United Arab Emirates Banks

United Emirates Banks form an integral part of the economy of the country. The banks of United Arab Emirates have contributed significantly to the steady and the fast economic growth of the country. Numerous private and commercial banks are located in the financial centers of Abu Dhabi and Dubai.

Most of banks in United Arab Emirates offer various kinds of services in the fields of consumer banking and also corporate banking. In the consumer banking sector the banks of UAE offer various kinds of credit cards, and personal loan facilities tailor made to suit customer needs. Different types of personal accounts are also maintained by the banks. Corporate financing is a major function of the banks of United Arab Emirates. These banks have financed various real estate and industrial projects of the country which in turn has led to the speedy development of United Arab Emirates. Banks of United Arab Emirates also act as intermediaries for foreign transactions. Some of the important banks of United Arab Emirates are Union National Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates Bank Group, ABN Amro United Arab Emirates, Abu Dhabi, Arab Emirates Investment Bank, Dubai, Commercial Bank of Dubai, and also the Commercial Bank International Bank in Dubai. Major foreign banks have also opened their branches in United Arab Emirates. Some of the well known banks are American Express Bank, ANZ Grindlays Bank, Banca Commerciale Italiana, Bank of Baroda and Bank of Tokyo.

The Central Bank of United Arab Emirates is located in Abu Dhabi, the capital of United Arab Emirates. The Central Bank operates as the 'bank of banks'. It's major function is to supervise the operations of all the commercial banks. It is endowed with the powers of issuing currency, to direct credit policies in such a way so as to achieve a balanced growth of the national economy. It also maintains both internal and external financial stability. This bank maintains the government's reserves of gold and foreign currency.

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