List of Banks in Sharjah [2021]

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Before we share with you brief details of our list of banks in Sharjah, we shall take a look into where the UAE’s banking sector stands after the major setback caused by the Covid-19 outbreak. UAE’s economy is expected to show signs of revival with a recovery in its GDP growth.

Having said that, it’s likely that the effects of the tremors caused by the Covid-19 outbreak shall still keep the economy reeling under its effect for some time to come. The banking sector too shall show only a muted recovery of sorts. It’s predicted that it’ll be 2023 by the time real GDP recovers to its 2019 levels. Moreover, any tangible revival in the key sectors of retail, real estate & hospitality can’t be expected before at least a year.

It’s expected that the asset quality of the banks shall deteriorate further while the cost of risk will continue to rise as the full realization of the impact of the 2020 shock sinks in. The situation is likely to be made more critical with the Central Bank of UAE progressively lifting its forbearance measures from 2021 H2. Some banks are likely to show losses due to interest rates still remaining low causing lower profits.

Things however are expected to look up with the banks’ creditworthiness being backed by continued support from the government. This shall be boosted further by good funding profiles and stable buffer capitals.

While the situation remains delicately poised, the banking sector is relying on government support and an overall economic revival to get back on track. It’s hoped that there are better times to look forward to as the banking sector in the UAE recovers to flourish again.

List of Banks in Sharjah

Bank of Sharjah

Sharjah’s first commercial bank, the Bank of Sharjah started in the early 1973. Ever since then, the bank has been playing a pivotal role in the growth and prosperity of the Sharjah Emirate and the UAE. Listed on the Abu Dhabi Securities Exchange, the bank has a major presence in Lebanon to have a subsidiary there, the Emirates Lebanon Bank, S.A.L.

Address:
Al Khan St – Al Khan
Sharjah
United Arab Emirates
Phone: +971 6 569 4411

Invest Bank

Being a public shareholding company in the Emirate of Sharjah, the Invest Bank was started in 1975. They are also listed on the stock exchange. The bank stands on a solid reputation that it has built over the years sharing a strong relationship with both its retail and corporate clients. The bank saw the Government of Sharjah entering as a strategic partner in the year 2019.

Address: Q1-09 Building, Sharjah Saif Zone
Sharjah
United Arab Emirates
Phone: +971 6 557 2531

Sharjah Islamic Bank

Having started its operations in the year 1975, Sharjah Islamic Bank has been serving its individual and corporate clients with complete dedication over the years. Originally founded as the National Bank of Sharjah, it was the first bank that was converted into Islamic banking. This was a landmark in the bank’s history and today it offers investment, corporate and retail services compliant with the Sharia.

Address: Sharjah Islamic Bank
2 Street #1 – Al Khan
Sharjah
United Arab Emirates
Phone: +971 6 599 9999

United Arab Bank

United Arab Bank, PJSC came into being on the 21st of January, 1975 in the form of a joint venture between different investors in the UAE and Societe Generale (SG), a French financial giant conglomerate. The bank is headquartered in Sharjah and operates with 11 branches spread throughout the UAE. The Commercial Bank made a strategic alliance with UAB with the former acquiring 40% interest in the latter in 2007.

Address: Bahwan Tower,King Faisal Street
Bu Shughara Area
Sharjah
United Arab Emirates
Phone: +971 800 474

Emirates Islamic Bank

A relatively new entrant, the Emirates Islamic Bank was founded in 2004. The intention was to provide banking services of the highest standards in accordance with the Sharia principles. Today the bank offers a wide range of products catered to serve the needs of both small businesses and large corporations, and not to forget individual customers too. The bank nullifies transactional insecurities by adopting Islamic practices like Murabaha, Ijarah, and Takaful.

Address: Halwan SuburbSamnan
Sharjah
United Arab Emirates
Phone: +971 600 599995

Emirates NBD

The Emirates NBD came into being with the signing of the Charter of Incorporation of the National Bank of Dubai on 19th June 1963. It thus became Dubai and the UAE’s first national bank. 2007 became a landmark year in the bank’s history after it merged with Emirates Bank International on March 6 thereby creating the region’s largest banking group in terms of assets.

Address: Ground Floor, Emirates NBD Building
Immigration Road, King Abdul Aziz Street
Al Qassimia Area
Sharjah
United Arab Emirates
Phone: +971 600 540000

Abu Dhabi Commercial Bank (ADCB)

The Abu Dhabi Commercial Bank was set up in the year 1985 in the form of a public shareholding company having limited liability. The bank came into being after the Emirates Commercial Bank, the Federal Commercial Bank, and the Khaleej Commercial Bank were merged. While the Abu Dhabi government holds 62.52% of its shares, other individuals and institutions hold the remainder.

Address: Near Sharjah Central Post Office
Ibrahim Mohammed Al Medfa’a
St – Al GharbAl Soor
Sharjah
United Arab Emirates
Phone: +971 6 519 1616

Abu Dhabi Islamic Bank

It was started in the year 1997 but Commercial operations were initiated on November 11, 1998. The bank carries out its operations and transactions following the principles of the Islamic Sharia. Approx 29% of its equity is held by the founders while the rest 71% of the shares held by around 100,000 shareholders.

Address: Shera Al Emarat Building
Al Buhairah Corniche
Sharjah
United Arab Emirates
Phone: +971 800 2828

Bank of Baroda

An Indian bank, the Bank of Baroda has a rich history that dates back to its humble beginnings from a small building in Baroda in the year 1908. Today the bank has a major presence in as many as 25 countries with its headquarters in Mumbai, Maharashtra, India. Bank of Baroda has emerged as India’s third-largest public sector bank with a total business of USD 218 billion. It has 131 million customers and is ranked at 1145 on the Forbes Global 2000 list.

Address: Al MajazAl Majaz 1
Sharjah
United Arab Emirates
Phone: +971 6 503 7900

Dubai Islamic Bank

Dubai Islamic Banks’ journey started in the year 1975 after it was founded by Haj Saeed Bin Ahmed Al Lootah. The largest Islamic Bank of the UAE, it was the first to adopt Islamic principles in all its practices. It’s listed on the Dubai Financial Market as a public joint-stock company. With 90 branches spread across the UAE, the bank is internationally operating in seven markets.

Address: Al Wahda Street, Sharjah City Centre Branch
Sharjah
United Arab Emirates
Phone: +971 6 597 3655

HSBC Bank Middle East Limited

HSBC, as one of the largest banking and financial institutions in the world, serves as many as 40 million customers. Their network spreads across as many as 64 countries across Europe, Asia, North and Latin America, Middle East, and Africa. With HSBC Holdings plc shares being held by no less than 197,000 shareholders across 130 countries and territories, the bank is listed on the stock exchanges of London, Hong Kong, New York, and Bermuda.

Address: Abdul Aziz Majid Building King Faisal Road
Sharjah
United Arab Emirates
Phone: +971 600 554722

Mashreq Bank

Mashreq bank PSC was founded in the year 1967 as the Bank of Oman and it remains a pioneer in banking activities in the UAE has been the first one to install ATM cash dispensers in the UAE. It was also the first bank to launch debit and credit cards and offer commercial loans. Mashreqbank also happens to be the UAE’s oldest privately owned bank.

Address: Mohd Obaid Al Suwaidi Bldg
Unit No. 1 – Maliha Rd
Sharjah
United Arab Emirates
Phone: +971 4 424 4444

Standard Chartered Bank

The Standard Chartered Bank came into being in the year 1969 with the merger of the Chartered Bank of India, Australia and China and the Standard Bank of British South Africa. The bank is headquartered in London and it operates through a network of 1,200 outlets spread across 70 countries employing 87,000 people. The bank entered the UAE with its first branch in Sharjah in 1958.

Address:
Shop No. 1 & 2, Belrasheed Building Buhaira Cornish,
Al Sour Area, Dubai
United Arab Emirates
Phone: +971 600 522288

National Bank of Ras Al Khaimah PSC (RAK BANK)

Ras Al Khaimah is basically a place in the UAE and the RAKBANK is from the same place that was started in the year 1976. It’s also known as the National Bank of Ras Al Khaimah. It’s one of the UAE’s oldest banks. There was a major transformation in the bank’s operations after it shifted focus to personal and business banking from corporate banking in 2007. Today, with 27 branches, the bank offers a wide range of banking services.

Address:
Mohammed Mubarak Saeed Al Mansouri Building,
Al Marieja Area, Rolla,
Sharjah
United Arab Emirates
Phone: +971 4 213 0000

Central Bank – Sharjah

The Central Bank of the UAE was established in 1980 under Federal Law No. (10) as a public institution. Its functions were expanded to include the Currency Board’s sphere of operations too. The bank plays a vital role in fighting corruption in the UAE with the National Committee to Combat Money Laundering formed in the year 2000 working under its aegis.

Address: King Abdul Aziz St
Abu Shagara
Sharjah
United Arab Emirates
Phone: +971 6 559 2592

List of Banks in Sharjah

Sl. No. Name Establishment Website
1 Bank of Sharjah 1976 https://www.bankofsharjah.com/ 
2 Invest Bank 1975 https://www.investbank.ae/
3 Sharjah Islamic Bank 1976 https://www.sib.ae/
4 United Arab Bank 1975 http://www.uab.ae/
5 Emirates Islamic Bank 1975 http://www.emiratesislamic.ae/
6 Emirates NBD 2007 https://www.emiratesnbd.com/ 
7 Abu Dhabi Commercial Bank (ADCB) 1985 https://www.adcb.com/
8 Abu Dhabi Islamic Bank 1977 https://www.adib.ae/
9 Bank of Baroda 1974 http://www.bankofbarodauae.ae/
10 Dubai Islamic Bank 1975 http://www.dib.ae/
11 HSBC Bank Middle East Limited 1889 http://www.hsbc.ae/
12 Mashreq Bank 1986 http://www.mashreqbank.com/
13 Standard Chartered Bank 1969 https://www.sc.com/ae/
14 National Bank of Ras Al Khaimah PSC (RAK BANK) 1976 https://rakbank.ae/ 
15 Central Bank – Sharjah 1980 https://www.centralbank.ae/

Final Words

There are number of local and international banks in Sharjah who are prominent players in the banking sector. I hope the above list of banks will sheds light on the current economic scenario in the UAE and the bearing it has had on the banking sector there. All these banking institutions are expected to play a vital role in the fast growing economy. These banks have emerged as household names in Sharjah and they enjoy the trust of the people.

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