Islamic banking is clearly gaining traction and becoming more appealing in the UAE, as 60 per cent of residents hold at least one Islamic banking product, according to the latest survey by Dubai-based price-comparison website, Souqalmal.com.
The poll, which surveyed 5,300 respondents of all ages, income levels and nationalities, reveals that of those that hold an Islamic banking product, approximately 50 per cent says that more attractive and transparent fees and rates were among the most important reasons for choosing the product.
It also shows that Islamic banks have succeeded in establishing a broad appeal for their products by courting consumers for whom faith is an important selection criteria (43 per cent) and building good reputation with consumers for having the best rates.
When asked whether Islamic compliance is a deciding factor in the choice of product, 60 per cent of both UAE nationals and Arab expats said it is, followed by close to 50 per cent of Asian expats. Western expats are least likely to make their choices based on whether an offering is Islamic or better priced, with quality of service and online banking taking the top spots.
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Islamic banking products most popular among UAE residents
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