Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) announced that it received the Central Bank of Egypt’s (CBE) preliminary approval to launch its prepaid card Takka, in collaboration with the bank’s consumer finance arm, ADI Consumer Finance (ADI-CF), and Meeza.

Mohamed Aly, ADIB-Egypt’s CEO and Managing Director said, “Receiving the CBE’s preliminary approval to launch this breakthrough product reflects the immense confidence in ADIB-Egypt and the compelling brand portfolio of our consumer finance arm, ADI-CF which aims to redefine consumer finance in Egypt, strengthening our commitment to widening financial inclusion with a wide-ranging and unique portfolio of Sharia-compliant financial products.”

Ahmed Effat, ADI-CF Chairman and ADIB-Egypt’s Head of Retail Banking, said, “Establishing ADI-CF reflects our commitment to remain at the forefront of an evolving banking landscape. Staying ahead calls for pioneering innovation that stems from a solid market understanding and the versatility to swiftly adapt to customers’ needs which are constantly progressing. Takka, Egypt’s first Sharia-compliant consumer financing product, opens new horizons in the financial sector and marks a strong start for the company as we seek to redefine consumer financing, which now more than ever, plays a key role in boosting the economy.”

Yasmine Helal, ADI-CF CEO said, “As a full-fledged, fully integrated digital consumer app, Takka is extremely easy to use, featuring a fast and seamless interface. Alongside strengthening financial inclusion, the app is designed to help customers, with or without a credit history, to access finance that helps them achieve their ambitions.”

Ahmed Refaat, ADI-CF Chief Commercial and Products Officer said, “We are launching Takka as Egypt’s first Sharia-compliant consumer finance app. With a unique value proposition, Takka
allows consumers the freedom and convenience to purchase products directly, with instalment plans that fit their needs, from a network spanning over 800,000 points of sale across Egypt. Using advanced data analytics Takka allows customers to obtain financing faster and easier than any other currently available mobile app.”

ADIB-Egypt had obtained at the end of last year the Financial Regulatory Authority’s approval to launch ADI-CF, the bank’s wholly-owned and dedicated consumer financing arm.

Underlining its commitment to security and customer data privacy, ADI-CF was awarded the benchmark Payment Card Industry Data Security Standard (PCI) certification, ensuring complete security and confidentiality of cardholders’ data.

Preparations are currently underway to launch the Takka prepaid card, as Egypt’s first Sharia-compliant consumer finance product in Egypt.

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