List of Banks in Dubai and their clasifications

Knowing the List of Banks in Dubai and their classifications is very important because Dubai’s banking sector is unique and fiercely competitive; the banks manage all forms of national funding, including credit and cash.

Because of their significance to the national economy, banks are subject to stringent regulations that support both individual and commercial interests.

The Central Bank of United Arab Emirates, (SCA) The Securities and Commodities Authority, (DFSA) The Dubai Financial Services Authority, and it is the regulator of the DIFC, known as the Dubai International Financial Centre and (FSRA) Financial Services Regulatory Authority (FSRA) are the regulatory authority of the banks and financial institutions in Dubai.

Since Dubai has a wide range of banks and finding the right one for you would be very easy, we have classified them into 4 main groups in this article, namely; Retail, Commercial, investment, and Islamic banks.

List of Retail Banks in Dubai

Retail banks focus more on serving individual customers rather than business clients. Simple chores like opening and maintaining savings and checking accounts, as well as other personal banking activities, are included in retail banking.

Customers of these retail banks in Dubai have access to bank staff who may help them with their banking requirements.

Have a look at them below:

List of Commercial Banks in Dubai

Although commercial banks can cater to both individuals and businesses, their primary focus is on businesses. This is because Commercial banks have a larger fund for money lending than retail banks.

Benefits from commercial banks include the ability to deposit and withdraw funds, collect interest, and make payments with ease.

The banks below are the commercial banks you can find in Dubai.

List of Investment Banks in Dubai

Investment banks serve as an intermediary between investors and big businesses.

By determining the risks involved before completing any project or making a commercial move, they assist their clients in saving time and money. Investment bankers are essential to a healthy economy because they provide counsel and direction to governments and corporations looking to raise funds.

They often provide services like underwriting, M&A, sales and trading, equity research, and asset management. The banks listed below are the investment banks in Dubai.

Islamic Banks in Dubai

You see an Islamic bank is a type of bank that operates based on the principles of Islamic law (Sharia law) and is guided by Islamic economics.

Traditional commercial banking is considerably different from Islamic banking.

For instance, a bank and its depositors will split the profits from a deposit arrangement according to a certain ratio, with dividends being paid out. Shariah also permits banks to offer their depositors gifts, or hibah, if they see it as proper.

Interest-bearing loans are not offered by these banks, they provide Interest-Free loans.

All the Islamic banks can be seen below;