Abu Dhabi, May 12, 2019: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced today that it would be postponing a monthly instalment for its personal finance customers at no extra charge. The postponement will help ADIB's customers manage their finances during the Holy Month of Ramadan, which is known to be a month of higher spending.
Offering payment flexibility on financing during the Holy Month has an annual tradition for ADIB, which is part of the bank's efforts to address and cater to customers' individual personal finance requirements.
Philip King, Global Head of Retail at ADIB, said: "Addressing our customers' needs and exceeding their expectations has always been at the core of what we do at ADIB. This holy month, we will offer our personal finance customers flexible payments as we are mindful of the high spending needs. We continue striving to provide our customers with high-end products and customized services that aid them in managing their financials efficiently and through a seamless experience."
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 1 and May 31, 2019. Customers are free to opt out, should they wish to continue making instalment payments.
Throughout the year, ADIB provides support to customers with 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 long-standing track record of CSR initiatives to reinforce and maximise its contribution to society, particularly during the Holy Month of Ramadan. Throughout Ramadan, ADIB is hosting a number of Ramadan tents across the UAE hosting Iftars managed by ADIB's employees who have volunteered to be part of the initiative.