Currency

The local currency of the UAE, the Arab Emirate Dirham is pegged to the US Dollar at a rate of AED 3.673: US$ 1. Visit the following currency converter for the current conversion rate with NOK:  http://www.visitnorway.com/no/om-norge/reisefakta/before-you-go/currency-and-prices/valutakalkulator/

The UAE’s population is serviced by just over 50 local and foreign banks. Apart from conventional banking, a type of banking that is particular to the region is Islamic banking. As the term implies, this type of activity is in accordance with the principles of sharia, the moral code of Islam, and applying it practically through the development of Islamic economics. Therefore, investment in businesses that provide goods or services that are contrary to Islam’s religious law is prohibited. All UAE banks offer ATM machines and the machine of any bank can be used for banking transactions.

Banks and their activities, such as offering loans, credit and monetary policies etc. are regulated by the UAE Central Bank.