Emirates Islamic Reveals 2020 Findings of Islamic Banking Index by Emirates Islamic™️

Emirates Islamic Reveals 2020 Findings of Islamic Banking Index by Emirates Islamic™️

Emirates Islamic, one of the leading Islamic financial institutions in the UAE today announced the latest edition of its ISLAMIC BANKING INDEX by EMIRATES ISLAMIC™️, a benchmark survey revealing the progress, penetration and perception of the Shari'a-compliant banking sector in the UAE, as well as the future intentions of the nation's banking customers.As a fallout of 2020's global economic downturn due to the pandemic, this year's edition of the Index demonstrates a small reduction in the overall penetration and intention of both conventional and Islamic products compared with 2019, while perception remains consistent with 2019. Key findings of the 2020 ISLAMIC BANKING INDEX by EMIRATES ISLAMIC™️: Penetration  The overall penetration of both conventional and Islamic banking in 2020 has seen a small reduction, falling 60% to 58% for Islamic banking products and from 65% to 64% for conventional banking as compared to 2019. In the long run, the penetration of Islamic banking products has increased gradually from 47% to 58% since 2015, while conventional banking products have seen a reduction from 70% to 64% over the years. The overall penetration of Islamic finance products among Muslim respondents was consistent, 70% in 2019 and 69% in 2020. Among non-Muslims, there was an increase in uptake in Islamic