Want to know which banking products UAE residents are looking for? The most recommended bank in the UAE and the most popular banking products of 2015 have been revealed by Souqalmal.com. Find out below if your bank, loan, account or credit card made it to the top three.
‘Most Recommended Bank’ in the UAE
Souqalmal.com recently announced the results of it’s Bank Satisfaction Survey at its flagship event – Fintech 2016, which concluded on February 25. The survey which showed that over 34 percent of UAE respondents would actively recommend their bank, also revealed which banks were the most likely to be recommended.
Abu Dhabi Commercial Bank (ADCB) came out on top, winning Souqalmal.com’s ‘Most Recommended Bank’ title in the UAE, backed by the highest number of respondents who would actively recommend the bank to friends, family and colleagues. The runner ups in the category included National Bank of Abu Dhabi (NBAD) and Emirates NBD.
The ‘Most Popular’ list of banking products in the UAE is based on the the most viewed products on the website from Jan 1 to Dec 31 2015, in the credit cards, personal loans, car loans, home loans and accounts categories.
Most Popular Credit Cards
|Bank||Product Name||Min Salary (AED)||Annual Fee||Interest/Profit Rate|
|Winner||AMEX||The American Express® Platinum Credit Card||22,250||700||2.99%|
|Finalist||MAF Finance||Najm Cashback Blue||5,000||0||3.25%|
|Finalist||Citibank||Citi Simplicity Credit Card||8,000||0||2.99%|
The most viewed credit card of 2015 was the American Express Platinum card, a feature-packed card which offers customers attractive membership rewards which never expire and can be redeemed at 12 airline mile partners and 3 hospitality partners. Complimentary VIP airport lounge access, and dining, entertainment & premium shopping discounts also make it an all-around great card to own.
The finalists in this category also include two zero-annual fee cards with a low minimum salary requirement- the Najm Cashback Blue card and Citi Simplicity card, thus revealing customer affinity towards high-value low-cost cards.
Most Popular Personal Loans
|Bank||Product Name||Min Salary (AED)||Salary Transfer Required?||Reducing Rate From||Max Loan Amount (AED)|
|Winner||CBD||Personal Loan for Expats||8,000||Yes||4.50%||1,000,000|
|Finalist||Dunia Finance||Personal Loan||5,000||No||14%||150,000|
|Finalist||ADIB||Debt Settlement for Expats||5,000||Yes||6.75%||1,000,000|
CBD’s Personal Loan for Expats was the most popular personal loan product, and that’s no surprise since it offers one of the competitive rates in the market, along with free credit insurance.
Another popular product in this category was the Dunia Finance Personal Loan, which ranks highest among those looking for a non-salary transfer loan with a low minimum salary requirement. ADIB’s Debt Settlement for Expats was also one of the finalists and a popular product for those looking to consolidate multiple high-cost debts into a single easy-to-repay one.
Most Popular Car Loans
|Bank||Product||Min Salary (AED)||Salary Transfer Required?||Reducing Rate From||Down Payment|
|Winner||Dubai Islamic Bank||Al Islami Used Car Finance||3,000||No||5.19%||20%|
|Finalist||CBD||Murabaha Vehicle Finance (New)||8,000||No||5.00%||20%|
|Finalist||Al Hilal Bank||New Vehicle Finance||7,000||No||4.08%||20%|
Dubai Islamic Bank’s Al Islami Used Car Finance available at a minimum salary requirement of only AED 3,000 was the most viewed car finance product, with CBD and Al Hilal Bank’s car finance products being runner ups in the category. This year’s most viewed car finance product line-up is completely Shariah-compliant, indicating growing popularity of Islamic banking products among customers.
Most Popular Home Loans
|Bank||Product Name||Min Salary (AED)||Reducing Rate From||Rate Type||Down Payment|
|Winner||ADIB||Home Finance for Expats||15,000||3.75%||Variable||25%|
|Finalist||Abu Dhabi Finance||Essence Fixed Interest Rate Home Loan||20,000||3.99%||Fixed then variable||25%|
|Finalist||CBD||Mortgage Loans for Expats||20,000||3.99%||Fixed then variable||25%|
A consistent favorite in the home finance category is the ADIB Home Finance for Expats which offers more than just an attractive profit rate – Free property insurance, automatic priority status upgrade and optional grace period of up to six months, among other benefits. Abu Dhabi Finance and CBD’s mortgage products followed closely as runner ups in the category.
Most Popular Accounts
|Bank||Product Name||Interest/Profit Rate||Min Balance (AED)||Min Salary (AED)||Multiple Currency?|
|Winner||Emirates NBD||Emirates NBD Standard Current Account||0%||3,000||N/A||Yes|
|Finalist||ADCB||ADCB Millionaire Destiny Savings Account||0.15%||0||8,000||Yes|
|Finalist||HSBC||HSBC Advance Account||0%||100,000||15,000||Yes|
Emirates NBD’s Standard Current Account came out on top, as the most viewed bank account on Souqalmal.com, with no minimum salary requirement and a low minimum balance requirement.
The ADCB Millionaire Destiny Savings Account is a finalist in the category offering customers a chance to win a million dirhams along with a regularly quarterly return on the account balance. The other finalist was the HSBC Advance current account, a high-value account. It offers a range of banking privileges – preferential pricing on products & interest free overdraft of up to AED 5,000, and additional benefits like discounts on international account opening services & global accounts view also make it popular among expats