Dubai is one of the most widely known cities from all across the globe. This particular city is also known for being the most populated and the largest city across the entire United Arab Emirates.
This city is also known across the globe for being the capital of the Emirates of Dubai, which is one of seven emirates which as actually the part of the United Arab Emirates. This city is also known for a being a business hub of the United Arab Emirates and is also regarded as a type of global city by various individuals present all across the globe. And one of the reasons why this city is regarded as a ‘global city’ is because of its current situation in the entire finance sector. This city is also a major transportation hub for both passengers and cargo alike.
Dubai has initially built up its reputation and revenue on its supply of oil. But according to the current statistics, the city collects around 5% of its total revenue from its oil supply. This wouldn’t come as quite a surprise for individuals who are rather familiar with the fact that this city actually has a limited supply of oil and on top of that, the production levels are also staggeringly low in comparison to what they used to be. However, it can be safely said that this particular city has been quite successful in making a very strong name and image for itself. And with such praises of this entire city, it would only be natural to assume that this city must also have a very impressive banking system. The current system of banking which is being used in this city is one of the most efficient, effective, and thought-through system of banking. In this piece of essay writing, we will be looking at all the major facts and benefits that are associated with the current banking system of Dubai. This is also one of the most engaging topics chosen for working on the different kinds of essay writing.
Some of the most important facts that are related to the system of banking in this particular city are mentioned below.
- The economy and the major key functions related to the finance and the banking sector are performed by the reputable national Central Bank in the United Arab Emirates
- The national Central Bank is also considered as the central, first level, or the governing authority in the department of finance and banking
- The national Central Bank also controls a number of different banking institutes that practice in the United Arab Emirates
- The national Central Bank is also known as the bank which manages the finances of the entire government of the United Arab Emirates. This bank is further known to provide advisory support to the government of the United Arab Emirates
- There are a few particular departments or topics that the nation Central Bank constantly focuses on. And some of those topics or departments are modern banking, monetary, stable price formation provision, national currency convertibility support, credit policy, and various other matters. By focusing on these major departments and topic, the national Central Bank ensures the national economy of the entire United Arab Emirates is always held in a strategic position
- There are also many another type of banking institutes that are currently operating in the city of Dubai which is located in the United Arab Emirates
These are some of the major facts regarding the banking system of the city of Dubai, which is situated in the United Arab Emirates. The entire topic of the finance sector in the United Arab Emirates is also one of the most engaging topics used for various types of essay writing.
The Types of Banking Institutes
As we mentioned above, there are majorly two different types of banking institutes that are operating in the city of Dubai. Both of these types of different banking institutes operate under the finance rules and the banking system that is set and enforced by the nation Central Bank. And both of these different types of banking institutes are mentioned below.
- The Local Banking Institutes
- The Foreign Mission or the Foreign Banking Institutes
To work in the finance and banking sector of this particular city, it is also important for those foreign missions or the foreign banking institutes to receive an appropriate and valid state license. This particular license will allow that particular foreign mission or foreign banking institutions to operate in the city of Dubai which is situated in the United Arab Emirates.
We have also formulated a list that consists of some examples of both the banking institutes that are mentioned above. This list is one of those things that are often not present in various other forms of essay writing. The list that consists of the examples of both the banking institutes which were mentioned earlier is mentioned below. Both of these banking institutes have a rather intricate banking system which allows them to operate in the place of their choice in the United Arab Emirates. An individual can also decide to use this particular topic for their essay writing.
The Local Banking Institutes
- Emirates NBD Bank
- Dubai Islamic Bank
- Mashreq Bank
- Abu Dhabi Islamic Bank
- Emirates Islamic Bank
- Abu Dhabi Commercial Bank
- The National Bank of R. A. K.
- Union National Bank
- National Bank of Abu Dhabi
The Foreign Mission or the Foreign Banking Institutes
- Arab Bank
- United Bank Ltd.
- Doha Bank
- Blom Bank France
- Habib Bank Ltd.
- BNP Paribas
- Bank of Baroda
- HSBC Bank Middle East Limited
- Credit Agricole Corporate and Investment Bank
- National Bank of Kuwait
- National Bank of Bahrain
- Al Ahli Bank of Kuwait
- Arab African International Bank
Apart from these banks that are mentioned here, there are many other local banking institutes and foreign banking institutes.
There are a large number of benefits that are associated with the banking system which is followed in this particular city which is situated in the United Arab Emirates. This particular topic can also be a great topic for any kind of essay writing too. And some of the benefits of the banking system, which is followed in the finance sector and other related sectors of the United Arab Emirates, are mentioned below.
- The extremely reliable and safe confidentiality system that is used in the banks in the United Arab Emirates
- The public policies which are related to the finance sector are also quite stable in this particular city
- In this city, there is also an absence in the control of the state currency exchange. However, there is a bank account verification that is done in scenarios where some kind of suspicious bank account activity is triggered or observed. If you wish to know about this specific point in more detail then you can simply look at some kind of essay writing online
- The entire system of banking which is followed in the United Arab Emirates is extremely safe, reliable, stable, and modern
- The entire economy and finance sector of the city of Dubai is also extremely robust. This situation provides an enhanced opportunity for the banks to flourish more and eventually grow
These are all the major benefits that are associated with the system of banking which is largely followed in the United Arab Emirates. And with this, we finish our entire discussion on the banking systems which are followed in Dubai and the facts and benefits of those banking systems