UAE’s Islamic Banking Index Survey 2020 Impacted due to COVID-19; Digital Technology the Way Forward

In the latest edition of the Islamic Banking Index Survey, Emirates Islamic shares results of the progress, penetration and current and future perception pertaining to the United Arab Emirates’ Islamic banking sector. This year’s survey reveals a slight reduction across key metrics compared to 2019, attributable to the impacts of COVID-19 on the economy.

The overall penetration of Islamic banking fell to 58% in 2020 compared to 60% recorded in 2019, with overall penetration of Islamic finance products amongst Muslims at 69% in 2020 (70% in 2019). An increase in the up-take of Islamic credit cards were noted amongst non-Muslim customers to 28% in 2020 from 24% in 2019, whilst penetration of Islamic savings acc...