Abu Dhabi Islamic Bank launches electric vehicle finance programme

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UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has launched its Electric Vehicle Finance program “VOLT”, coinciding with World EV Day.

In line with ADIB’s commitment to promoting sustainability and supporting the UAE's net-zero economy goals, the ADIB's programme offers a highly competitive financing rate of 1.79%, one of the lowest in the industry for new cars (EVs), said the bank in a statement.

Key highlights of Volt include, a financing rate of 1.79%which is the lowest rate available in the market for passenger car segment. With the flexibility to secure financing up to AED 1 million, ADIB empowers customers to make eco-conscious choices while accommodating their diverse automotive preferences.

Amit Malhotra, Global Head of Retail Banking at ADIB, said: "We are proud to introduce “VOLT” – ADIB's Electric Vehicle Finance programme, offering competitive preferential rate for customers to adopt electric vehicles.

“VOLT is not just about financing; it underscores the bank's dedication to environmental responsibility and sustainability. By choosing ADIB for their car financing needs, customers can be part of a broader effort to reduce carbon emissions and transition towards a more sustainable future.”

In response to the growing global interest in electric vehicles, and as part of ADIB's Environmental, Social, and Governance (ESG) commitment, its Electric Vehicle Finance program is designed to encourage consumers to reduce their carbon footprint by making EV ownership more financially accessible.

“VOLT” car finance is part of a series of initiatives undertaken as part of ADIB’s commitment to sustainable development, said the statement. The bank has announced that it has financed over $1.7 billion in green and sustainable finance, accelerating its sustainability agenda in helping customers incorporate sustainable business practices into their overall business strategy.