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Dubai, known for its skyscrapers and luxury resorts, is also an important financial centre of the Middle East. The banking system here is characterised by high stability and innovation. The main financial institutions of Dubai offer a wide range of services for both local residents and foreign investors.
The United Arab Emirates is known for its advanced banking system. Here you can find not only local financial organisations but also branches of major foreign companies. Local banks are similar in many aspects to their foreign counterparts.
Available services include personal, private, commercial, brokerage, investment and wholesale banking, as well as other financial solutions, such as insurance, lending, and various types of cards.
The unique structure of the country, where each emirate is under the control of its own independent authority, leaves a certain imprint on the banking system. Thus, certain institutions are owned by the governments of some territories. Another distinctive feature of the UAE economic system is Islamic banking services.
The operation of Islamic institutions must not contradict religious principles. And Dubai banks are no exception. What distinguishes them from Western financial and corporate institutions is, first and foremost, their approach to lending issues.
Islamic teaching prohibits financial activities involving interest. For any Muslim, receiving such benefits (riba) is haram — such things are unacceptable.
As a result, Islamic institutions' banking involves using loans only from Shariah-compliant lenders, and this is common practice in the state and throughout the Middle East. Many UAE institutions offer Islamic banking in addition to standard banking.
Opening an account in Dubai banks provides several advantages:
Opening an account in the UAE is straightforward, and its maintenance is often cheaper than in most European institutions. The variety of banks allows choosing a suitable financial product for specific purposes.
The UAE has no mandatory currency control for international transactions and investments. The country's resilience to crises and minimal tax rates (or their complete absence) make the emirates attractive for company establishment and corporate accounts.
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Safe Dubai banks are the choice of many wealthy people for preserving personal savings.
The Emirates' banking system comprises about 50 national and international financial organisations, most of which are public joint-stock companies with different shares of state capital and private investments. Each operates under a licence of the Central Bank of the UAE.
Islamic banks in Dubai within the Emirates financial system work based on Shariah principles. This means they will refuse to serve clients who:
Islamic bank clients cannot use interest-bearing loans because in Islam such services are a sin (haram). Institutions can invest in projects needing loans. When choosing a bank, it's better to familiarise yourself with its operating conditions beforehand. If you want to open a savings account, it's better to look for one where interest accrual is not prohibited. Islamic banks do not provide interest on deposits.
Dubai banks offer various options:
Current accounts are available to both UAE citizens and foreigners with resident visas. Usually, they come with a chequebook. However, current account holders do not receive interest on balances but have the right to use short-term credit — an overdraft, which can be a convenient option for cash flow management.
Savings accounts, unlike those discussed above, have restrictions on fund movement but offer interest income ranging from 0.1% to 2.0%. They don't issue chequebooks, and credit is not available. Nevertheless, foreigners without resident visas can open such an account, making it more accessible for investment.
Founded in 1982, it has established itself in the UAE banking sector. NBF offers four types of accounts for any business needs, as well as deposit and overdraft facilities. Deposits can be opened in various currencies, and competitive interest rates and choice of repayment period add to their attractiveness.
Emirates Islamic ranks second in Dubai banks ranking. It is one of the leading financial organisations operating under Shariah principles. Founded in 2004, today it is the second-largest Islamic bank. It offers high-quality financial products, including solutions for private clients and small and medium enterprises (SMEs).
A network of more than 60 branches provides access to a wide range of services, and the Islamic financing instruments have allowed the company to reduce uncertainties in transactions and develop products suitable for each client's needs.
Founded in 1976, it is one of the oldest banks in the UAE. It focuses on commercial services for both individuals and legal entities. Since 2001, Rakbank has focused on providing services to private clients and small businesses. The bank is famous for employees with high English language proficiency, making communication with clients more convenient.
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The bank, having 40 branches, provides its clients access to various services, from plastic cards to financial asset management.
Founded in 1967, Mashreq is one of the oldest private banks in the UAE. Its main services include: retail, commercial, investment, underwriting, brokerage, asset management, etc.
The organisation's positive aspects are undoubtedly principles of social responsibility and transparency, as well as a wide choice of services, including Islamic banking. More than half of the country's residents have accounts with Mashreq.
Founded in 1969, CBD bank in Dubai has grown over time into a stable modern organisation with a good material base under authoritative management. Now its activities are focused on the commercial, Islamic and corporate banking environment. The company offers clients various services and financial products.
CBD's asset size exceeds $10,000,000,000, which has allowed it to secure strong positions among the country's largest banks.
This is a credit institution founded in 1997 and operating according to Shariah principles. Services are available to both individuals and legal entities. The company assists in acquiring real estate, cars, and expensive equipment. It sponsors various funds, conducts property valuation and provides letters of credit.
The Dubai bank's operations date back to 1975. It works closely with both local and foreign partners. Its main services include:
Clients can take advantage of digital account opening. To do this, you need to install the DIB Mobile application, register a personal account, upload the necessary documents and your own photo. The account will open just minutes later.
ADCB is a bank in Dubai that was formed through the merger of 3 financial organisations in 1985. Its activities extend to futures, retail, and fund management. It offers broker services, commercial and investment services. The bank has a developed network of 48 branches throughout the emirates and 3 abroad.
A well-known bank, opened in 2017 as a result of the merger between National Bank of Abu Dhabi and First Gulf Bank. It offers a standard set of services.
NBD is another bank in Dubai, that was created in 2007 and has grown into a large network. It has more than 220 branches, and 900 ATMs scattered throughout the country and beyond. It holds key positions in the sphere of basic banking services, which include:
This promising organisation, which has earned the trust of many clients, holds leading positions among similar ones in asset management and intermediary services.
Bank Misr, founded back in 1920, is a state institution. Its share package fully belongs to the Egyptian government. In essence, this is bank No. 1 for all local residents. It is present in 4 countries in the form of 25 branches and has a convenient mobile application (BM Online). It provides a wide range of banking services, and its staff speak English.
What should you pay attention to when choosing a bank in Dubai? The following factors are of particular importance:
The bank's experience with your field is important, as it would mean the possibility of individual financial solutions for your business considering its specifics.
Gather information about the bank's reputation, client reviews and compliance with established requirements in the offshore financial centres market.
Compare and choose the most advantageous option for your own operations.
Analyse those that simplify interaction with the organisation, for example, a mobile application with constant access to a personal account is very convenient.
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Familiarise yourself with the procedure for opening accounts, with digital banking services, and learn about how customer support works.
Choose a bank with a reliable and developed global network. Then international operations will be conducted more easily and a wide range of popular financial business tools will always be available.
Having gained an understanding of banks according to the above parameters, you can make an optimal choice in Dubai that will be able to satisfy all your service requirements.
This is an important step for doing business in the UAE. Here's a complete step-by-step guide to the account opening process, including answers to some of the most common questions:
For account opening, most banks require you to visit a branch in person. Plan a trip to Dubai and schedule a meeting at your chosen bank.
Prepare the necessary documents. You will certainly need: your passport (both the original and a copy), a UAE visa (if applicable), a proof of address (e.g., a utility bill) and a proof of income (an employment certificate, an account statement, etc.). Be sure to check with the bank for a complete list of requirements before the meeting.
Decide which one you need. It can be:
Discuss the options with the bank representative.
At the meeting, you will need to fill out an account opening application. Usually, the process includes:
Contact a bank in Dubai to arrange a meeting and ensure all the necessary documents are ready for a smooth process.
If you have all the documents in order and all the necessary information collected, opening an account can be a simple and quick process. It usually takes from several days to a few weeks.
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After opening the account, you will be provided with it, which will simplify financial management.
Learn about it and the possible service fees. Some banks may require maintaining a certain amount in the account.
In the UAE territory, certain restrictions may apply to transactions with Russian bank cards in 2025. MasterCard and Visa issued by Russian financial institutions are usually not accepted in Dubai and other emirates; UnionPay payment system cards are used as an alternative. Unfortunately, they don't always work depending on the issuing bank.
Regarding the blocking of Russian accounts in the UAE — there have been such cases, but rather as exceptions and with good reasons. To avoid worrying each time whether the card will work at the next payment attempt, we recommend becoming a client of a local bank.
Yes, most banks in the UAE have them, usually from 3,000 to 5,000 dirhams. If you cannot maintain this amount, you may be charged a service fee.
Some banks don't have this requirement when opening deposits for students or for people working in UAE-registered companies. Look up this information for the specific bank.
You need to personally visit the bank, provide the necessary documents, fill out an application and go through the verification process. You can consult with representatives of various institutions to get the information about their requirements and services. Country residents can register remotely via the bank's application.
The banks usually require a passport, a UAE identity card, documents confirming place of residence (these can be bills or a rental agreement), completed bank forms for account opening, and business materials (if opening a corporate account). The deposit amount depends on the institution and account type.
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