Corporate Banking for Free Zone sectors in the UAE
The UAE is one of the leading business centers globally, making it important to have a stable, secure, sophisticated banking system. The UAE has a stable and powerful Central Bank-regulated banking system. Founded in 1980, the Central Bank, in compliance with UAE rules and regulations, supervises monetary, credit, and banking policies and their implementation. It strengthens the national economy and boosts the local currency’s reliability and stability. It also manages the precious metals and foreign currency reserves of the UAE government and controls banks operating within the UAE.
Type of Banking in UAE:
This leading banking service is focused on start-ups and small and medium-sized enterprises in the UAE and offers the best and most versatile banking facilities for starting a business. The banking vision of the UAE is to help and provide these two essential sectors with all the solutions required to boost the national economy.
It is a traditional personal banking scheme in which individual clients use the larger commercial bank branches. More than 50 retail banks are in the UAE. This banking system offers a wide variety of services, like personal savings and current accounts, debit and credit cards, personal and auto loans. Retail banking is focused more on the individual customer level as compared to the corporate level.
One of the highest rates of ROI is offered by the UAE banks starting at 3% interest. The UAE is a leading global investment center with its political and economic position.
UAE banks offer Islamic banking supervised by the Shari’a Act and the 1985 Federal Law No. 6. H. H. Sheikh Mohammed bin Rashid Al Maktoum’s political approach includes the establishment of Dubai as a global Islamic banking hub.