The idea is to study how much the word "Islamic" in its name in certain markets is deterrent to being inclusive.
Referring to a commissioned research, which was carried out in the
Only seven percent people in the
Sharing the findings of a study "Banking as it should be", the ADIB chief executive said that this study into customer perceptions of the banking industry, with a focus on ethics and Islamic banking found that for most people top 10 attributes of an "ideal bank" are not financial returns from banking products as most of them preferred customer service and ethics.
For a majority of customers, attributes of an "ideal bank" include a lender that keeps its customer best interest in mind, keeps its promises, is transparent in all its dealings, has no hidden fees, acts ethically etc.
In April, ADIB spent Dh650 million to acquire the
"The migration of 110,000 Barclays accounts to ADIB system will start on
Meanwhile, according to the study only 58 per cent of the respondents believe their bank has hidden interest, fees or charges and only 57 per cent believe their bank has the customer's best interest in mind; 41 per cent say their bank is not transparent in all its dealings.
Across the board, customers found their banks not easy to do business with and lacking in applying best industry practices and delivering simple banking experience.
"There is great demand for ethical bank globally; Islamic banks have a unique opportunity to meet this unmet demand, because ethics are core to their foundation. They need to focus on substance, rather than on form, innovate to make their products and services simple and straight forward. This will give them universal appeal and drive future growth," said Al Mahmoud.
The study showed that in
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