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| 09 November, 2017

Islamic banking product gains popularity in UAE

People are pictured at the Dubai International Financial Centre November 10, 2013.

People are pictured at the Dubai International Financial Centre November 10, 2013.

REUTERS/Stringer

Significantly, there has been a seven point increase in the adoption of Islamic products by non-Muslim bank customers

Dubai - About 52 per cent of UAE consumers have an Islamic banking product now, compared to 47 per cent consumers in 2015, indicating increasing popularity, a survey from Emirates Islamic Bank revealed.

“The results of this year’s Islamic Banking Index clearly show that more people in the UAE are recognising the positive attributes of Islamic banking, leading to a wider adoption of Sharia-compliant products and services. This is a welcome trend that bodes well for the future of the Islamic banking sector,” Jamal Bin Galaita, CEO of Emirates Islamic, said in a statement.

Significantly, there has been a seven-point increase in the adoption of Islamic products by non-Muslim bank customers, demonstrating Islamic banking’s broad appeal and value proposition.

According to the survey, the perception of Islamic banks versus conventional banks has begun to shift, with Islamic banks closing the gap on conventional banks on key areas including innovation, speed of service and ease of using procedures.

About 29 per cent of non-Muslim consumers believe Islamic banks offer the best profit rates on deposits, while 24 per cent believe that to be true of conventional banks.

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