Banks/Banking in United Arab Emirates

The United Arab Emirates central banks were founded in 1980. This bank in United Arab Emirates issues the national currency. Apart from the central bank, there are investment banks, commercial banks, development banks, domestic banks and foreign banks.

This bank is an integral part of United Arab Emirates and has contributed significantly to the fast and steady economic growth. There are numerous commercial and private banks situated in the financial center of Dubai and Abu Dhabi.

Majority banks in United Arab Emirates provide various services in the consumer banking fields as well as in corporate banking. The consumer banking banks offer credit cards as well as personal loans customized to meet the needs of the customer.

Corporate financing is also one of the key functions of the banks in United Arab Emirates. These banks are the main factors to speedy development and also are intermediaries for many foreign transactions.

Important Banks

The important and top banks in United Arab Emirates are Abu Dhabi Commercial Bank, Union National Bank, Commercial Bank of Dubai, Abu Dhabi Islamic Bank, ABN AMRO United Arab Emirates, Commercial Bank of Dubai, Arab Emirates Investment Bank, Emirates Bank Group and the Commercial Bank International Bank.

Foreign banks having their branches in UAE are many in numbers; conversely the renowned banks are ANZ Grindlays Bank, American Express Bank, Bank of Baroda, Commerciale Italiana and Bank of Tokyo.

Central bank objectives

Central bank is the top bank in United Arab Emirates and the main function is supervising the operations of commercial banks. The central bank has the power of issuing currency such that it accomplishes a balanced growth of the economy. It also balances the external and internal financial stability. The bank maintains the reserves of foreign and gold currency as well.

Central Bank has five branches and the banking in United Arab Emirates is segmented into seven departments, seven divisions, two units and Risk Bureau. The bank branches are in Al Ain, Ras Al Khaimah, Sharjah, Dubai and Fujairah. These branches offer inter-bank dealings as well as central bank dealings. These are divided into individual sections such as Administrative Affairs and Accounts as well as Banking Operations. Banking in United Arab Emirates also includes Banking Operations, Administrative Affairs, Financial Control, Research and Statistics, Banking Supervision and Internal Audit.