Banking has been an ultimate necessity, in one’s life. And as far as money buys food it will remain to be. When would we not require banking? When we can just stand in the sun and let photosynthesis work wonders, but we aren’t plants, are we? Salary transfers, Savings, Cash Withdrawals from ATM, Deposits, cheque… Can we do without these? No, we cannot and that is exactly why we need banking. There are many types of banks in UAE like investment banks, commercial banks, retail banks, central banks, etc. Not to forget this is the online Era, when there is ecommerce and online marketing how can banks not be online?
Many banks in UAE like that of Emirates NBD and ADCB etc provide online/mobile banking facilities, with online banking you can check your account details online, pay bills online… However, these banks do have a physical location. Although almost all the banks in UAE offer online/ mobile banking facility there is no bank that is purely online without a physical location, not till date. Let us take a quick look into the types of banks in UAE.
Heard about shares? Stocks? Yes, a business needs an Investment Bank to sell its shares or stocks. For complex deals that aren’t very often, investment banks become inevitable for corporates. Apart from these they can also buy/sell securities. They can also become mergers if in case two companies wish to join hands, the investment banks can make sure that by doing so both the companies benefit each other. Some of the Investment banks in UAE would be:
- Rasmala Investment Bank Ltd
- Emirates Islamic Bank
- Credit Agricole Corporate & Investment Bank
- Al Mal Capital
Garant Consulting – UAE Business Advisor helps foreign citizens to choose right Private or Corporate Bank for any purposes.
These banks prime focus is on business accounts. Just like we individual have banks accounts, a business would also require one. For salary transfers and financing of other business operations. These accounts are very complex and retail banks cannot handle. They have heavier cash flows due to many reasons like incoming cash flow from the customers can be hefty. Also, business can benefit by receiving both short and long term loans at reasonable rates from these banks. Some of the popular commercial Banks in UAE would be:
- Citibank UAE
- Commercial Bank of Dubai
- Abu Dhabi Commercial Bank
These are the banks that work with personal accounts. Many of you would be familiar with one as we already rely on one for our day today monitory needs. These banks can also lend you loans for personal use. For example, you can easily apply for a home loan, auto loan or education loan. It is often referred to as personal banking. Some of the banks that offer personal banking in UAE are:
- United Emirates Bank
- Emirates NBD
These banks have a larger spectrum it is often dedicated to a country or a region. The activities of the central bank also depend on the country it is dedicated to serving. In UAE it mainly deals with Statistic and research, Anti-Money Laundering supervisions, Monitory management for the country etc. The banks in UAE is called:
- Central Bank of the UAE