.
- RAK Bank. RAK Bank provides retail banking and commercial banking services to individuals and firms. RAK Bank has its headquarters in Ras Al-Khaimah. It has over 700,000 customers and up to 38 branches. The bank is credited for its good customer experience.
- Commercial Bank of Dubai. The commercial bank of Dubai is another large standard Bank with its headquarters based in Dubai. Established in the year 1969 the Commercial Bank of Dubai offers commercial banking services, Islamic Banking Services, corporate banking, and personal banking. Its support services are also standard in quality.
- Abu Dhabi Islamic Bank. You can tell from its name the Islamic Banking Services they provide. It was established in 1997 and is headquartered in Dubai. They also provide Global retail banking services, private banking services, and Real estate.
These are the best banks you can find in the UAE for a satisfactory customer experience. There are other top-class banks not listed here, but these ones highlighted above will surely bring you the Services you expect from an elite bank. Should you choose to open an account in Dubai for business or private reasons, feel free to make your pick on any in this list.
REASON: Conditions for Withdrawing Money from PayPal Account to Bank Account
