How to Choose a Bank in the UAE for Opening an Account
Finding the perfect bank for your business and personal needs.
Updated: 01.08.2025 | Author: Aleksandr Ponomarjov
Overview of Banks for Opening an Account in the UAE
When choosing a bank to open an account in the UAE, you can consider local, international, or online banks. Our experience shows that for most companies and individuals, especially if you plan to open a bank account in Dubai, it’s best to focus on local state-owned banks. International banks are typically reluctant to open corporate accounts for local businesses unless they are very large international corporations with a proven track record.
Local banks are divided into conventional and Islamic. It’s important to note that Islamic banks strictly adhere to Sharia law in their operations. The main principles of Islamic banking include risk and profit sharing and prohibition of interest-based transactions – loans and deposits, which are considered usury. Instead, Islamic banks can offer interest-free installment plans or become co-investors, receiving a share of profits from the business they finance. For this reason, Islamic banks usually don’t work with high-risk businesses. They also prohibit investments in industries related to alcohol and tobacco production, pork, weapons, gambling, and “adult” industries.
Recommended Local Banks for Account Opening
We’ve identified several local banks that are best suited for opening an account, based on their terms and specifics:
- Emirates NBD One of the largest national banks in the UAE. Note that corporate account approval can take significant time. The bank has strict compliance requirements, often requiring physical office space and maintaining high balance requirements for most businesses.
- First Abu Dhabi Bank (FAB) A major bank owned by the Abu Dhabi government. The account application review process can be quite lengthy, and the bank requires a high minimum balance in the account.
- Mashreq Bank A large semi-government bank that supports all types of businesses. Provided all necessary documents are submitted, accounts can be approved relatively quickly. The bank has reasonable minimum balance requirements.
- Emirates Islamic Bank A subsidiary of Emirates NBD operating on Islamic principles. It offers lower balance requirements and typically a faster approval process compared to its parent bank.
- RAK BANK The Ras Al Khaimah government’s bank, focused on small and medium businesses. Known for relatively low minimum balance requirements and a fairly quick account approval process.
- Dubai Islamic Bank The Dubai government’s bank, also operating on Islamic principles. Offers moderate balance requirements and relatively quick account approval.
Among other reliable banks in the UAE are Sharjah Islamic Bank, National Bank of Fujairah, National Bank of Umm Al Quwain, Ajman Bank and Bank of Sharjah.
Choosing the right bank is a key step for successful business operations and personal finance management in the UAE. We recommend carefully reviewing each bank’s terms and, if necessary, seeking professional advice to find the solution that best meets your needs.
Our specialist will answer your questions.