Corporate banking is a kind of banking that is offered only to corporates, this includes the provision of credit and cash management services to the corporates. Online corporate banking services include banking operations without visiting the bank branch. It provides a facility where if you have internet access you can use the banking services. You can log into your account and perform operations anywhere at any time. Banks provide security of online banking, privacy, and data protection to the customers. With several layers of protection levels such as secret code and password, login verification code, and SMS, the protection is highly secured.
Below are the best corporate online banking service providers in the UAE.
Noor Bank, Emirates NBD, ADIB bank, First Abu Dhabi Bank, Commercial Bank of Dubai, NBAD, Abu Dhabi Commercial Bank, First Gulf Bank, Bank of Dubai, Central Bank of the United Arab Emirates, The Dubai Islamic Bank, HSBC, Standard Chartered Bank, etc. Some of the online banking services are discussed below in brief.
Noor Bank
Noor Bank provides corporate online banking services. Corporate banking is managed by dedicated professionals who provide financial solutions to customers. The financial needs of customers and queries are answered by the bank’s experienced team. Complete solutions such as working capital finance, long term finance, trading and manufacturing, real estate solutions and contracting are provided by the bank. The corporate finance offerings are fully Sharia’s Compliant and these are drawn from Goods/commodity Murabaha, Ijarah, Islamic covered drawings and Istisna. Corporate banking services are in accordance with the Shari’a guidelines. The following are the facilities from Noor Bank.
- Contract Finance
- Long term Finance
- Working capital Finance
- Global transaction service
- Payment Services
1. Contract Finance- Contract Finance is related to the business which is involved in the manufacture, asset delivery to the party which places an order. The contract finance may be related to maintenance contract, construction contract, manufacturing contract, engineering contract and supply contract. Noor Bank provides facilities for contract finance.
2. Long term Finance-Noor Bank offers a facility for long term financing which facilitates expansion of business. The products are based on Murabaha, Commodity Murabaha, Ijarah and Istisna structures. These are designed to acquire fixed assets in an effective manner.
3. Working capital Finance-Noor bank offers facilities for generating resources to finance stocks, payables and receivables. The products have been designed to meet working capital requirements of the business. These facilitate the procurement of supplies and inventory assets.
4. Global Transaction Service-Noor Bank Global Transaction Services are provided by the Shari’a Compliant trade and cash management solutions for companies. Trade services build in relationships with institutional flows in cross border trade. Services are delivered easily to regional and global markets. Secure payments are made with compliance in international regulations. Noor bank’s team minimises the risk related to international trade.
5. Payment Services- Payment services are offered to meet domestic and international payments. Noor Bank eliminates manual tasks in making payments, achieves cost reduction and streamline processes.
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Emirates NBD
Emirates NBD provides Corporate and International banking services. The professional team understands the requirements and needs of the customers. There is a team of product specialists such as global markets, treasury, transaction, banking, investment banking and islamic banking to provide effective solutions to the customers. The following are the services from the bank.
- Large corporate services
- Real estate services
- Contracting team
- Multinational companies support
1. Large Corporate services– Emirates NBD large corporate team provides financial services and banking solutions to corporates with an annual turnover of AED 600 million and more. There is a local corporate team that provides financial services to businesses with an annual turnover between AED 150 million and AED 600 million.
2. Real estate services-Real estate services are provided by the Emirates NBD bank where the bank provides finance to projects, supports corporate finance and solutions to commercial real estate and residential companies and hotel industries.
3. Contracting team-A contracting team helps the construction business. It is essential to shape the future of the UAE, the professionals help the UAE based companies in primary operations to stay competitive.
4. Multinational companies support-The bank provides the facilities for funding the construction, it aims at providing cross border trade and business creating opportunities for regions. It provides for treasury and transaction banking services. It aims at providing the right structure for reducing cross border risks and creating funding opportunities.
First Adu Dhabi Bank
Corporate finance is provided by the First Abu Dhabi Bank in local and international reach. First Abu Dhabi Bank provides expert knowledge on the international reach to the customers.
Corporate loan financing is provided by the bank. Bilateral, club and Syndicated loans, Syndicated Murabaha, Asset based financing, acquisition finance, real estate finance, structured finance, project finance and loan agency services are provided by the bank. First Abu Dhabi Bank provides capital market financing for bonds, Sukuk, convertible bonds, public issues, private placements, right issues and initial public offerings. The bank provides advisory services on debt, project, merger and acquisition, liability management.
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ADIB Bank
ADIB Corporate Banking provides Shari’a compliant Islamic banking solutions. It also includes Murabaha, Istisnaa, Ijara, Islamic covered drawings and other Shari’a compliant products. ADIB provides a pure Islamic corporate banking facility to the clients. It provides facilities for customers to get finance according to their requirements. A diversified portfolio of trading, contracting, real estate, energy, transportation, manufacturing and other facilities are provided by the bank. ADIB has developed specific criteria ensuring risk is in guidelines that are set up by the board.
Corporate online banking services in the UAE
- Credit services
- Treasury services
- Fixed asset requirements financing
- Employer services
- Commercial services
1. Credit- For corporate customer loans, related credit services, and credit products are offered. The credit facilities are offered online through the apps and internet banking and they form the largest share of profit for the commercial banks. Interest rates or profit rates are almost similar in all the corporate banks with different tenure of credit services.
2. Treasury Services- Banks offer a wide range of treasury services to corporate customers. These services are available online and at bank branches. The services offered are trade finance, global trade, transactions in government securities and fundraisers for all corporate transactions. Online banking services such as money market, forex trade, retailing of government securities, bullion, interest rates and derivatives are offered through corporate online banking services.
3. Fixed Asset requirement Financing- Banks provide customized loans for corporate companies. Banks also facilitate lease agreements for purchasing machinery and equipment for the business. Fixed asset requirements are important for the corporates which are into transportation, information technology and machinery manufacturing.
4. Employer services- For corporates, banks provide commercial online banking services such as the selection of retirement plans, health care plans, and payroll facilities.
5. Commercial services- Banks provide services such as leverage analysis, debt management services, real estate analysis, asset management services, and other services.
Banks in the UAE are considered the most reliable and most important advanced banks which apply modern technologies. Online banking is a common thing in the UAE. All private banks, public banks provide online banking services in the UAE. Below are some of the online services provided by the banks.
- E-payments
- Digital Banking
- Standing instructions
- Foreign currency account
- E receipt
- Investments
- Bill payments
- Premium payments
- Loans
- Utility payments
- Mobile phone Services
- Reward points
During the present situation of COVID-19, the central bank of the UAE has issued a strong statement to all its customers that they should use digital banking and online banking services to protect the health and safety of UAE residents. The central bank of UAE also recommends residents to use contactless payments including mobile banking payments wherever possible.
Advantages of online banking
- Convenience with time-saving- You can log in any time and do online transactions. You need not wait during bank office hours to receive a statement or make a fund transfer. With online banking, you can manage your personal funds any time at any place.
- Online Fixed/recurring deposit- With online banking, you can make fixed deposits and recurring deposits without visiting the bank branch. You can avail services through the online facility. You can get a print out of your deposit in any place.
- Service for Payment- It provides the facility for mobile services payments, DTH recharges, payment of penalties, purchase of travel tickets, and others.
- Fund Transfer- Fund transfer can be made between your account and to the receiver whom you want to transfer funds. It is very convenient for sending money anywhere in the world at any time you want to transfer.
- One-click statements- With just a click you can download the bank statement for the period you want. This can be done without visiting the branch.
Rules to protect your online banking account
- Do not share your login credentials, password, and card details, one-time password codes to anyone
- Do not write your passwords on any documents and store your personal data carefully
- Do not use public Wifi to login bank websites, use only reliable computers to log in.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
