Turbo is an integrated platform that brings together different partners offering wide range of services such as buying and selling cars, takaful insurance, auto finance, car rental, car maintenance, export and import of cars, traffic payment and car registration
Abu Dhabi, UAE; 06 December 2021: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has become the world’s first Islamic bank and the first bank in the region to launch a digital ecosystem for auto- related needs “Turbo”. Turbo launched in collaboration with Drive Ninja, a fintech company, brings together several auto- industry partners on one digital platform to facilitate and centralise all consumers’ car-related needs including buying and selling cars, takaful car insurance, car finance, car maintenance and accessories, export and import of cars, fuel and car ride, traffic payment and car registration . The launch of Turbo will mark UAE’s first online consumer ecosystem helmed by a bank that combines several service providers on one platform to deliver their services to match customer auto-related needs.
Launched in partnership with key dealers and service providers such as Al Masood automobile, Al Ghandi, You drive, Carasti, Yallacompare and Car 24, ADIB aims to provide a one-stop solution for cars through an integrated platform. The platform offers consumers access to all auto-related services with the possibility to search for cars from listed car dealers, sell their cars, arrange for pre-owned car evaluation service, book a test drive, get an insurance offer or apply for auto finance with ADIB among other benefits. The phase one of the platform includes listing from 30 car brands with more than 750 cars available for consumers to choose from . An on-site car budget calculator provides the estimated finance amount the buyer is eligible for and then serves them a list of cars based on their budget. They can then easily select a car they are interested in, and arrange a test drive with the seller directly in just a few clicks. ADIB aims to roll out more features including partnering with more dealers , service providers and government entities to provide services such as car maintenance, road assistance, fuel, car rides, traffic payment, car import and export and car registration.
Recent market surveys show that UAE’s vehicle market has been growing in double-digits, especially since the last quarter, and is gradually picking up pace after being hit by the pandemic . ADIB’s entry into the car sales market is a strategic move to expand its offering beyond traditional banking and to cater for wider customer needs, having invested in digital innovations, including artificial intelligence and cloud based technology to be able to launch new integrated ecosystem platforms.
Philip King, Global Head of Retail Banking at ADIB, said: “ As part of our vison to become the world’s most innovative Islamic bank, we are forging ground-breaking new partnerships with both FinTechs and with key players in the auto industry to leverage our collective capabilities and create new offerings and experiences for our customers. Our new car ecosystem Turbo will transform the way that people choose to buy and sell cars in the UAE and exemplifies how ADIB is reimagining the future of finance, using digital innovation to extend beyond banking. Turbo is designed in a way so that the customers experience for car buyers and sellers is seamless, with all the relevant financial and product information in one convenient platform. From searching for cars from top dealers, to checking competitive rates, booking a test drive, getting the best insurance offer, or even applying for auto finance with ADIB, this platform has been designed to help our customers do it all on one platform.”
Adam Whitnall, Co- Founder and CEO of Drive Ninja, a key partner of ADIB’s ecosystem, said: “We are very happy to have partnered with a leading and trusted brand such as ADIB for this new kind of offering in the market. Now is the time for us to leverage our digital tools and well-connected networks so we can open more such new and innovative platforms that will change the way UAE consumers but their cars.”
ADIB’s new car ecosystem marks the first integrated digital ecosystem by the Bank. Providing customers with new seamless and hassle-free experiences through ecosystem platforms and partnerships ADIB believes that by creating meaningful ecosystem partnerships, customers will benefit from a seamless and hassle-free experience which is a key part of ADIB’s 2025 growth strategy.
ADIB’s efforts to be at the forefront of banking innovation have been widely recognised. Last year, the bank was named “World’s Best Islamic Digital Bank” by Global Finance and the Best Bank in the UAE by Forbes magazine.
1Source: https://www.focus2move.com/emirates-automotive-market/