UAE launch its first Islamic banking index

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Monday 05 Oct 2015 - 15:57 Makkah mean time-22-12-1436 (Image from CPI Financial) Abu Dhabi, (IINA) - Emirates Islamic on Monday announced the launch of the Islamic Banking Index by Emirates Islamic, a consumer-focused survey on Islamic banking in the UAE, CPI Financial reported. The new index will provide an annual benchmark of shifts in the ‘penetration’, ‘perception’, ‘knowledge’ and ‘intention’ of UAE consumers when it comes to Shari’ah compliant banking.  The Islamic Banking Index was unveiled by Emirates Islamic CEO, Jamal Bin Ghalaita at the 2015 Global Islamic Economy Summit (GIES) who commented, “The creation of the Islamic Banking Index by Emirates Islamic marks a new chapter in how we measure the development and growth of Shari’ah compliant banking in the UAE. “By analyzing four key indicators, (penetration, perception, knowledge and intention), we have created for the first time, a benchmark that brings together perception and reality on the status of the Islamic banking industry in UAE. In doing so, the index reveals more than just the attitudes and opinions of people in the UAE towards Islamic Banking, it also creates a pathway to the solutions that will enable us to drive the continued growth of Islamic banking in the UAE.” “As one of the fastest growing Islamic banks in the region, the launch of the index also marks our continued commitment to the vision of His Highness Sheikh Mohammad bin Rashid Al Maktoum, UAE Vice President and prime minister and ruler of Dubai to make the emirate the global capital of the Islamic Economy.” Commenting on the findings, Bin Ghalaita said, “With three out of four people in the UAE willing to consider an Islamic banking product, there is clearly an opportunity for the industry as we continue on our path to become the global centre of the Islamic economy. Trust, fairness and community responsibility are core pillars of the Islamic banking proposition and clearly, people associate with that. Yet, the same consumers also want the best products, technology and service. This is also our call to action. With a firm focus on continued innovation, Emirates Islamic is committed to developing the best products and services that will meet the needs of our customers. In doing this, we will ensure we play a leading role in supporting individuals, entrepreneurs, corporates and SMEs that shape the future of the UAE’s Islamic economy.” SM/IINA