Bank Accounts

The Majority Of UAE Residents Reportedly Trust Their Banks

Emirates Islamic bank

According to The UAE Banks Federation’s (UBF’s) latest Trust Index, 68% of UAE residents trust their banks.

Do you trust your bank in the UAE? If you answered yes to that question, you’re not alone. According to The UAE Banks Federation’s (UBF’s) latest Trust Index, 68% of UAE residents trust their banks.

RELATED: Want a better bank? Click here to compare bank accounts in the UAE! 

UBF, a professional body that represents 49 banks in the UAE, said it surveyed 1,530 adults of varied nationalities over multiple channels to ensure a broad level of representation.

And 72% of the respondents agreed that their impression towards banks is ‘very positive’, up from 70% in 2015. That largely chimes with yallacompare’s own research, which last year found that 80% of UAE residents would recommend their bank to others.

Back to the UBF report: Three times more respondents said their view of banks has improved in the last six months than those who said the opposite. And 74% of respondents said they would share a positive word of mouth about the banking sector in general (74%) as well as their own bank (77%).

SEE ALSO: Almost half of UAE residents are less confident about their finances

“Despite economic uncertainties, this year’s Trust Index indicates that perception about the UAE’s banking sector is healthy and steady as evaluated against a set of crucial parameters in the survey and that overall trust remains high amongst customers,” said Abdul Aziz Al Ghurair, chairman of UBF.

If you’re interested, you can check out UBF’s summary of its findings here: http://www.uaebf.ae/Press-Release.php?id=226

To Top