Tuesday 12 November 2019 (UAE)

List of Islamic Banks in Abu Dhabi Dubai UAE

List of Islamic Banks in Abu Dhabi, Dubai, UAE

Bank name Head office Founded Branches* Emirates Capital* Tel*
Abu Dhabi Islamic Bank (ADIB) Abu Dhabi   80 (44)   AED 2.0 bn +971-2-6100600
Al Hilal Islamic Bank1 Abu Dhabi   12 (4)   AED 4.0 bn 800-666666 (UAE)
Ajman Islamic Bank (Ajman Bank)3 Ajman 2008 9 (4) AJM, AUH, DXB, SHJ AED 1.0 bn 800-2288 (UAE)
[×] Dubai Bank (DUB) (not Dubai Islamic Bank)4 Dubai   [?] 1 (13)   AED 1.5 bn +971-4-3365555
Dubai Islamic Bank (DIB) Dubai   69 (44)   AED 2.9 bn +971-4-2953000
Emirates Islamic Bank5 Dubai   62 (26)   AED 0.75 bn +971-4-3160101
Noor Islamic Bank (Noor Bank)6 Dubai   15 (11)   AED 3.2 bn +971-4-4268888
Sharjah Islamic Bank SIB2 Sharjah   33 (21)   AED 1.1 bn +971-6-5681000
  1. Also seen referred to as Hilal Bank, Al Hilal Islamic Bank, Crescent Bank. Official name seems to be Al Hilal Bank.
  2. Previously called National Bank of Sharjah (NBS). Not related to Bank of Sharjah (BOS).
  3. Was initially called Ajman Islamic Bank when established but dropped the word Islamic from their name soon after, however still operates as an Islamic bank.
  4. Dubai Bank (DUB) is not related to Dubai Islamic Bank (DIB). Was not an Islamic bank when first established in 2002, became Sharia compliant in 2007. Taken over by Emirates NBD in 2011, and merged with Emirates Islamic Bank in 2012. The UAE Central Bank still lists Dubai Bank as having a single branch, but location and contact information not available.
  5. Renamed from Emirates Islamic Bank to just Emirates Islamic in November 2013 (or Emirates Islamic Group). Unclear why the name change to disassociate themselves from banking operations, they are still a bank.
  6. 07 Jan 2014 - Noor Islamic Bank rebranded itself as Noor Bank but said they are still an Islamic bank. Odd explantion given to explain why they wanted to make it less obvious they are an Islamic bank - a press release said it was to market themselves more to non-Islamic customer segments or something like that.

* UAE Central Bank data for number of branches 30 Jun 2019 (Jun 2008 data in brackets). Capital and tel numbers from Jan 2014 or earlier, not yet updated.

List of non-Islamic banks with Shariah compliant services

This is not a comprehensive list. Many banks in the UAE have some Sharia compliant accounts available. A [×] means Islamic banking longer available, or renamed, or merged, or was incorrectly reported as available.

About Islamic (Sharia compliant) banking

None of the information in this section should be assumed to be legally accurate, or representative of any bank policies. This is only a very basic introductory guide, and is not official information from any bank or religious authority.

Islamic banking and Sharia compliant banking mean the same thing. Islamic banks follow 2 guiding principles.

  1. Charging and paying interest on loans and deposits is prohibited under Islamic law. Riba is Arabic for interest. Paying or collecting interest is known as usury, although usury is sometimes understood as the charging or payment of excessive interest.
  2. Investing in businesses that are haram is prohibited according to Islamic law. Haram means something that is unlawful or contrary to Islamic values. This would include businesses that trade in products such as pork, alcohol, pornography, or businesses that are involved in services that involve gambling or prohibited products.

The basic principle is that for deposits and investments which generate a profit, customers and the bank share the profit, and the bank will distribute funds according to a Profit Rate, instead of charging interest which is what non-Islamic banks do. Similarly, for loans and credit cards, the customer will be charged additional fees which are calculated according to Islamic principles. Some of the more commonly used financial instruments are

Ijara (leasing)

An Ijara arrangement is where the customer leases or rents an item or a service. The Ijara agreement will specify the rate and the length of the contract.

Mudaraba (profit sharing)

A Mudaraba arrangement is when the bank will provide money to a customer which the customer plans to use to generate profit, for example setting up a business, and both the bank and the customer then share profits generated, according to the terms of the agreement.

Murabaha

Murabaha is a loan arrangement where the bank buys an asset for the customer and the customer repays the bank with regular payments that include an agreed profit margin, along with any other associated costs. The additional payment can be calculated and stated as an annual profit rate.

Last update Monday 07-Oct-2019. Page development 1H 2T 3D 4L
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Abu Dhabi AUH ABD ADB, Ajman AJM, Al Ain AAN, Dubai DXB, Fujairah FUJ, Ras Al Khaimah RAK, Sharjah SHJ, Umm Al Quwain UAQ

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