UAE Central Bank Celebrates 50 Years: Industry Veteran Reflects On The Local Banking Industry

The year 2025 has been filled with milestones for the UAE, with the Central Bank marking over 50 years since its inception and Dubai Islamic Bank (DIB) celebrating its 50th anniversary alongside the launch of Islamic banking in the Emirates.

Rizwan Ansari is a banking veteran and founder of RadiantBiz, with over 15 years of senior-level experience at Standard Chartered, Barclays, Dubai Islamic Bank, Noor Bank, ADCB, NBAD and Mashreq Bank. He began by leading SME banking at Standard Chartered and steered Barclays' SME and commercial banking through the Global Financial Crisis, where he solidified his expertise in risk management and economic resilience.

Over the next decade, Rizwan embedded international best practices into the UAE market, holding leadership roles in corporate banking, trade finance, treasury, and risk management. His deep industry knowledge spans corporate account openings, transactional and trade finance solutions, FX and hedging advisory, investment guidance, and cross-border payment strategies.

Drawing on this comprehensive background, Rizwan founded RadiantBiz to deliver tailored, end-to-end business consultancy-especially banking solutions-to entrepreneurs, family offices, and global investors.

Rizwan explains that for new to country entrepreneurs, opening a corporate bank account in the UAE can be challenging due to stringent Global AML compliance requirements. Banks must verify the company's Ultimate Beneficial Owners (UBOs), establish the legitimacy of the client's business activities, and conduct robust due diligence on both the firm and its principals. Any gaps in documentation or perceived risk can lead to lengthy review processes-or even outright rejection-so working with an experienced advisor is crucial. Ultimately, navigating these regulations effectively not only ensures account approval but also safeguards your business's continuity and reputation.

One of the top mistakes Rizwan sees among business owners-especially those coming from abroad-is misaligning their chosen banking activity with the UAE trade licence. Selecting an account that doesn't match your licensed business purpose often triggers enhanced scrutiny or outright rejection. Rizwan stresses that understanding and correctly declaring your activity up front is essential: it not only accelerates the approval process but also avoids compliance red flags around transactional legitimacy and UBO verification. RadiantBiz's expert team guides you through mapping your license activities to the right banking products, minimizing risk and ensuring a smooth onboarding.

Navigating multicurrency & international accounts

Given the UAE's status as a global hub, Rizwan highlights the necessity of multicurrency and international business bank accounts. Whether you need to repatriate profits, pay overseas suppliers, or collect payments from international clients, having a banking solution built for cross-border transactions is critical. RadiantBiz goes beyond simply opening accounts-our transnational advisory service supports the structuring of SPVs, international holding companies, offshore entities, and real-estate escrow arrangements, all while ensuring full compliance with Global AML, tax optimization rules, and due diligence requirements.

Thanks to its strategic location, the UAE serves as a direct import/export center and a prominent re-export hub. For this sector to operate efficiently, banks' trade financing products are pivotal.

Rizwan explained how banks facilitate trade by providing letters of credit, guarantees, and bills of exchange, building trust and ensuring smooth payments, especially during challenging times.

But to avail these services from banks, businesses need to qualify for them-this is where RadiantBiz, as a trade finance advisory, comes in to strengthen businesses' risk management and credibility.

Rizwan broke down the intricacies of investment banking, explaining how it caters to large businesses by offering IPO issuance, capital raising, and M&A advisory services.

He highlighted the opportunities for UAE businesses in the global and local capital markets, citing the recent success of the Lulu and Talabat IPOs at ADGM and DFM.

He also pointed out that the financial framework of the country is accommodating this banking, as the demand for private equity and sovereign wealth grows.

Rizwan emphasized the importance of legal compliance, especially for cross-border transactions. He advised businesses to stay updated on UAE Central Bank rules and international AML/CFT guidelines. With new policies like corporate tax, compliance efforts must increase. As the UAE banking industry marks over 50 years, its potential keeps growing. The country leads globally with Islamic banking, fintech, and digital innovations that boost business.

“Explore your options and understand your business needs-if you're short on time, corporate bank account opening consultants in Dubai can help match you with the right solution. The right bank can make all the difference,” he concluded.

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