Abu Dhabi Islamic Bank (ADIB) is again postponing monthly repayment instalments for personal and car finance customers for the Holy Month of Ramadan. The payment break is being offered to ADIB customers to provide cash-flow relief during the Holy Month and before the celebration of Eid Al-Fitr, which is traditionally a heavy spending period for a large part of the population.
ADIB’s analysis of spending behaviour over the past few years has shown that Ramadan, Eid and the summer season in general put high pressure on family budgets due to increased spending on school registrations, family vacations and other events, planned or unplanned.
The offer is in conjunction with other initiatives launched by ADIB to help customers manage their day-to-day finances, including their financial education campaign, “Smartmoney”, which gives customers valuable advice on how to save, budget, finance and grow their money. In addition, ADIB offers a debt consolidation programme and job-loss protection which stalls finance payments in the event of loss of employment.
Customers eligible for the facility, based on the type of financing, credit history and instalments, will be contacted by text message. The offer is valid for instalments due between July 20th and August 19th, and customers are free to opt out.
ADIB launched the gesture to ease the burden on its retail banking customers who will now be able to plan more effectively for the upcoming holidays and months. This gesture has become an annual tradition for ADIB, the first Islamic bank to postpone the payment of finance instalments during Ramadan. This is part of the bank’s efforts to support customers with services that answer their specific needs at a time when they need it the most.
In order to qualify for postponement, customers must be up-to-date with their payments, having paid more than three previous instalments and must have a salary-transfer arrangement in place with the bank.
ADIB has the third largest retail network in the U.A.E., with a total of 80 branches and more than 600 ATMs. The bank was recently named Best Islamic Bank in the Middle East and Best Islamic bank in the U.A.E. by Euromoney magazine.
Source : WAM News Agency for United Arab Emirates
