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Consumer lending continues to grow despite economic slowdown in the country, contrary to the decline in credit among SMEs. Demand for consumer loans continues to grow on account of high living costs in the country, which drive growth in the credit card and home loans categories.
Banks create loan products and improve repayment options
Growing outstanding balances on consumer loans have proved to be challenging for the banks, which has led them to create all-in-one loan products, linking all financial products into one account, easing the outstanding spread through deposits and interest payments on the account. Banks have further tried to improve repayment options through offering interest-free periods and quarterly payment options.
Peer-to-peer lending platforms become part of the digitalisation of the financial sector
Digitalisation of the financial sector and fintech startups continuously seek opportunities to introduce innovative payment platforms in the country, while proximity and contactless payments trend in the card sector. Peer-to-peer lending platforms such as Beehive are now part of the regulated financial sector.
Mortgage loans report growth uptake during the year
Housing costs are one of the major living costs for expat residents in the country, who are largely dependent on rentals due to higher property prices and a lower affinity with the country as an expat. However, consumer behaviour has undergone some changes during recent years as residents extend their stay in the country, and the greater development in the residential market, in particular affordable housing projects, has increased supply in the market.
In order to regulate the lending market, Etihad Credit Bureau launched credit score ratings for retail customers during the year, which have been in use by the banks and other lending institutions to assess the credit worthiness of customers. Therefore, banks are now able to make more informed decisions regarding lending.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in United Arab Emirates with research from Euromonitor's team of in-country analysts.
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If you're in the Consumer Lending industry in United Arab Emirates, our research will save you time and money while empowering you to make informed, profitable decisions.
The Consumer Lending in United Arab Emirates market research report includes:
Analysis of key supply-side and demand trends
Historic volumes and values
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
What is the market size of Consumer Lending in United Arab Emirates?
What are the major trends set to impact the market in United Arab Emirates?
What capacity for consumer debt still exists in the market?
What’s the state of credit quality in the market?
Has the economic downturn reset the lender competitive landscape?
Why buy this report?
Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions