Finance Companies in UAE
A finance company does not take deposits like a bank does; instead, its main line of business is lending money to private customers. Finance businesses don’t take deposits like banks do; instead, their main job is to lend money to people. Finance businesses lend money at a higher interest rate after borrowing it at a lower interest rate from institutions like commercial banks and the Federal Reserve System. They also do financial accounting that simplifies people’s banking processes. They are therefore a practical substitute for banks. Given that 89% of people in the UAE are foreigners, there is a higher demand for these enterprises there. Let’s explore the ten Best Finance Companies in UAE in 2024.
10 Best Finance Companies in UAE (2024)
1. Amlak Finance
Amlak Finance, one of the Middle East’s top specialized real estate financiers, was founded in 2000.
- Amlak tailors cutting-edge, Shari’a-compliant financing options for real estate that precisely meet the market’s exacting requirements.
- The UAE Central Bank has granted the company a financing company license.
- Its main focus is on investing and financing activities using structures like Wakala, Murabaha, Ijara, Mudaraba, and Musharaka.
- The Company’s operations comply with Islamic Sharia and the guidelines established in its Memorandum of Association and Articles of Association.
- Amlak Finance has won several important honors over the years like The Best Shari’a Compliant Property Finance Company and the Global Islamic Business Award (GIBA)
2. Deem Finance
Part of the UAE-based conglomerate Gargash Group, Deem is a financial services company governed by the Central Bank of the United Arab Emirates.
- Individuals can apply for credit cards and personal loans from Deem Finance. The business changed its visual
- With its assortment of cutting-edge cash-up and loyalty-driven cards, Deem has drawn in a sizable consumer base in the United Arab Emirates.
- Deem offers a comprehensive range of products, including credit cards and unsecured loans for individuals, as well as corporate deposits for businesses.
3. Insignia Group Of Companies
With more than 25 years of experience, Insignia set the standard for serving affluent clients with the most exacting demands and refined tastes.
- Serving the lifestyle and financial needs of high and ultra-high-net-worth individuals globally has been Insignia’s primary focus since 1996.
- For people who value the finest that the world has to offer—individuals, families, and businesses—they are the premier payment services and luxury lifestyle management firm.
- They regularly customize their offerings to better meet the demands of their cherished members.
- Insignia Life Style Management IMS Group, UAE introduced an invite-only SuperCard for the wealthiest individuals worldwide in 2012.
- In keeping with the company’s aim of providing total personal attention, the product’s visionary team convened members to talk about specifics.
4. Reem Finance
Reem Finance PJSC offers tailored financing options that enable business owners to scale up their finances with support and diversify their holdings.
- Reem Finance is a private joint-stock company with its headquarters located in Abu Dhabi. It was granted a license by the Central Bank of the United Arab Emirates and provides financial solutions to support the expansion of private entities’ businesses and trading capabilities across many industries.
- Established in 2007 and granted a license by the UAE Central Bank.
- 200+ years of executive management experience and continuous profitability since the company’s founding
- Reem encourages collaborations to assist customers across multiple industries. Its partnership with Hydra Properties to offer mortgages to house buyers is among the first instances.
5. Aafaq Islamic Finance
Among finance businesses in the United Arab Emirates, the corporation enjoys a unique status due to its complete autonomy.
- To offer cutting-edge Islamic financial services and products that adhere to Islamic Sharia throughout the United Arab Emirates and the wider region, Aafaq Islamic Finance was founded in 2006 with the support of a distinguished and well-respected group of shareholders.
- Exploring opportunities across industries, enabling companies, and guaranteeing the highest satisfaction levels for all stakeholders—shareholders, clients, staff, strategic partners, and the community—are the main pillars of Aafaq’s strategy.
- In response to customers’ demands for flawless digital experiences, Aafaq has developed into a tech-savvy supplier of payment solutions. AI integration and a special relationship with MasterCard are two more innovative offerings.
6. Al Ain Finance
The U.A.E. Central Bank licenses and regulates Al Ain Finance P.J.S.C., a private joint stock company controlled by well-known Emirati investors.
- Throughout the UAE, Al Ain Finance specializes in creating and providing small and medium-sized businesses (SMEs) with alternative financing options.
- They provide corporate current accounts, payments, receivables, and liquidity management, among other services.
- Among the products it provides are Receivable Financing solutions such as Medical Factoring, Term Loans secured by Point of Sale (POS) Receivables, Bid Bonds, Advance, Payment Guarantee, Life/Keyman insurance, Group Medical Insurance, and Auto insurance, among others.
7. Finance House
On March 13, 2004, the founders established Finance House P.J.S.C., a public joint stock company in the Emirate of Abu Dhabi, United Arab Emirates. Operations commenced on July 18, 2004.
- Finance House is a pioneering independent financial services company that is diversified and setting new benchmarks in the financial sector of the United Arab Emirates.
- Finance House and its affiliated companies, Insurance House, FH Securities, and FH Capital, bring together the “best-of-breed” in each discipline. These entities tailor comprehensive, cutting-edge products, and solutions to meet their clients’ needs, establishing Finance House as a strong player in these markets and distinguishing it accordingly.
- For companies looking for a letter of guarantee, Finance House offers a special alternative called the Al Rabeh Guarantee. The guarantee letter’s competitive interest rate and less than 24-hour processing period are its salient advantages.
8. Mawarid Finance
The UAE Central Bank has granted Mawarid Finance PJSC a license to operate as an Islamic finance and investment firm.
- Established in 2006 in Dubai, United Arab Emirates, Mawarid Finance introduced a new vision in Islamic finance by enhancing the sector with cutting-edge Shariah-compliant products for both individual and corporate clients, boasting a paid-up capital of AED 1 billion. The principle of innovation founded Mawarid, and it continues to uphold this principle.
- Mawrid provides personal loans of up to AED 100,000 to self-employed and employed individuals. Unlike other lenders, Mawarid does not require a salary transfer for these loans to be profitable.
- Received the Global Banking and Finance Review – 2014 Award from the Global Banking & Finance Review forum, which honors exceptional contributions to the Islamic finance sector.
- ‘Best Islamic Finance Institution in the Middle East – 2014’ was given to Mawarid Finance. The 2014 awards had “Excellence through Innovation” as its subject.
9. Siraj Finance
The UAE Central Bank oversees Siraj Finance, which is an Abu Dhabi-based private joint stock company. Siraj Finance creates a wide range of financial products following Islamic Shari’ah guidelines.
- Siraj Finance PJSC, previously known as the National Finance Company, established itself in late 1999 under the same name, starting with an initial capital of AED 50 million.
- In early 2007, Bahrain-based investment bank Addax Bank expressed interest in purchasing the National Finance Company.
- Its goal is to lead the Non-Banking Islamic Financial Institution (NBFI) market in the United Arab Emirates.
10. Exim Finance
Founded in 2017, EXIM Finance is a reputable company that facilitates financing.
- To put it simply, they use a variety of techniques to secure reasonable financing for your business’s projects.
- With offices across Asia, Africa, Europe, and North America, Exim Finance is based in Dubai, United Arab Emirates.
- Their sizable staff is made up of engineers, CAs, CFAs, former investment, corporate, and commercial bankers, as well as business graduates.
- They have excellent relationships with private and ECA credit insurance and export banks.
The Bottom Line
Customers of a select few retailers are given loans by sales-based lending organizations. For instance, borrowers can buy a refrigerator from a home appliance firm by using a loan from a sales-based finance company. Finance companies in the UAE, such as banks, develop equitable monthly installment (EMI) plans. They urge customers to choose an appropriate EMI plan based on their monthly earnings and available disposable income after paying the required monthly expenses. Also, businesses can grow their organization with accounting software like ERP software provided by the best IT solution provider. ERP Software will streamline all the banking process and automate tedious tasks which will save time and money. Finance businesses serve the demands of borrowers with tarnished credit histories and are a crucial component of the money-lending sector.