Close to one out of three people living in debt

According to Al Etihad Credit Bureau 3.15 million UAE residents have debt, with most people having more than one loan. Other findings reveal:

  • Personal loans have increased by 6.5 percent between March 2014 and March 2015
  • There are 6.7 million active loans in the UAE, and an average of two loans per borrower
  • Besides individuals, 115,000 UAE companies also have loans

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UAE Central Bank reveals the number of credit cards

Based on the latest report by the UAE Central Bank, UAE consumers had 3.85 million credit cards from banks by the end of last year. This is the first time the UAE Central Bank has revealed any data on the number of credit cards held by residents. The report also mentioned:

  • Interest rates on credit cards range between 3.09% and 3.25% monthly
  • There has been a 2.99 percent monthly increase in the interest rates of credit cards
  • In 2014, the Consumer Protection Union received 946 complaints specifically regarding fees and rates of credit cards

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Islamic Banking Index unveiled during 2015 GIES

During the 2015 Global Islamic Economy Summit (GIES), Emirates Islamic launched the first Islamic Banking Index. The index is meant to track and develop the growth of Shari’ah compliant banking in the UAE. The index has four main indicators: penetration, perception, knowledge and intention. Initial results index include:

  • Among UAE consumers 47 percent have at least one Islamic banking product and 34 percent have a product specifically from an Islamic bank
  • Survey respondents have greater trust in Islamic banks and the perception that compared to conventional banks, Islamic banks have lower transaction fees
  • The percentage of respondents open to Islamic banking products are 86 percent Muslim and 59 percent non-Muslim
  • People only open to Islamic banking products is 21 percent

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How many of the super-rich live in the UAE?

According to Wealth-X, an intelligence company, in the Middle East one in five of super rich individuals live in the UAE. There are 1,275 rich individuals who have net assets above $30 million and a combined net worth of $ 225 billion. Other findings include:

  • There are 5,975 super rich individuals within the Middle East
  • In the UAE, above 57 percent of rich individuals can be categorized as self-made
  • 3 percent of people have made their money from the oil and gas industry and 8 percent have inherited it
  • On a global level, 211,275  people can be categorized as super-rich with a total net worth of $29.7 trillion