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Personal Loans Dubai Unlike the case in most countries, personal loans are easy to obtain in Dubai. Non-citizens can easily get the loan if they are employed or are freelancers with a regular income. One needs to provide proof of income via bank statements before they can be approved for the loan. They must also produce originals and copies of their passport, residence visa, salary certificate, letter from their employee and employment contracts. The loans normally have a repayment period of 4 years. |
Islamic Banks Dubai There is a high number purely Islamic banks in Dubai. Islamic Banks share similarities with the regular system of banking, but adhere to strict Sharia guidelines of how the bank must share profit and loss with its customers. Top Islamic banks in Dubai include Abu Dhabi Islamic Bank (ADIB), Al Hilal Islamic Bank, Ajman Islamic bank, Dubai Bank, Dubai Islamic Bank (DIB), Emirates Islamic Bank, Noor Islamic Bank and Sharjah Islamic Bank (SIB). All other international banks operating in Dubai... |
Bank Loans Dubai There are different kinds of bank loans available in Dubai. The most popular are personal bank loans, car loans and mortgages. Personal loans are very easy to get if you have a regular income, and can be issued up to 10-24 times one’s salary. As a general rule, you must have a bank account with the bank you intend to borrow the loan from. Car loans are also easy to access, as the car is a form of guarantee in itself. Mortgages on the other hand, are trickier to obtain. You must have a good,... |
Dubai Bank Lists Dubai bank lists are released annually by Ethos Consultancy, a respected finance service watchdog. They are sorted based on different categories and can be accessed at all the major finance services websites. Ranking is done according to revenue, quality of customer service and general quality of service. Lists feature both the positive and negative: for instance, there is one for the best and worst performer annually, respectively. |
Bank Account Opening Opening a bank account is not as easy as it seems for non-citizens. Residents who are not citizens of the United Arab Emirates can open a bank account in Dubai if they have a residence visa. They must also produce a letter of contract from their employer, which gives details of their contract or job position, expected salary and starting dates. Originals and copies of all documents must be provided for one to open the account. |
Debit Cards Dubai Debit cards come as part of the package when one opens a bank account at any bank in Dubai. The debit card is primarily your ATM card, and cash limit is dictated by the balance in your bank account at any given time. Some banks will impose a daily spending limit on the debit card, while others allow you adjust you daily limit. This is something worth considering before opening an account with any bank. |
Mastercard Dubai MasterCard Dubai operates on the same principals as the MasterCard parent company. There are over 20 different types of MasterCard options to choose from, ranging from credit cards, debit cards and pre-paid cards. Most banks in Dubai have partnered with MasterCard to ensure that you get the card that is acceptable in all countries of the world. The company has a representative office at the Dubai Internet City, on Sheikh Zayed Road. |
Credit Cards Dubai There are plenty of credit card companies and banks in Dubai to make any frequent traveler well provided for financially. All the major banks in Dubai have a credit card department. To qualify for a credit card, you must show proof of a regular income, going back at least six months. You must also hold a residence visa for Dubai. There are no regulations for how much the bank can deduct in credit cards so a bit of comparison is required in order to find the best offer. |
Dubai Currency The United Arab Emirates Dirham is the local currency in Dubai. It can be abbreviated as AED or DH. The former is indicated before the currency value (e.g. AED 1000) while the latter is indicated after the currency value (1000 DH). Currency in Dubai is controlled by the Monetary Fund’s Special Drawing Right, which leans largely to the USD monetary movement: 1 USD equals AED 3.65 (approximately – value fluctuates). |