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UAE's Islamic banking on rise - Emirates Islamic

UAE's Islamic banking on rise - Emirates Islamic
The percentage of consumers willing to consider Shari’a-compliant banking products rose by 4% to 79% (Photo Credit: Arabianeye-Reuters)

Dubai – Mubasher: Emirates Islamic unveiled the results of its second Islamic Banking, showing a positive increase in the “penetration”, “perception”, “knowledge” and “intention” of UAE consumers when it comes to Shari’a compliant banking.

The results reflect that public acceptance, awareness and demand for Islamic banking in the UAE is increasing, according to a statement.

Around 51% of banking consumers have at least one Islamic product, showing that the efforts by Islamic banks to improve their customer outreach are paying off, according to Emirates Islamic CEO, Jamal Bin Ghalaita.

The statement showed that 36% of the UAE’s banking consumers have an Islamic product from an Islamic bank, up from 34% in 2015.

The perception of Islamic banks’ trustworthiness rose among both Muslim consumers (42% versus 37% in 2015) and non-Muslim consumers (34% versus 27% in 2015). In addition, the perception of conventional banks as being technologically advanced rose among both Muslim (41% versus 33% in 2015) and non-Muslim consumers (42% versus 40% in 2015).

Around 62% of banking consumers in the emirates are aware of at least one Shari’a-compliant banking product, a rise on the previous year’s findings (59%), and an indication of the sector’s widening customer base.

For a second year, the best-known products remain Takaful and Murabahah, with 40% and 31% of respondents familiar with their use.

The percentage of consumers willing to consider Shari’a-compliant banking products rose 4% points to 79%.

A sizable increase in the number of non-Muslim consumers willing to consider subscribing to an Islamic banking product, from 59% in 2015 to 68% in 2016