Private loans most “wanted” banking product: Souqalmal


Private loans are probably the most “wanted” banking product for UAE residents, reveals.

After learning the behaviours of its guests all through 2015, the monetary comparability web site has discovered that “over 33 per cent” of all visits to the location have been aimed toward exploring the perfect private mortgage merchandise provided by totally different banks.

Souqalmal additionally said, citing knowledge launched by the UAE Central Financial institution, that the whole loans to UAE residents have grown by “over 5 per cent in yr-on-yr worth,” as of November 2015.

This comes regardless of a number of warnings on dangerous loans and their impacts on banks’ earnings, seen in a number of full-yr studies launched by native lenders.

“Inside private loans, non-wage switch loans emerged as the preferred sort,” Ambareen Musa, founder and CEO of, stated.

She defined that the phenomenon “could possibly be attributed partly to clients with present wage switch loans or those that produce other obligations and can’t commit their wage to a sure financial institution.

“The opposite purpose might be the purchasers who get their salaries in money or by cheques in addition to those that receives a commission on a fee foundation and subsequently can’t present a daily wage switch of their financial institution statements.”

Different pursuits

Bank card presents ranked the second most-visited on Souqalmal, as search on pages associated to the subject elevated by 241 per cent in 2015, constituting 22 per cent of the visits.

Regardless of a push seen in implementing sturdier laws over loans and bank cards, the latter stays quite common amongst UAE residents, with comparatively decrease conditions and extra fascinating rewards, similar to money again presents, reductions on leisure actions and air miles.

The third most-visited product pages on Souqalmal should do with saving accounts and glued deposits, the web site revealed. It famous that accounts providing larger curiosity returns or income are gaining reputation.

“When it comes to returns, the typical annual return on financial savings accounts within the UAE is zero.60 % and slightly below 1 per cent on fastened time period deposits of various maturities. General, the accounts class constituted 14 per cent of all visits in 2015, virtually double that of 201,” Musa commented.

Insurance coverage was additionally ranked amongst merchandise that gained traction on Souqalmal, whereas the degrees of seek for mortgages remained secure, one other signal of the actual property market cooling down in 2015.

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Supply: Press Launch