Central Bank
Central Bank of the U.A.E (CBUAE) is a federal public institution with its own legal identity, and financial and administrative independence. It is the supervisory and regulatory authority of the banking and insurance sector. The Central Bank reports directly to the President of the UAE, in accordance with the Federal Decree-Law of 2025 on the Central Bank, the Regulation of Financial Institutions and Activities, and Insurance Business.
The operations of CBUAE focus on the following:
- Regulatory Development: The Central Bank of the UAE regulates and supervises financial services companies operating in the UAE.
- Financial Stability: The Financial Stability Department (FSD) helps to maintain and promote financial stability in the UAE by conducting analyses to assess the potential risks and vulnerabilities facing the country’s financial system, and by supporting CBUAE’s financial stability decision-making.
- Reserve Management: The Reserve Management department manages the UAE’s official foreign exchange reserves.
- Islamic Finance: The Islamic Finance industry is growing at an accelerated pace, exceeding USD 2.44 trillion in assets globally, and recording a growth rate of 11.4 per cent. The Islamic Finance industry is primarily manifested in banking, insurance (Takaful) and asset management sectors.
CBUAE Rulebook
The CBUAE Rulebook is a resource of the regulations, standards and guidelines issued by Central Bank of the UAE. It aims to provide easy access to compliance material and help individuals and businesses in the financial industry to stay aware of the same.
Licensing
Firms and individuals must apply to the CBUAE for authorisation to carry out any of the activities that it regulates. Banks looking to register their operations with the CBUAE can apply for a licence through CBUAE online platform.
Types of licences issued by CBUAE:
- Banks (conventional and Islamic)
- Insurance companies
- Finance companies
- Representative office
- Profession for insurance
- Exchange business
- Stored Value Facilities (SVF):
- Retail payment services
- Loan-based crowd funding
- Card scheme
- Large-value payment system (LVPS)
- Retail payment system
- Monetary intermediary
- Open finance.
Conventional banks
The Central Bank of the UAE provides licences for conventional banks in order to carry out the following services:
- local banking for individuals
- foreign banking for individuals
- local corporate banking
- foreign corporate banking
- specialized banks.
Islamic banks
Central Bank’s licence ensures that this sector provides banking services that are fully compliant with the provisions of Islamic Shari’a. Islamic banking services are divided as follows:
- local banking for Individuals (national retail)
- foreign banking for Individuals (foreign retail)
- local corporate banking (national wholesale)
- foreign corporate banking (foreign wholesale)
- specialised banks.
The Islamic banking sector has become an integral part of the UAE’s financial industry, accounting for 23 per cent (equivalent to AED 845 billion) of total banking assets in 2022. For more information read the UAE Islamic Finance Report 2023 (PDF, 1 MB).
Read more about Islamic finance in the UAE.
Opening a bank account
Opening a bank account in the UAE is generally straightforward if you meet the basic requirements.
1. Choose a bank
You can open an account with local or international banks operating in the UAE. Many banks allow you to apply online, through their mobile app.
2. Prepare the required documents
Most commonly required documents are:
- Emirates ID
- Valid UAE residence visa
- Passport or family book
- Salary certificate or employment letter
- Proof of address (in some cases).
Self-employed individuals may need to provide:
- Trade licence
- Company documents.
3. Submit the application
You can open an account by either:
- visiting a bank branch or
- applying through the bank’s website or mobile application.
- Some banks offer digital account opening, where identity verification is done through the app.
5. Account activation
Once your application is approved:
- your bank account is activated
- you will receive a debit card and
- you can access online and mobile banking services.
Approval usually takes a few hours to a few days depending on the bank.
Minimum balance requirements
Many banks require a minimum monthly balance. If the balance falls below the required amount, a monthly fee may apply.
Types of bank accounts
Common account types include:
- current account
- savings account
- business account.
IBAN
From 2012, the use of International Bank Account Number (IBAN) is mandatory for all electronic payments and receipts within and outside the UAE (except for making payments through a credit card).
IBAN complies with the ISO 13616 standard and is unique to each account number.
So, you will have a distinct IBAN for each of the accounts you hold in the same or different banks. Banks are required to inform their account holders of their unique IBAN.
Related links
Moneychangers
According to the Exchange Business Regulation No. C 7/2025, of the Central Bank of the UAE, licensed exchange houses and related entities are authorised and regulated to carry out the following activities:
- sale and purchase of foreign currencies and travellers’ cheques – i.e., currency exchange services for both cash and travel cheque products
- executing remittance operations – transferring funds domestically and internationally in both local (AED) and foreign currencies
- wage payment services – facilitating wage disbursement by linking to the UAE’s Wages Protection System (WPS)
- other exchange-related products and services authorised by the Central Bank – i.e., any additional activities that CBUAE approves under the regulation.
Finance companies
The Central Bank's Board of Directors Resolution No. 3/2023 dated 23/05/2023 regulates finance companies in the UAE.
The resolution sets the rules and standards that finance companies must follow, with regard to licensing requirements, regulatory supervision, rules for working with agents, and the activities they are allowed to perform. The goal is to strengthen financial stability, protect consumers, and support the growth of the finance market in the UAE.
Updated on:
16 Mar 2026
