Banking Jobs In The UAE:
Banking jobs in the United Arab Emirates became popular among Indians in recent times. The companies of the banking sector in the Middle Eastern countries demand outstanding expertise and knowledge. There is a broad scope for opportunities in banking jobs. UAE has the most significant bank sector in the Middle East. The banks pay high salaries to the employees too. This attracts the aspirants.
How To Find A Career?
It is tough to find a job in the sector without a strong reference. There are a ton of financial service firms that are similar to banks and provide a good platform for employees. After working in these firms for a year or two, it is easier to get jobs in the banks directly. Experts predict that the banking sector will make the most productive sector in the United Arab Emirates. Nearly five thousand finance and banking jobs will be vacant, according to Paul Drum, the top of the Certified Practicing Accountant (CPA) in Australia.
How To Get A Job In The Banking Sector?:
Many people get hired in India with the help of consultancy. It is important to take the help of a trusted consultancy. These banks complete the hiring process in India and the visa, as well as permits, are given. One can also try to find the job after going there on a visit visa. Graduation is the basic qualification for the banking jobs in UAE. However, post-graduation would be an added advantage. Qualifying from the deemed colleges of other nations adds an edge to the resume.
Preparing for the interview and clearing it is important. The banks conduct a background check and verify your details. The applicants need to consult the registered and trusted agencies only. Be cautious of the scams and fake job offers.
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You need to apply for the work permit to work in the UAE. Residency visa is also required for the people who stay and work there. The visa enables the employees or workers to have a work permit or a labour card. Generally, the employer is responsible for the visa and work permit process. According to the laws in the UAE, employers have to fund the expenses related to the above-mentioned procedures. There are many types of labour cards based on the tenure and domain of work.
Visa requirements are subject to change, and the applicants or job aspirants have to follow the official source frequently. The files required for the work permit are:
- Aspirants photograph
- health certificate
- Trade certificate of the company
- passport valid for six months
- certificates of education and professions
- employment contract
Qualifications Required For Banking Jobs In The UAE:
The banks favour applicants with the following qualifications.
- MSc Banking & Finance or accounting
- An MSc in accounting
- MSc business analytics, MSc in Data science
- An MSc in Investment Banking
- MSc in Finance and Risk Management.
Companies give importance to the people having higher analytical skills, aptitude for banking, mathematical ability, and good communication skills. Companies prefer an experience of five to ten years for offering a job in the banking sector in the UAE.
Salary In Banking Jobs:
The salaries are very high and are target based. Employees earn rewards based on their performance. Banks welcome the people in target achievement. The commissions that employers receive are also high. People already working in it stated that the starting salary of the employers is a minimum of five thousand Dirhams per month. It would amount to nearly one-lakh rupees in Indian currency.
The salary increases with designation and experience. In a few cases, the employers hike the salary every six months. The salary is not taxable, which adds as an advantage!!! If you are a bonafide worker in the UAE, you do not have to pay tax in India as well.
Many of the banking jobs in the UAE offer many perks like free accommodation for the first-month at-least, free transport, health cover, etc. Few banks might also provide free schooling for their employees’ wards.
The experts estimate that the banking sector will flourish after the 2015- 2016 period. This is due to the introduction of tax rules and VAT. The heads of the banking sector predicted that salaries and jobs would see a hike. This prediction encourages people who desire to go and work. The roles of sales, finance counsellor, acquisition associates, relationship managers, etc. are on the rise in this sector. The United Arab Emirates also sees a rise in the rise in the technical roles in the banking sector. This is a result of the increase in the use of advanced technology.
Difference Between Indian And The UAE Banking Jobs:
As it is a cosmopolitan country, people of different nationalities live and deal with the banks. Working with people from different countries gives a different experience. A Driving license is mandatory to work in banking jobs in the UAE. Water is a precious commodity in the United Arab Emirates. Sunday is the first working day in the United Arab Emirates, and not Monday. The banks in the United Arab Emirates prefer you to know the Arabic language. Join a language course if you are intelligent enough!
It is important that you do not fall into any fishy contract’s trap. Make sure to consult the right consultancy. Do not lose your finances when you search for jobs. You need to thoroughly read before you sign any contract. Keep reading the news on the jobs and the changes in the official websites. The banking sector is the most profitable in the United Arab Emirates. You will have a great opportunity for growth and development.
This is most of the information you need to know before you apply for any banking job in the UAE. You may refer to the desired bank’s website for more specific information.