Abu
Dhabi Islamic Bank (ADIB), a leading financial institution, announced
today that it would be postponing a monthly instalment for its auto and
personal finance customers. The postponement is to help ADIB's customers
manage their finances during the Holy Month of Ramadan when spending
needs are traditionally higher.
ADIB
was the first bank in the UAE to start with this initiative that has
become an annual tradition. Each year, the bank offers payment
flexibility on financing during the Holy Month, which comes as part of
the bank's efforts to identify and address customers' individual
personal finance requirements.
Adel Al Zarouni, Chairman of the
CSR Council at ADIB, said: "We at ADIB consider ourselves as partners to
our customers, offering them flexible payments at times when spending
is known to be higher than usual. We always look to provide our
customers with products, services and offerings that will help them
manage their financials effectively."
Customers
eligible for the Ramadan payment postponement initiative will be
contacted by SMS, with the postponement made automatically. The offer is
valid for instalments due between May 21st and June 20th, 2018.
Customers are free to opt out should they wish to continue making
instalment payments.
Throughout the
year, ADIB provides support to customers by managing their finances. The
Al Khair debt consolidation programme enables customers to reduce their
monthly instalments by 30% on average. The bank has also created a
specialised unit to provide assistance to customers facing challenging
financial situations.
The unit works
with customers to develop tailored debt management plans and offers them
guidance on reducing debt and managing their financial obligations 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. There is
no fee associated with the offer.
ADIB
has a proven track record of CSR initiatives to reinforce and maximise
its contribution to society, particularly during the Holy Month of
Ramadan. Throughout Ramadan, ADIB will be distributing Iftar boxes
before Maghreb prayer at mosques, special need centres, taxi stands and
labour camps across the UAE. The boxes will be delivered by ADIB's
employees who have volunteered to be part of the initiative.