2016 sees Islamic banks take a larger share of the #UAE’s #car #loan market
Applications for Islamic car loans in the UAE grew by 64.79% from 2015 to 2016. Despite growth in Islamic car loans, car loans based on traditional finance were more popular among UAE residents in 2016. Emirates NBD’s Feature-Packed Auto Loan was the most applied-for car loan in 2016. The second most applied-for auto loan of 2016 was that of HSBC, the third, fourth and fifth most applied-for car loans of 2016 were from Islamic banks. Emirates Islamic’s Auto Finance product came in third place, while Noor Bank’s Auto Finance and Ajman Bank’s Car Finance came in fourth and fifth respectively.
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