Islamic Banks in UAE
There has been some kind of revolution in UAE when it comes to Islamic Banking in the recent years. Although Islamic Banking in itself is an old concept, its prominence has risen to new heights in the recent years. This is mainly due to the increased awareness and a fillip provided by the Government.
I have previously covered the List of Banks in UAE
Islamic Banks have not entirely reengineered banking; however, the way they operate and structure their transactions are according to the principles of Sharia, which are guided by the holy Book of Islam, Quran. The main principle that guides Islamic Banks is the absence of Riba or Interest. For example, under Home Finance, the customer becomes the Lessee and the Asset is in the name of the Bank till the maturity of the Financial agreement. Islamic Banks operate under various schemes like Ijarah, Murabaha, Musharaka and so on.
Islamic Banks provide most of the products by conventional banks, such as:
- Personal Finance
- Auto Finance
- Credit Cards
- Mutual Funds
- Home Loans etc
Besides providing essential banking products, they also generate employment opportunities.
The below list of Islamic Banks in UAE will help you search for career opportunities within this sector.
List of Islamic Banks in UAE
| S No | Islamic Bank | Website |
|---|---|---|
| 1 | ADIB - Abu Dhabi Islamic Bank | Website |
| 2 | Al Hilal Bank | Website |
| 3 | Ajman Bank | Website |
| 4 | Dubai Islamic Bank | Website |
| 5 | Emirates Islamic Bank | Website |
| 6 | Noor Bank | Website |
| 7 | Sharjah Islamic Bank | Website |
In the past couple of years, Conventional Banks like ADCB, RakBank have started providing Islamic Banking products through their divisions. Although they are not a full fledged Islamic Banking institutions, they did not want to ignore the customers they could target for Islamic Banking Channel.