Discover the top 10 safest banks in the Middle East and explore what sets them apart in terms of stability and security.
The Middle East is home to some of the world’s leading financial institutions, but when it comes to selecting a bank, safety, and stability are of paramount importance.
To help consumers make informed decisions, Global Finance has recently released its rankings of the top 10 safest banks in the Middle East.
Using a comprehensive analysis of metrics such as asset quality, liquidity, profitability, and soundness, the study has identified the financial institutions that are most secure in the region.
In this article, we will delve deeper into the rankings and examine what sets the top 10 safest banks in the Middle East apart from their competitors.
By understanding the factors that contribute to a bank’s safety, readers will be better equipped to make informed decisions about where to entrust their finances in the Middle East.
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Table of Contents
Top 10 Safest Banks In The Middle East
1. First Abu Dhabi Bank
The first on the list of safest banks in the Middle East is the First Abu Dhabi Bank (FAB). FAB provides services in the areas of corporate, retail, private, and investment banking, as well as Islamic banking, as well as solutions for real estate and property management.
It offers a variety of financial products and services including loans, deposit accounts such as savings and current as well as Islamic finance, term and fixed deposit accounts, capital market solutions, investment banking, global transaction services, private banking, debit and credit cards, property management, real estate, brokerage services.
In addition, FAB provides financial services that adhere to Shariah law. The bank conducts its business across the Middle East and Africa, Asia-Pacific, Europe, and the Americas via a network of branch offices, online portals, automated teller machines (ATMs), representative offices, and subsidiaries.
The headquarters of FAB may be found in Abu Dhabi, United Arab Emirates.
After their merger, FGB and NBAD came together to establish what is now known as First Abu Dhabi Bank.
The two United Arab Emirates banks made the announcement on July 3, 2016, that their respective boards of directors had agreed unanimously to propose to shareholders that the two firms consolidate into a single entity.
On December 7, 2016, the deal was given their stamp of approval by the relevant shareholders.
The transaction was carried out by means of a share exchange, and as a result, shareholders of FGB received 1.254 shares of NBAD for each share of FGB that they owned.
In April of 2017, as a result of the merger, the United Arab Emirates now has its biggest bank, which is known as First Abu Dhabi Bank (FAB).
First Abu Dhabi Bank (FAB) is a name that symbolizes the two banks’ origins in the area. The debut of FAB’s new brand identity integrated the ‘Abu Dhabi’ and ‘First’ identities from NBAD and FGB.
The “Awwal” (First) brand mark is used in the bank’s new logo, which also incorporates the initials F.A.B. The “Awwal” brand symbol has been expanded to indicate expansion and leadership.
The bank launched its first overseas branch in Saudi Arabia in 2019, marking the beginning of its worldwide development.
The Bank’s net profit dropped from 12.5 billion AED in 2019 to 10.6 billion AED in 2020, a decrease of 35%.
The company said that its net earnings for the year ended up being US$3.4 billion, which is a 19 percent increase from the previous year.
2. Qatar National Bank
Second among the safest banks in the Middle East Being the first Qatari-owned commercial bank in the nation, Qatar National Bank was founded in 1964. Ownership is shared equally between the Qatar Investment Authority (50%) and the general public (the remaining 50%).
The QNB Group has gradually expanded to become both Qatar’s largest bank and the largest financial organization in the Middle East and Africa.
The Qatar National Bank Group (QNB) has expanded abroad. The banking consortium has expanded to become both Qatar’s biggest bank and the largest financial organization in the Middle East and Africa.
Via more than 1,200 branches, it has a presence in more than thirty countries across three continents and offers a broad variety of financial products and services.
Customers may get loans from QNB, investment management, individual and business deposit accounts, insurance, mutual funds, and credit cards.
In 2016, it acquired Finansbank, a Turkish bank with more than 600 branches around the EU and over 5.4 million clients, for roughly €2.7 billion.
3. Abu Dhabi Commercial Bank
The Abu Dhabi Commercial Bank PJSC (also known as ADCB) is a commercial bank in Abu Dhabi, United Arab Emirates, that offers a comprehensive range of banking services. ADCB is third among the safest banks in the Middle East.
With the mergers of Emirates Commercial Bank, Khaleej Commercial Bank, and Federal Commercial Bank in 1985, the Abu Dhabi Commercial Bank (ADCB) came into being.
ADCB provides a variety of financial products and services, including wealth management, retail banking, corporate banking, private banking, cash management, commercial banking, corporate finance, investment banking, interest rate and currency derivatives, foreign exchange, Islamic products, property management services, project finance, among others.
The Abu Dhabi Commercial Bank is owned by the Abu Dhabi Government via the Abu Dhabi Investment Council (ADIC), which is the bank’s largest stakeholder (ADCB).
Abu Dhabi Commercial Bank (ADCB), which has a workforce of more than 1,400 people, is regarded as one of the most important financial institutions in the United Arab Emirates (UAE).
It is regarded as one of the Top Banks in the World and one of the Biggest Public Corporations in the World, as stated by Forbes.
4. National Bank Of Kuwait
In 1981, the National Bank of Kuwait (NBK) expanded its operations into the French market by purchasing 51% of a French regulated bank. This bank is fourth among the safest banks in the Middle East.
As a component of its first business plan, NBK successfully completed the takeover in 1987 and established its wholly owned subsidiary. The plan intended to accomplish the following two things:
- to participate in the investment and commerce that is taking place between the European Market and Kuwait
- to enable Kuwaiti investors to access the European market for both short-term and long-term investment opportunities.
When NBK consolidated its two European operations in Paris and London in 1996, the Paris office formally became a branch of NBK International.
This was done to increase the effectiveness of the services that NBK offers to its clients in France and other parts of southern Europe.
Since the first of the year 2019, the operations of the French branch of National Bank of Kuwait (International) Plc have been transferred to NBK – France SA, a French subsidiary that is owned entirely by the NBK Group and possesses a full European passport.
This move was made in order to continue to strengthen the bridge between the Middle Eastern markets and the European markets.
Wholesale Banking, Treasury Services, Commercial Real Estate Finance, and Private Banking are some of the services that NBK – France SA offers today from its headquarters on the Avenue des Champs-Élysées.
One of the primary focuses is on trade finance, which helps facilitate commerce and other types of international transactions with Kuwait and the Middle East.
Private Banking from NBK – France SA provides both standard financial products and real estate solutions to investors, with the goal of assisting them in the purchase and financing of commercial and residential real estate holdings.
5. Emirates NBD
Emirates NBD is the largest banking group in the MENAT region. It was founded on June 19, 1963, after the Charter of Incorporation of the National Bank of Dubai (NBD) was signed. This bank is fifth among the safest banks in the Middle East.
The National Bank of Dubai (NBD) was the first National Bank to be set up in Dubai and the United Arab Emirates (UAE).
On March 6, 2007, Emirates Bank International (EBI) merged with NBD to form Emirates NBD, which has the most assets of any bank in the region.
The Dubai Financial Market (DFM) officially started trading Emirates NBD shares on October 16, 2007.
Emirates NBD, formed by the merger of the UAE’s second and fourth largest banks, became a regional consolidation blueprint for the banking and finance sector.
It can deliver enhanced value across Retail, Corporate, Islamic, Private Banking, Investment, Global Markets & Treasury, Brokerage, and Asset Management operations across the region.
Emirates NBD turned 50 in 2013, and the occasion was marked by a series of events meant to honor the Group’s many accomplishments, the bank’s strong financial and historical roots, and its bright future.
Total assets were AED 742 billion (USD 202 Billion) at the end of 2022.
By acquiring DenizBank, Emirates NBD Group is now active in 13 countries and provides services to over 17 million consumers.
With 97% of financial transactions and requests made outside of its branches, the Group is a worldwide digital banking leader with a large retail banking franchise in the UAE.
The Company also manages Liv., Emirates NBD’s lifestyle digital bank, which continues to have the highest pace of growth in the area with close to 500,000 subscribers.
The Group has 879 branches and 4,130 ATMs/SDMs throughout the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, Bahrain, and China, as well as representative offices in Indonesia and China.
Brand Finance values Emirates NBD at USD 3.6 billion. Financial Brand’s 2022 Social Media Power 100 placed the Company 29th internationally.
With a variety of banking products and services, Emirates NBD Group assists its clients (individuals, corporations, governments, and organizations) in realizing their financial goals.
This covers corporate and institutional banking, asset management, Islamic banking, retail banking, private banking, brokerage activities investment banking, and global markets and treasury.
The Asian Banker awarded Emirates NBD the titles of “Best Retail Bank in the Middle East and the UAE,” “Best Credit Card in the Middle East,” “Best Data Management Initiative in the Middle East,” “Best Trade and Supply Chain Financing Bank in the UAE,” and “Best Cash Management Bank in the UAE.”
The Group has earned a high status among international brands by being included among the top 30 companies on Forbes’ list of the world’s best-regarded businesses. Forbes’ list of the Top 100 Middle Eastern firms for 2022 placed Emirates NBD at number eight.
In The Banker’s 2022 brand valuation, Emirates NBD was ranked first in the UAE and third in the MENA for the value of its banking brand. It also earned the Excellence in Customer Service Innovation Award in the Strategy Awards category of The Digital Banker’s 2022 CX Awards.
According to The Banker’s ranking of the top 1,000 banks in the world for 2022, the Bank is rated 98th overall. The Asian Banker 500 Biggest and Strongest Banks Rankings also rated Emirates NBD as the “Strongest Bank in the UAE” and the “Five Strongest Bank in the Middle East.”
In close alignment with the UAE government’s strategies, including financial wellness and advocacy for including people of determination under its #TogetherLimitless platform, Emirates NBD contributes to the creation of a sustainable future as an active participant and supporter of the UAE’s major development and community initiatives.
The Company has received recognition from IMPACT2030, the United Nations’ corporate volunteering arm, for its innovative work in employee volunteering and corporate social responsibility.
Emirates NBD has effectively established its presence not only in the United Arab Emirates and the Middle East but also on a significant worldwide scale as a Premier Partner and the Official Banking Partner for Expo 2020 Dubai. A city-wide project to limit the usage of single-use plastic water bottles, Dubai Can was also supported early on by Emirates NBD.
The Group’s core values include the preservation of the UAE’s culture and heritage. As part of this commitment, Emirates NBD opened the first pearl museum in the region in 2003, housing the largest collection of natural pearls in the GCC, in addition to supporting numerous initiatives that do the same.
The late Sultan Al Owais, the creator of the National Bank of Dubai, gave the UAE’s populace the Emirates NBD Pearl Museum as a gift to serve as a reminder of their culture and history prior to the discovery of oil.
Being one of the biggest and most culturally diverse employers in the UAE, Emirates NBD now employs more than 29,000 employees from more than 70 different nationalities.
Emirates NBD, a leader in national banking, represents the whole United Arab Emirates to the globe as an advocate for social and economic advancement.
6. Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank (ADIB) provides private, personal, corporate banking, and commercial products as well as securities solutions. ADIB is sixth among the safest banks in the Middle East.
Personal banking products and services are included in the company’s offering portfolio. These products and services include credit cards, checking and savings accounts, loans, wealth management, priority banking, supplementary services, and insurance.
Business banking services range from merchant services and trade financing to merchant accounts and savings and investment accounts.
The bank’s Private Banking division provides wealth management, market information, securities, and financing options.
ADIB’s Corporate Banking offers financial solutions for businesses, insurance, priority and personal banking, takaful, and worldwide transaction services.
The bank is operationally present in Egypt, Iraq, Qatar, Sudan the United Arab Emirates, Saudi Arabia, and the United Kingdom via its branches and subsidiaries. Abu Dhabi, United Arab Emirates, is the location of ADIB’s headquarters.
7. Bank Leumi
Leumi is Israel’s oldest financial business, as well as one of the most influential and biggest enterprises in the Middle East. It was established in 1902. Leumi is seventh among the safest banks in the Middle East.
The Leumi Group maintains a total of 268 locations around the country of Israel, in addition to other branches and offices situated in major commercial and financial hubs across the world.
Leumi caters to a diverse range of clients, from individual homes to small and middle-market firms all the way up to huge organizations, offering an extensive range of high-quality banking services across the board.
These services are delivered by means of specific business lines, adapted to all different types of clientele, and supported by the highest possible standards and unwavering professionalism.
In recent years, Leumi has committed a significant amount of its resources to the research, development, and improvement of its technical skills. This is done with the goal of providing consumers with convenient and cutting-edge financial services.
Today, “Leumi Digital” holds the position of market leader in the field of digital banking in Israel.
The company offers a wide range of cutting-edge online banking services that can be accessed via a variety of platforms, such as the internet, smartphones, social media, tablets, “Leumi Digital” stations, and automated teller machines (ATMs).
8. Bank Hapoalim
Bank Hapoalim is the largest universal bank in Israel, and it has branches in 20 different countries. This bank ranks eighth on the list of the safest banks in the Middle East.
It began operations in 1921, and now its ordinary shares may be purchased via the Tel Aviv Stock Exchange. A “bank” license has been issued to it in accordance with the provisions of Israel’s Banking Law.
It offers a wide variety of banking goods and services to individuals, companies, and organizations located all over the nation. Households, wealthy customers of private banking, and small businesses are the primary objectives of this initiative (SMEs).
Bank Hapoalim makes available to its clients a wide number of methods by which they may communicate with the bank. These methods include mobile apps and platforms, internet-based online banking, as well as automated teller machines (ATMs).
Moreover, it provides conventional services via its network of over 270 full-service branches, and customers may get extra support through its contact center, which is open 24 hours a day.
It provides its retail clients with a variety of deposit and savings plan options, including as callable CD deposits, savings accounts, foreign-currency deposits, and CPI-linked deposits.
9. Saudi National Bank
Ranking ninth on the list of the safest banks in the Middle East, the Saudi National Bank (SNB Group) is a Saudi bank with its main office in Riyadh, the country’s capital.
The National Commercial Bank, or “NCB,” was the name given to the institution when it was created in December 1953.
After successfully completing one of the biggest mergers in the area between the Samba Financial Group and the National Commercial Bank in 2021, SNB has established itself as a banking leader.
SNB now operates subsidiaries and affiliates in 8 different nations.
The General Organization for Social Insurance (GOSI) and the Public Investment Fund, which represent the Saudi Government in Saudi Arabia, possess a majority of the Saudi National Bank.
As the biggest financial organization in Saudi Arabia and one of the biggest forces in the region, SNB is crucial in helping the country’s economic transformation by reforming the local banking industry and accelerating the implementation of Saudi Arabia’s Vision 2030.
The SNB strategy is closely connected with the Saudi Vision plans, using its position as the biggest institutional and specialist financier in the Kingdom to assist the Kingdom’s historic agreements and major projects.
Strengthening the Bank’s local and regional capacities as well as facilitating trade and financial movements between the Kingdom and regional and international markets are the SNB’s strong balance sheet, resilient business model, and good liquidity position.
Individuals, corporations, and institutions may access a variety of traditional and Shariah-compliant personal, commercial, and private banking options from Saudi National Bank (SNB), originally The National Commercial Bank.
10. Mizrahi Tefahot Bank
Last but not least on the list of safest banks in the Middles East is Mizrahi Tefahot Bank.
The United Mizrahi Tefahot Bank (UMTB) is not only one of the major banks in Israel but also the largest mortgage lender in the whole nation. Also, it is the first bank in Israel to provide a cutting-edge banking strategy known as hybrid banking to its customers.
The bank has 120 locations located all throughout Israel and in other countries around the globe, where they provide a comprehensive range of financial goods and services.
The UMTB is a universal bank that provides clients located in the United States as well as customers located in other countries with a full range of retail, investment, and commercial banking services.
Mizrahi Bank, which was formerly Israel’s second-largest mortgage bank, merged with Tefahot in 2005.
In 2004, Bank Tefahot and Bank Mizrahi HaMeuhad came together to establish the banking institution known as Bank Mizrahi-Tefahot.
Bank Mizrahi was founded in 1923 by the Mizrachi movement, and it subsequently merged with Bank Hapoel HaMizrachi to become Bank Mizrahi HaMeuhad (United Mizrachi Bank).
Mizrahi Tehafot Bank reached an agreement in November 2017 to acquire Union Bank of Israel for a price of US$400 million, which would cement the bank’s status as the third biggest financial institution in Israel.
The United Nations prepared a list of 112 firms on February 12, 2020, that includes Bank Mizrahi-Tefahot as one of them.
These corporations were suspected of aiding in the expansion of Israeli settlement activities in the West Bank and Golan Heights. In international law, this is a conduct that is forbidden.
The biggest pension fund in Norway, KLP, said on July 5, 2021 that it will sell its holdings in Bank Mizrahi-Tefahot and the other 15 companies included in the research.
This is in response to the UN accusing some banking and financial operations of supporting the growth, expansion, and maintenance of settlements and their associated activities in the occupied areas.
Final Thoughts
Selecting a safe and stable bank is a crucial decision for anyone looking to manage their finances in the Middle East.
The top 10 safest banks in the region identified by Global Finance have demonstrated a commitment to sound business practices and financial stability, which make them ideal options for individuals, businesses, and governments.
These banks have consistently shown that they are well-equipped to handle economic challenges and maintain the trust of their customers.
By understanding the factors that contribute to a bank’s safety, consumers can make informed decisions about where to place their money and ensure a secure financial future for themselves and their families.
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