The UAE has the largest number of local and international banks in the GCC region. There are also some banks, particularly Islamic ones that offer Shari’a compliant banking needs. In Dubai, just like in the other emirates, any resident or Emirati can apply for personal loans, car loans, get credit/debit/prepaid cards or loans for other purposes. Opening an account, providing credit cards and granting loans and banking facilities are subject to the UAE Central Bank’s conditions (PDF size 3.15 MB), one of the most important of which is the possibility of closing a customer’s account if his/her cheque was bounced for insufficient funds.
In February 2011, the Central Bank of the UAE issued new regulations (Regulation No. 29/2011, dated 23/02/2011) regarding bank loans and other services for individual customers to unify the fees for bank services thereby ensuring transparency and enhancing the credibility of the banking system.