Talking about the overall financial sector of UAE, a total of 46 domestic and foreign banks are operating in the country. Although the sector is somewhat protected and barriers to entry are tough, but foreign banks are becoming larger in number. Not just in number, but banks in UAE are improving the quality of services simultaneously to respond to global challenges. The big five banks dominate the banking sector and all of the large ten banks are financially sound. The sector is well regulated by the UAE Central Bank which results in high level of trust among clientage parties. Due to the efforts of UAE Central Bank, local banks are gearing up to operate globally across borders.
After the global financial crisis in 2008, UAE banking sector has been a point of attention in recent years. Many banks are ready to offer a range of financial services that are helping to fuel the region’s economic growth while responding well to local and foreign competition.
Dubai banking sector is not only contributing as a facilitator between businesses, exporters and traders but also is a home to many professionals as an employer. The sector is a lucrative one because of its better pay, timely increments, and growth opportunities.
Apart from current opportunities, the future also brings positive news as the forecast shows a boom of Dubai economy once again.
Latest surveys also confirm that accounting and finance professionals will be the industry great prospects in the years to come. Senior executives of various banks are also optimistic about the market. According to them, the banking sector will need a great number of workforce in the near future. This is because of new projects or initiatives, product or service expansion and domestic business growth.
Online job portal Bayt.com sees the future bright for accounting, banking, and other finance related jobs. Their survey has shown that banking and finance are the preferred industry in the eyes of professional after oil, gas and construction. Employers are also reviewing pay scales and another benefit, as switching between banks has become an industry norm.
A number of vacancies are created by the banking sector in Dubai in the areas of management, sales, services, administration etc. These specifically include (but not limited to), Sales Executives for Personal Finance, Home Finance, Credit Cards, Central Processing Officers, Operations Officers, Branch Managers, Fund/Wealth Managers, Credits and Advances Managers, Teller Officers, Security Evaluation Officers etc. Along with operational staff, a decent number of administrative jobs such as HR, Compliance, Audit, and Accounts are also offered by the banks in Dubai.
Requirements on part of candidates
All above-mentioned jobs require applicants with certain specifications, which are announced along with job vacancies. Applicants can directly apply through banks’ own websites, or with the help of independent recruitment agencies. Applicants need to go through a rigorous screening process including theoretical tests, role plays and interviews.
Top Five banks of Dubai
- Emirates NBD
Founded as a result of a merger between Emirates Bank International and National Bank of Dubai (3rd & 4th big banks respectively) in October 2007 Emirates NBD has become a blueprint for regional consolidation in the banking and finance industry. This merger has produced a banking champion with the largest asset base in the entire GCC region. Emirates NBD is in a good position to evolve dramatically for the benefit of its shareholders, customers, and employees. It is owned by national investors (95%), Arab investors (2.8%) and foreigners (2.2%).
Those who want to be a member of this great bank can be asked to go through an assessment in an assessment centre consisting of ability and psychometric tests to evaluate candidates for personality-job fit.
- National Bank of Abu Dhabi
NBAD is one of the largest networks in UAE, with as more as 150 branches and around 600 ATM across the country. It has also an international presence with 60 plus branches in 17 different countries, stretching across five continents. This global network is the largest among all UAE banks. The majority of bank’s ownership shares are held by Abu Dhabi government.
Working in NBAD means being part of a team of brilliant and passionate individuals working together towards a common objective – great customer experiences. NBAD offers a range of career opportunities where applicants are encouraged to explore their potentials.
- Abu Dhabi Commercial Bank
ADCB is a full-fledged commercial bank providing contemporary banking services such as retail banking, private banking, wealth management, commercial and corporate banking, investment services, Islamic banking etc. Abu Dhabi Commercial Bank is also owned by Abu Dhabi government through its investment window – Abu Dhabi Investment Council.
ADCB expects from its potential employees to be customer centred, knowledgeable and reliable. Candidates with these qualities are encouraged to apply if there is a job vacancy available on bank’s website. All candidates should go through a standard selection process including Assessment, Interview and Outcome.
- First Gulf Bank
First Gulf Bank was established in 1979. On the basis of equity, FGB becomes the largest bank among all UAE based banks. FGB is known globally for its commitment towards maximising value for its shareholders, customers, employees and community as a whole. It focuses on client needs and supports vividly UAE’s dynamic economy. It was also awarded “Best Local Bank” for two consecutive years in 2011 and 2012 by EMEA Finance. The Abu Dhabi Ruling Family owns the majority of FGB shares.
All the job vacancies of FGB are announced online through the bank’s Careers web page.
- Dubai Islamic Bank
Dubai Islamic Bank was established in 1975 with the aim to provide banking services under the banner of Islamic Sharia and since then is known for its customer centricity and services at a personal level. It was awarded by Banker Middle East Magazine as the Best Islamic Bank in the region in 2012. Dubai Islamic Bank has also a decent number of foreign branches.
Once become a member of this bank, a professional can find many ways for continual career development. Interested candidates can find relevant job vacancies at DIB job portal on its website.
Specifically every job comes with its own specific requirements on part of applicants however professionals with Masters (or at least bachelor’s) qualification in banking, accounts or finance, relevant experience of two to three years, know-how of banking regulations in GCC setup, good communication and selling skills, are having higher chances of availing these opportunities.