The banking sector in the UAE is the largest Arab and Gulf in terms of the size of its assets or the number of banks operating in it.
The Bank is a financial institution licensed to receive deposits and issue loans to customers. Banks offer other services such as money transfer, currency exchange, trade finance, wealth management and investment products.
Banks can be categorized into three main categories, all of which work in customer service around the clock, whether through branches or through electronic banking services: conventional banks, Shariah-compliant banks, and investment banks.
Type I: conventional banks
Also known as commercial banks or retail banks, they accept deposits and provide financial facilities such as overdrafts, loans and commercial financing to institutions. They also offer personal and real estate loans to individuals.
Type II: Islamic banks
They also offer commercial or retail banking services, but their banking services comply with Islamic principles.
Type III: Investment banks
They offer complex financial products and services to companies, including mergers and acquisitions, advisory structures, and subscription of shares and related commercial transactions. Investment banks also offer special investment products and services to wealthy individuals.