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Commercial Banks

The Central Bank is entrusted with the task of organizing banks in upgrading their management and to ensure their financial soundness. Circulars and regulations are being issued from time to time by the Central Bank to achieve this objective. The Central Bank is also continuously studying various ways and means to make the UAE a noted regional financial center.

1. Locally Incorporated and Foreign Banks

Banks in the UAE are divided into two major categories:
- Locally Incorporated Banks - these are public shareholding companies licensed in accordance with provisions of Union Law No. (10) of 1980, and
- Branches of Foreign Banks which have obtained Central Bank's licenses to operate in the country as per provisions of the said Law.
Historically, national banks (with majority national shareholding) and foreign banks existed prior to the establishment of the former Currency Board and, hence, before the Central Bank was created and commenced its operations. Within such historical circumstances the number of banks and their branches in the country and abroad increased very rapidly on obvious disproportion with the capacity of the local market, hence, provoking the monetary authority at that time to withhold issuance of licenses to any new bank and set about reducing the number of branches of a foreign bank to a maximum of eight branches.


Links to Commercial Banks in the UAE

 

For the list of banks and their branches, please click here:


 

        

Last Updated on 23, April 2017