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From Pearls to Digital Transactions: The Story of UAE Banking

If you’ve ever visited the UAE, you’ve likely noticed the gleaming glass skyscrapers that house global financial giants standing beside elegant traditional buildings adorned with Arabic calligraphy. This blend of old and new perfectly represents the UAE’s banking sector: deeply rooted in tradition yet fiercely futuristic.

But how did we reach this turning point? The story is as fascinating as the country’s own meteoric rise.

The Humble Beginnings: Before the Union

Before the discovery of oil, the region’s economy was built on pearls, fishing, and trade. Banking, as we know it, didn’t exist. Transactions were based on trust, personal relationships, and a handshake. Merchants and money changers (known as sarrafs) were the pillars of the financial system, dealing in a multitude of currencies from the busy trade routes.

The real turning point was the discovery of oil, which triggered a boom in economic activity. With the expansion underway, the need for formal financial institutions became urgent. The first bank to open its doors

was British Bank of the Middle East (BBME) in Dubai in 1946, followed by branches in Sharjah and Abu Dhabi. For a long time, it was the only game in town, primarily serving the major merchants and ruling families.

The Foundation: The 1960s & 1970s

The 1960s saw the entry of other international banks, but the true revolution came with the formation of the United Arab Emirates in 1971. The founding father, the late Sheikh Zayed bin Sultan Al Nahyan, and his fellow rulers had a clear vision: to build a modern, sovereign nation.

A critical part of that vision was a robust, local financial system. This led to the creation of two foundational pillars:

The UAE Currency Board (1973):The first step was replacing the Bahraini Dinar and Qatari Riyal with a single, national currency the UAE Dirham (AED). This was a powerful statement of economic identity.

The Central Bank of the UAE (1980):To oversee this growing financial landscape, the Central Bank was established. Its job was monumental: to manage monetary policy, ensure stability, regulate banks, and foster confidence in the system.

This era also saw the birth of the UAE’s “national champions”banks created by Emiri decree to ensure local capital funded local growth. Giants like Emirates NBD (from the merger of National Bank of Dubai and Emirates Bank International) and First Abu Dhabi Bank (FAB) (from the merger of National Bank of Abu Dhabi and First Gulf Bank) have their roots in this foundational period.

The Modern Era: Diversification and Digital Leap

The late 20th and early 21st centuries have been characterized by growth, innovation, and navigating global storms. The UAE’s strategic decision to diversify away from oil meant its banks had to support a range of sectors, including real estate, tourism, aviation, and technology.

The 2008 global financial crisis was a major test, but the Central Bank’s prudent regulations and the banks’ resilience helped the sector emerge stronger and more mature.

Today, digital transformation drives innovation. You can now open a bank account by making a video call on your phone. Apps from banks like Mashreq Neo and ADCB Hayak deliver a completely branch-less experience. The UAE leads the way in embracing fintech, as the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) foster thriving hubs for financial innovation.

So, How Many Banks Are Operating in the UAE Today?

As of late 2023 and early 2024, the UAE is home to a dynamic and competitive banking scene, with a total of 60 banks. They are broadly categorized into three groups. Here’s a breakdown to give you a clearer picture:

National Banks (22 Banks)

These are the locally incorporated banks that form the backbone of the UAE’s financial system. You’ll recognize their names on every high street.

First Abu Dhabi Bank (FAB)

Emirates NBD

Abu Dhabi Commercial Bank (ADCB)

Dubai Islamic Bank (DIB)

Mashreq Bank

Commercial Bank of Dubai (CBD)

Abu Dhabi Islamic Bank (ADIB)

Sharjah Islamic Bank (SIB)

RAKBANK (The National Bank of Ras Al-Khaimah)

Union National Bank (UNB) (Now part of FAB following merger)

Al Hilal Bank

Invest Bank

Commercial Bank International (CBI)

National Bank of Fujairah (NBF)

National Bank of Umm Al Qaiwain (NBQ)

Ajman Bank

These are the UAE branches of major international banks, catering to corporate clients, wealth management, and specific international niches.

HSBC Bank Middle East Limited

Standard Chartered Bank

Citibank N.A.

BNP Paribas

Barclays Bank PLC

Bank of Baroda

Habib Bank AG Zurich

Sberbank

National Bank of Bahrain

Qatar National Bank (QNB)

And several others from across the globe.

Representative Offices (20 Banks)

These offices don’t provide banking services to the public. Instead, they act as a liaison for their parent bank, focusing on market research and building relationships.

This strategic approach is evident in banks such as Credit Agricole, Deutsche Bank, J.P. Morgan, and others, which maintain a presence without offering full-scale retail operations. This trend sets the stage for the next era of banking evolution.

The Modern Powerhouse (2000-Present)

This period has been defined by globalization, diversification, and digitalization.

Mega-Mergers:The 21st century saw the creation of banking titans through strategic mergers

Emirates NBD was formed from NBD and EBI, and First Abu Dhabi Bank (FAB) was created from the merger of NBAD and First Gulf Bank, creating the region’s largest bank.

Surviving Global Shocks:The 2008 global financial crisis and the 2014 oil price crash tested the system, but the strengthened regulations and large capital buffers of the national banks allowed them to emerge more resilient.

The Digital Revolution: Today, UAE banks are at the forefront of fintech innovation. The rise of fully digital banks, such as Mashreq Neo and ADCB Hayak, the government’s embrace of blockchain, and the vibrant fintech hubs in the DIFC and ADGM are shaping the future. In this way, banking has evolved from the personalized service of the Sarraf to today’s hyper-personalized, app-based approach, with trust remaining the essential connection between tradition and modern technology.

The Human Touch in a Digital Age

The UAE’s banking story stands out because, even as technology rapidly transforms the industry, trust remains at its heart just as it did in the days of the old sarrafs. No matter if you are closing a major deal with a gold-plated card or sending money home through an app, the system is grounded in stability and a strong sense of direction.

In many ways, the banking sector reflects the country itself: ambitious, always looking ahead, and constantly changing.