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74% of UAE consumers looking for personal loans, finds survey

December 2015

December 22, 2015 | 15:10 | Dubai

As much as 74% of consumers in the UAE are looking for personal loans and credit cards, 9% for home loans, 5% for auto loans and 12% for other products, such as different types of bank accounts and business loans, according to a research by finance comparison website compareit4me.com.

The research also found that there has been a marked increase in the amount of UAE residents choosing an Islamic Finance loan over a conventional loan and there is a marked increase of 53% of consumers searching for Islamic Finance products, particularly personal loans.

“Once they might not have been, but now Islamic finance products are most definitely viewed side by side with conventional bank products. Given the trends we’ve seen on the site, we’ve become aware that most users are blind to the fact a certain product is Islamic, they just simply want a good rate. Therefore, the main attraction for customers seeking new banking products is the transparent fees and rates which come with the Sharia offerings,” said Jon Richards, CEO compareit4me.com. He added: “For a while Islamic banks slipped behind conventional banking in terms of educating customers about what they offer, how they are different and why they are an appealing alternative. But they have stepped up. Now the awareness is much greater, the products available are much wider and these efforts are paying off.”

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