Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced the signing of an affiliate partnership agreement with Tesla, to offer financing to Tesla car buyers at affordable profit rates starting 1.79% through ADIB’s electrical car financing program “ VOLT”. The partnership will also provide Tesla buyers a free wall charger and complimentary home installation part of the finance package during the Ramadan campaign until 31st of March 2024.

As part of this collaboration, ADIB branches will host self-serve test drives of Tesla vehicles, allowing ADIB customers to experience the innovative technology first hand at their own convenience. Tesla vehicles will be stationed at selected branches, where customers can scan a QR code to schedule their test drive and then download the Tesla App to complete necessary documentation, including uploading their Emirates ID or Driving License, and participate in a test drive. Tesla will oversee the entire process virtually, including remote lock/unlock capabilities for the vehicles.

In addition to this, ADIB will install electric vehicle (EV) chargers at key branches and its headquarters, contributing to the infrastructure necessary for sustainable transportation options.

Amit Malhotra, Global Head of Retail Banking at ADIB, commented: "At ADIB, we believe in driving positive change while offering value to our customers. This collaboration with Tesla allows us to do both. By installing EV chargers at our branches and headquarters, we're contributing to the development of a robust EV infrastructure in the UAE. Additionally, our competitive financing rates and incentives encourage sustainable choices, aligning with our commitment to green finance and our ESG strategy."

This partnership underscores ADIB's commitment to green finance and innovation, aligning with its mission to deliver value and convenience to customers while promoting sustainability. This collaboration also aligns with ADIB's recently unveiled ESG strategy.

The bank recently launched the Volt Electric Vehicle Finance program, offering a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars. The Volt program aligns with ADIB's Environmental, Social, and Governance (ESG) commitment and aims to make electric vehicle ownership financially accessible to a wider audience.

About ADIB

ADIB is a leading bank in the UAE with AED 193 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day.

ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.

Named World’s Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.

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