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UAE’s top five finance products
Souqalmal.com releases Q3 list.
October 7, 2013 12:41 by kippreport
Souqalmal.com has released its second list of the UAE’s five most popular financial products this quarter, with Abu Dhabi Islamic Bank (ADIB) topping the list as the most popular bank for personal, home and car loans.
The Dubai-based price comparison website compiles a quarterly list from the top five most-viewed financial products across four categories – credit cards, personal loans, home loans and car loans.
The list, according to its founder Ambareen Musa, is published to help create more transparency in the UAE’s personal finance market. It provides banks with a clear idea of how their products are faring in the marketplace and, more importantly, the type of financial products that consumers are interested in.
“Their choices send a clear message to the banking community about the type of personal finance products that consumers want to know more about. It also helps other consumers decide what products to sign up for,” she says, adding that banks should take this list as their market research and a way to really understand the how their customers think.
This is the ADIB’s second appearance in the rankings. In the previous quarter, the bank was ranked first for home and car loans.
In the home finance category this quarter, Emirates Islamic Bank takes the second and third position, with its Bina’a Home Finance package. Cashback and Airmiles are the main benefits that customers look for while choosing personal finance products.
Najm, once again, secured the top spot in the credit card category, while CBD’s Gold MasterCard and Citibank’s Emirates Gold Card came second and third respectively.
Last quarter, when Musa was working on creating the list for the very first time, she received a call from one of the listed banks asking why its product was featured and who had paid for and “authorised this marketing investment”.
She explained that the list wasn’t sponsored and wouldn’t cost anything, but that it merely showcases the popular products based on user viewings.
“They were genuinely surprised,” says Musa. “The bank told me this was the first time it didn’t have to pay to be featured in published rankings. This was yet another reason to believe that our independent search results really bring something new to consumers in the UAE.”
Click here to view the entire list.