Automobile Citibank Financing | Info

ATMs, SWIFT and wire transactions, credit cards, loans, savings and all the other “electronic” banking transactions exist. They are features of Dubai's Citibank, HSBC, Lloyds Bank, ABN Amro, Barclays, Dredsner German Bank and a whole host of others, but the expatriate concept of a “local bank” is not correct. It is local only to the UAE (or the Middle East) and usually has branches around the country. It may also have affiliations with larger international banks.

Laws

Banking laws in the UAE, while different, are quite strict. Money laundering, illegal transfers and criminal activity is controlled as well as anywhere in the Western world. When it was discovered the funds of the 911 hijackers were transferred through Dubai, the government became much more strict.

Leverage

Banks are not leveraged nearly as much as they are in the West (especially the USA.) In order to receive a banking license an institution must not only have the collateral, but also be socially responsible. The institution must have a number of Sharia compliant programs available for people. Muslims are not allowed to charge interest nor have anything to do with the concept. This is diametrically opposite to Western banking principles, therefore programs have to be in place to allow Muslims to partake – it works for both parties.

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