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.