2017 UAE’s Ramadan Car Deals
Since the Holy Month of Ramadan has begun, now could be the perfect time to…
We are living not in modern age, but in Financial and banking age where lives move on with credit and Debit. The day starts with KIBOR and LIBOR rates and probably ends with the changes in share price.
Here comes the hub of International Community and Business Trade, yes we are talking about none other than the UAE market. In this article, we will mainly discuss the top 5 banks operating in UAE.
When it comes to the largest bank of UAE, Emirates NBD is the most obvious name to come in anyone’s mind. Emirates NBD came into existence in 2007 after going public and have its shares updated on the Dubai Financial Market (DFM). Emirates NBD was a merger between top second and fourth largest bank of UAE named (Emirates Bank and National Bank of Dubai). This merger created the largest bank in terms of assets in the whole Middle East with a sum of more than AED 282 billion as at the end of the year 2008. The group once created in 2007 soon expanded its horizons of operations in KSA, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore.
Often known as NBAD, it is the first largest corporate bank operating in Abu Dhabi and second largest in United Arab Emirates. Having head office in Abu Dhabi, it is regarded as the largest in terms of market capitalization.
The bank is involved in all conventional departments like Retail Banking, Corporate, Wholesale, Investment banking, wealth management and private banking. The Bank also holds its portfolio in Islamic Banking, property business, loaning and leasing.
NBAD holds its operations outside UAE as well and contains strong foot hold in Kaula Lumpur, Shanghai, China and now planning to set up a financial base in India to hold strong foot print outside UAE.
Abu Dhabi Commercial Bank is one important bank operating in UAE. Often called as ABCD, the bank was established in 1985 as a Limited Liability company with Public Shareholding Company. The bank is also a merger between two leading Banks which are Emirates Commercial Bank and Federal Commercial Bank with Khaleej Commercial Bank, which was established in 1975.
In terms of shareholding, the UAE government holds 65% of the shares with the help of Abu Dhabi Investment Authority (ADIA), the reaming percentage of shares are been held by Financial institutions and general Public.
In terms of funds, assets and market capitalization, ABCD is one of the largest banks of UAE holding around net profit of AED 3,620 MN in 2013, compared to AED 2,810 MN in 2012.
First Gulf Bank, often known as FGB is the fourth largest bank currently operating in United Arab Emirates in terms of Assets. Established in 1979, First Gulf Bank manages its head quarter in Abu Dhabi.
Being one of the top 5 banks, it offers a wide range of conventional and Islamic products including investment banking, brokerage, wholesale, Takaful and Retail banking.
FGB offers a wide range of financial services in the wholesale, consumer and treasury banking sectors, including Islamic banking and banc assurance solutions for enterprises, corporations and consumers via a network of branches across the UAE.
The bank operates outside UAE as well and has a wide network of branches in Singapore and Qatar, representative offices in India, Hong Kong and Seoul, South Korea, and a representative office in Libya.
This is another leading bank in UAE. The bank penetrates into different banking lines and provides the best solutions to its customers. Since, the name suggest, it was established in Dubai in 1975 as a first Islamic Bank incorporating major Islamic laws in the business. The bank currently holds its operations inside and outside UAE as well with currently 62 operating branches and expansion in Asian and European region.
Dubai Islamic Bank has also started its operations in Pakistan with a network of 75 branches across 27 major cities in Pakistan. The Bank also consists of subsidiary offices in Turkey, and has taken permanent license in Jordan to operate as Islamic Financial institution with the name Jordon-Dubai Islamic Bank.