Souqalmal.com reveals top five banking products
Abu Dhabi Islamic Bank tops three out of four categories
April 9, 2014 2:35 by kippreport
UAE residents who are unsure of which banking products to choose will now have some informed guidance thanks to the recent popularity list compiled and released by Souqalmal.com, an independent comparison website in the Middle East region. The portal offers consumers the ability to search and compare more than 1,500 products online with the aim of creating transparency in the personal finance market.
According to Souqalmal.com, this research was not funded by any bank in particular. It covered four categories, of which Abu Dhabi Islamic Bank (ADIB) topped three. The data is based on website traffic and the most viewed products, therefore it is a reflection of consumer behaviour.
“It is a fantastic tool for banks to know how their products stack up against their competitors and very useful for consumers who require some starting point in their search for the right product,” says Ambareen Musa, founder and CEO of Souqalmal.com.
In the credit card category, ADIB’s Etihad Guest Visa Platinum Card, which rewards users with Etihad air miles, took the lead. Abu Dhabi Commercial Bank, which offers similar rewards, came in second as it demands a higher rate of 3.09 per cent compared with ADIB’s 2.83 per cent.
In the personal loans category, the top five banks were ADIB, once again on top, followed by Citibank, Dubai Islamic Bank, Union National Bank (UNB) and Noor Bank; most of which demand a minimum salary of AED5,000.
ADIB’s Home Finance for Expats was the most popular in the home finance category, with a down payment of 25 per cent and variable rate type. The bank’s Home Finance for UAE Nationals also stole second place. This was the only category in which Emirates NBD appeared, coming in fifth place and demanding a minimum salary of AED20,000.
The most popular product in the car finance category was the Al Hilal New Vehicle Finance package, which comes with a 3.61 per cent reducing rate. Dubai Islamic Bank’s (DIB) Used Car Finance came in second and ADIB products took third, fourth and fifth place. Most banks required a down payment of 20 per cent. Newcomers to the list in this quarter include Noor Bank, UNB and National Bank of Abu Dhabi, indicating a growing popularity.