Abu Dhabi Islamic Bank (ADIB) is again postponing monthly repayment installments for personal and auto 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 of Ramadan 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 planned and unplanned events.
This offer is in conjunction with other initiatives ADIB has launched 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 program 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 installments, will be contacted by text message. The offer is valid for installments due between July 20 and August 19, 2014, and customers are free to opt out.
ADIB launched this 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 who was the first Islamic bank to postpone the payment of finance installments during Ramadan. This is part of the bank’s efforts to support customers with services that answer their specific needs at a time that 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 installments and must have a salary-transfer arrangement in place with the bank.
ADIB has the third largest retail network in the UAE 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 UAE by Euromoney magazine, and the award was recognition of the bank’s focus on customer service making it the number one bank in customer services in the UAE.
Monday, July 21- 2014 @ 11:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.