Islamic banking gets increased public acceptance in #UAE

According to the findings of Emirates Islamic’s second Islamic Banking Index, there has been an increasing public acceptance and demand for Islamic banking in the UAE. Chief executive of Emirates Islamic, Jamal Bin Ghalaita, said 51% of banking consumers had at least one Islamic product, demonstrating that the efforts by Islamic banks to improve their customer outreach were paying off. As far as perception is concerned, Islamic banks’ trustworthiness rose 42% among Muslim consumers compared to 37% in 2015. Among the non-Muslim population, there was a sizable increase in the number of non-Muslim consumers willing to consider subscribing to an Islamic banking product. The survey also highlights the key challenges for Islamic banks. For a second consecutive year, Islamic banks lag behind conventional banks in technology, innovation and customer service.