ADIB launches first ever Shari'a compliant VISA card aimed at SME businesses in the UAE |
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ADIBADIB
's innovative new Islamic covered card is aimed at small & medium-sized businesses in UAE ADIBADIB Business Card provides easy way to manage business expenses as well as financing reserve up to AED 250.000.
ADIBADIB reaffirms commitment to the SME Segment in a challenging economic climate
, one of the leading banks in the region, has launched today a pioneering new Sharia'a compliant covered card for small to medium-sized enterprises (SMEs). (Covered card is the Shari'a compliant equivalent to credit card)Offered in Platinum and Gold versions, the VISA card, which is the first of its kind in the UAE, provides SME customers with a line of finance up to AED 250,000. The new card also provides SMEs with an easy and modern payment tool that can help them control their expenditures, improve their accounting management and access their funds more conveniently.
Cardholders can use the new cards, which are accepted for purchases and for cash withdrawals through ATM & Points Of Sales globally, as a substitute for less efficient and more risky cash and cheques. In addition, customers can also utilize the line of credit by an instant transfer of funds to their current account with ADIBADIB through Internet banking or phone banking.
There are an estimated 230,000 SMEs registered in the UAE working in various industries including manufacturing sector, retail sector, real estate and business services.
The Introduction of this card is in line with ADIBADIB's commitment to develop SMEs in the UAE and in line with the bank's strategy that aims to provide tailored solutions to the business community at large. The card will respond to the needs of the SME businesses in the UAE. Access to liquidity reserve enhances the level of business stability as it helps them deal better with unplanned events especially in the current challenging economic climate. SMEs continue to contribute significantly to the rapid economic growth of the UAE and continue to provide significant employment opportunities. There is a lack of Sharia compliant products designed to meet the needs of SMEs. This innovative product is our contribution to bridging the gap. "
The Business Banking Division at Abu Dhabi Islamic BankAbu Dhabi Islamic Bank "ADIBADIB BUSINESS" is a new business vertical created to offer banking services for the SME sector in the UAE with a unique offering and comprehensive banking solution. New innovative products and services will be offered to the SME sector.
This is the first Islamic covered card in the UAE for SME. Introduction of this product is consistent with ADIBADIB strategy to introduce innovative Islamic banking products designed to meet the specific needs of various customer segments. It will have a high take-up among SME customers and their business will benefit from this new payment and financing solution.
Kamran Siddiqi, General Manager for the Middle East, Visa Inc., commented: "Visa is committed to supporting business in the GCC and recognizes that SMEs are important across the region as the economy continues to diversify. Visa has innovative products that help small and medium business owners succeed. We are delighted to partner with ADIBADIB to deliver a practical, tailor made commercial product which supports the business community."
Mr. Saif Ali AlShuraifi, an ADIBADIB customer said: "As an SME owner, I have been missing a practical solution like this that would help me manage my business better. Having access to extra liquidity is an important factor in managing my business successfully. Sometimes you have to cope with unplanned expenses and this can be challenging, particularly in the current economic environment.
The new card will also provide businesses with ultimate convenience, utility and access to business-related special offers. Customers will be able to utilize 60% of their credit card limit for cash withdrawals or cash-to-account transfers in addition to having access to detailed transaction information that allows businesses to track and monitor all purchases and expenses.
For more information please visit your local ADIBADIB branch or visit www.adib.ae
-Ends-
About ADIBADIB
Abu Dhabi Islamic Bank (ADIB)Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIBADIB's mission is to offer Islamic financial solutions for the global community, and its vision is to become a top tier Islamic financial services group.
ADIBADIB prides itself on its values which reflect the Bank's commitment to the Islamic Shari'a, and the guidelines of the Bank's practices adhere to the principles of Islam.
© Press Release 2009
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