Obtaining a bank loan is not a piece of cake for many individuals. Banks often have stringent requirements and a lengthy application process that doesn’t help in urgent situations.
On the other hand, finance companies offer customised plans and quick loan approvals. Hence, they are a convenient alternative to banks. In UAE, where expatriates form 89% of the population, these companies have a higher demand. So, in this blog post, we will look at the best finance companies in UAE.
Top 10 Finance Companies in UAE
1. Aafaq Islamic Finance
Aafaq Islamic Finance is an autonomous finance company providing credit per Islamic rules and regulations. Considering the UAE’s high demand for Shariah-compliant finance options, Aafaq has consistently added more services to its portfolio.
Responding to consumers’ demand for seamless digital experiences, Aafaq has become a tech-friendly payment solutions provider. Other new services include an exclusive partnership with MasterCard and AI integration.
2. Al Ain Finance
Al Ain Finance, regulated by The Central Bank of the UAE, offers alternative financing solutions to SMEs. It keeps the lending process quick and easy with minimal paperwork.
Al Ain emerged as a changemaker by eliminating a middle system for secure, compliant electronic wage transfers. This feat was achieved within two months, making it even more impressive.
Last year, the company partnered with Network International to offer credit cards to consumers. The credit card comes with several value-adding services by leveraging Network’s expertise.
3. Amlak Finance
Amlak Finance is a real estate-focused financier in the Middle East. The PJSC provides Shariah-compliant property finance solutions to consumers.
There are five different categories of the company’s real estate services: Ijarah, Tatweer, Ishtithmari, Edaara, and Private Construction Finance. Each service is tailor-made to suit the relevant consumers.
According to facts and figures highlighted by Gulf News, Amlak’s portfolio comprises nearly 1,000 luxurious units. A dedicated relationship assists consumers in identifying the right property for them. Competitive payment plans are available for residents and non-residents, with a minimum down payment of 30%.
4. BNP Paribas Wealth Management
BNP Paribas arrived in the UAE’s finance field over 45 years ago, growing from strength to strength ever since. It was named the Best Private Bank in the Middle East this year.
The international bank provides wealth management services to high and ultra-high-net-worth clients. BNP Paribas places a specific focus on the NRI diaspora in the region.
BNP’s wealth management services consist of tailor-made investment strategies for its clients. It creates and facilitates financial future planning based on individual needs.
5. Deem Finance
Deem Finance specializes in providing personal loans and credit cards to individuals. The company transformed its vision after being acquired by the Gargash Group in 2021.
Salaried individuals can avail of personal loans at a flat interest rate of 9.01%. The minimum salary required for loan approval is AED 5,000.
Deem offers a range of credit card products to make its financing solutions more accessible. The company’s cards feature a ‘Cash Up’ program, where consumers can redeem points earned with cash and other prizes.
6. Finance House
Finance House is the pioneer all-in-one financial solutions provider. It began its services in 2004, providing investment, consumer, and commercial financing.
Finance House’s Al Rabeh Guarantee is a unique option for businesses seeking a letter of guarantee. The key features of the guarantee letter are a competitive interest rate and a processing time of less than 24 hours.
Finance House also introduced a real-time payment facility in collaboration with Global Software Solutions Group. The instant payments initiative aligns with the company’s new vision: empowering customers to become their own personal bankers.
7. Insignia Group Of Companies
Insignia Group is a global player in the financial services field. With chapters like Insignia Cards Limited and Insignia IGS Management Services Ltd, the group offers bespoke wealth-management facilities.
In 2012, Insignia Life Style Management IMS Group, UAE launched an invite-only SuperCard to the world’s wealthiest few. The visionary team behind the product met members to discuss details, living up to the company’s mission of complete personal attention.
Insignia introduced a clean payment card during the COVID outbreak to reduce transmissions, which speaks volumes about the company’s agility in responding to urgent needs. Since 1996, Insignia Group has transformed sectors like hospitality and travel by helping brands and businesses realize their visions.
8. Lombard Odier
Lombard Odier, one of the oldest Swiss banks, offers bespoke wealth management solutions in the Middle East. Its annual growth rate has remained between 10 to 20% for the last five years.
But that’s not all. Lombard Odier is determined to double its managed assets in the Middle East over the next five years.
In 2018, Lombard Odier was awarded the Best Overall GCC Private Bank in the GCC WealthBriefing Awards. With unparalleled experience and vetted professionals, Lombard Odier is giving tough competition to local finance companies.
9. Mawarid Finance
Mawarid Finance is a Shariah-compliant finance company in the UAE. It caters to individuals, SMEs, and corporate customers.
Mawrid offers employed and self-employed individuals personal loans of up to AED 100,000. A lucrative feature of these loans is that no salary transfer is required by Mawarid, unlike other loan providers.
To facilitate e-payments, Mawarid announced a strategic partnership with Loylogic in 2018. This was one of the company’s several innovative steps to make credit more accessible to consumers. Mawarid has won several national and international awards in recognition of its services.
10. Reem Finance
Reem Finance is a reputed provider of consumer and business loans. It has a Tracxn Score of 25/100, ranking 3rd out of 13 competitors.
Recently, the company made headlines due to its impressive financial success. Despite the interest rate volatility, Reem Finance has managed an increase of AED 26.9m in profits over the last 3 Fiscal years (from 7.2m in 2019 to 34.1m in 2022). These stats emphasize the rising demand for the company’s services among borrowers.
Reem fosters partnerships to serve consumers in various sectors. One of the earliest examples is its alliance with Hydra Properties to provide mortgages to home buyers.
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