Banking and financial crisis the in UAE
The United Arab Emirates is one of the well-known and influential leading countries with a great development potential and a robust economy.
The Government of the United Arab Emirates directs all the efforts towards raising and maintaining leading positions of the country in the most important international rankings. As of today, the young Arabic country has already become a strong industrial, political and financial player in the international market.
All these achievements strengthen the overall social, political and financial standing of the country and make it resistant to the most unpredictable challenges and threats of the global economy.
Banking Laws and Regulations in UAE
The United Arab Emirates offers one of the most reliable banking systems in the world and possesses the highly developed banking infrastructure. Such level of development has become possible owing to the strict governmental control and regulations that are implemented by the UAE Central Bank.
The UAE Central Bank, playing the role of a "Bank of Banks", is entitled to monitor all the activities of the UAE banks. In practice, it is very difficult to obtain a license for opening any financial institution in the UAE. That is why the UAE banking sector features only the reliable and reputable banking institutions.
UAE Banking Sector Overview
According to the UAE banking sector statistics, there are 46 banks in total in the UAE including 21 domestic and 25 foreign banks. Banks located in Dubai and Abu Dhabi hold about 90% of the UAE banking sector assets. Since 2003 the UAE authorities have made considerable efforts to show their readiness to enter the global financial market. Until 2003 foreign banks did not have the right to open more than 8 branches within the country. The Central Bank of the UAE has played a very important role in the increase of the customers trust towards the banking sector.
Bank Street in Dubai, UAE
The banking system of the UAE is known all over the world as one of the strongest and most secure ones. It is represented by commercial banks, merchants/investment banks, Islamic and industrial banks. Some of the biggest banks of the state are situated in Dubai, the economic and financial heart of the country. The biggest Dubai banks include Citibank, National Bank of Abu-Dhabi, United Bank Limited, Standard Chartered Bank and HSBC Bank.
Khalid Bin Al Waleed Street is one of the most important roads in the city. It is best known by its old colonial name “the Bank Street.” However, it also has a newer nickname of Computer Street as it is now associated with modernity and innovation – numerous computer shops are situated here.
Account in Dubai – how to open without maintaining minimum balance
Maintaining balance is the minimum daily balance a person or company is required to have a bank account. Why is it required? Banks spend money to handle the accounts that is why they need a certain minimum amount of money to be able to do this. It is usually calculated at the end of each month. If you don’t have a minimum amount, you will normally be charged a fee. However, this requirement is not always convenient for the customers. Luckily, in Dubai, the UAE, there are banks with small maintaining bank account balance requirements.
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