It acquired 1.73 trillion dirhams at the end of November 2021

“Central”: 88.2% of deposits are in national banks

Total bank deposits at the end of November 2021 recorded 1.966 trillion dirhams.

archival

The Central Bank stated that 88.2% of bank deposits are in national banks, while the remaining 11.8% goes to their foreign counterparts, at the end of November 2021.

The latest data issued by the Central Bank showed that the total bank deposits recorded at the end of November 2021 trillion and 966 billion and 900 million dirhams, of which national banks acquired a share of one trillion and 737 billion and 900 million dirhams.

trust factor

The banking expert, Ahmed Youssef, told «Emirates Today», that the banking sector in the UAE in general enjoys the confidence of investors and dealers alike, especially national banks that enjoy the full support of the government and the Central Bank, pointing out that the «Central» is always keen to develop Banks work to guarantee the rights of depositors and investors.

Youssef added that the economy of the UAE and the strength of the financial situation, is an additional guarantee for dealers that motivates them to keep their money in national banks, and over the past decades, we have not witnessed cases of any national bank being affected, on the contrary, many cases of mergers that created and established large entities.

Youssef emphasized that the risks of depositing in national banks are almost non-existent. Therefore, there is a preference for them even if the return is low, and does not exceed 1% on one-year deposits.

He mentioned that the language factor also attracts dealers to national banks, as individuals are comfortable when speaking with an employee who speaks “Arabic”, which allows him to clarify all points in detail.

Youssef pointed out that the banks themselves are keen to develop their technical infrastructure and services within the branches, in a way that is comparable to the best banks around the world, and therefore, it is natural to find a demand for them.

saving encouragement

For his part, banking expert Amjad Nasr said that the spread of national banks is wider, and their work is rooted and rooted in the market, in addition to that they gather the largest number of customer segments, and the minimum deposit they have is small, which enables them to target large groups of society, whether small Depositors or large, and even government deposits, unlike foreign banks, which usually target the wealthy segments and deposits of large value, with no less than 50 thousand dollars or more, pointing out that foreign banks are not spread at the state level, with the difficulty of opening bank accounts procedures.

He added that national banks accept deposits of 5000 dirhams or more, and they have various products and savings programs, in addition to incentives and prizes that encourage customers to save.

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