Series of initiatives designed to position the bank as destination of choice for foreign exchange

Groundbreaking "Zero Charge, Zero Spread" service for Indian Rupees launched as first promotion and valid until March 10

Part of a wider EIB strategy to increase provision of fee-based products

Dubai, March 7, 2013: Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, has today announced the launch of the first of a series of initiatives aimed at providing customers with market leading foreign exchange services. The initiatives are in line with Emirates Islamic Bank's strategy to develop a strong position in both remittances and currency exchange services for its customers.

Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic Bank, said: "This is a strategic move by the bank, showing both to our customers and non-customers that we can facilitate currency exchange as well as funds transfers. We are looking to be the destination of choice when it comes to foreign exchange services in the country."

"We started with an Indian Rupee promotion to benefit our large Indian client base. We are offering transfers at the best rate in the market and, as a special offer, we are offering this service completely free of charge until March 10. This is a groundbreaking offer based on our customer-centric approach to doing business."

Over the coming weeks, Emirates Islamic Bank will be launching a range of new foreign exchange services and promotions targeted both at customers and non-customers. These are in response to market demand and include increasingly requested features such as currency exchange, online requests and "Zero Charge, Zero Spread" promotions in all branches and alternate channels.

"Emirates Islamic Bank is developing its position as one of the leading banks in the region. These products are an important component of the bank's development. In addition to making our considerable branch network available for currency exchange, we have also brought an on-line facility to the market. We believe that it is critical that customers have the ability to manage their money across a range of currencies. The Indian Rupee service is simply the start of a much wider multi-currency offer which Emirates Islamic Bank will be announcing in the coming weeks and months," Aqil concluded.

About Emirates Islamic Bank:
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide customers in the UAE with innovative Sharia-compliant financial solutions. The Bank offers a wide range of products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a prestigious Sharia board. 

EIB offers a comprehensive combination of products and services for Retail, Corporate and Investment banking. On the retail side, the bank has an array of products, such as Credit Cards; Manzili & Bina'a Home Finance, Intaleq Car Finance, Ethmar priority banking, Al Reem ladies banking, Emtalik personal finance, SME business.

Emirates Islamic Bank is also very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market.  

To ensure the proximity to our customers, EIB has expanded its network to reach 34 branches as well as more than 100 ATM's throughout the UAE. And to provide customers with the friendliest banking solutions, the bank has developed a wide range of Alternate Banking Channels such as Mobile Banking Service, Internet & Phone banking. With EIB alternate banking channels, customers will be able to perform a wide range of transactions at anytime and from anywhere.

EIB has received numerous accolades such as the prestigious Sheikh Mohamed Bin Rashid Business Award and Ethos Award for best Islamic bank for Customer Service in the UAE, also our Manzili Home Finance product was credited as the Best Islamic Home Finance Product from CPI financial. These awards signify the high level of customer satisfaction as well as display the bank's good practices within their banking methods. For further information, please visit: www.emiratesislamicbank.ae

For further information, please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic Bank
Tel: 971 4 4397430;
Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamicbank.ae

Sudha Chandran/ Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600,
Fax: 971-4-4358040
Email: sudha.chandran@bm.com/ hiba.moussa@bm.com

© Press Release 2013