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Dramatic increase in financial awareness among UAE residents

Category: Financial Awareness Published: Saturday, 25 June 2016 Written by Chance Allen

Dubai, 21 June 2016

UAE residents have traditionally preferred to keep their heads in the sand when it comes to money matters. However, it seems more and more people are now deciding that ignorance is no longer blissful. Finance comparison site reports impressive surges in the number of people researching the finer details of credit cards and personal loans in the first quarter of 2016, compared with the same period last year.

The number of enquiries into mortgages that dont require salary transfer were up by 450 percent, showing that people are stretching their vision outside of their own banks, to find the best possible mortgage deal for them.

Another area of major growth noted by the leading comparison site is Islamic finance, where enquiries into Islamic finance loans are up by 240 percent and Islamic finance mortgage searches are up by 380 percent.

Additionally, visitors to the site demonstrated a clear desire to better understand the benefits associated with their credit cards. Searches for cash back and air miles benefits in Q1 of this year were up by 500 percent and 367 percent respectively on the same period as last year. Searches for credit cards that are free for life, were also up by 543 percent.

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