Dubai – Mubasher: Islamic banking products continue to grow in the UAE among both Muslim and non-Muslim customers, according to the findings of “the 2018 Islamic Banking Index” released by Emirates Islamic Bank.
The index is a benchmark that monitors the progress, penetration, and perception of the sharia-compliant banking sector in the UAE, in addition to the future intentions of the GCC nation’s banking customers.
“We are delighted to see that Islamic banking continues to expand its appeal and reach, outpacing the growth of conventional banks,” Wasim Saifi, deputy CEO-consumer banking and wealth management at Emirates Islamic said
The index’s findings highlighted the outperformance of Islamic lenders compared to their peers in customer acquisition, as “55% of the UAE consumers now have at least one Islamic banking product, compared to 47% when the Index was launched in 2015,” according to an official statement.
On the other hand, the penetration score for conventional bank products has shrunk from 69% in 2017 to 63% in 2018.
Islamic banking products are found in 85% of UAE’s banking sector, and the sharia-compliant banking will gain further traction, especially that they are well prepared to receive an increased number of residents and visitors in the run-up to Expo 2020 Dubai.
“Islamic banks have clearly done an outstanding job in enhancing the overall customer experience and proposition,” Saifi commented.
Islamic banks’ turn to work on improving the awareness of the core values and benefits of Islamic banking while continuing to invest in digital technology in a bid to create pioneering solutions and innovative new and differentiated customer experiences, according to the statement.
It is worth mentioning that the Islamic Banking Index was launched in 2015, and it is the first of its kind to measure the progress of the Islamic banking sector in the UAE by tracking consumer behavior and sentiment towards the sharia-compliant banking products and services.
