Product launched with unique features to support SMEs

Abu Dhabi, 22 June, 2015: Leading Shariah-compliant finance company, Aseel Islamic Finance, was recognised by Visa, a global payments technology company, for being the first financial organisation to issue a Visa Platinum business credit card in the UAE and MENA Region, which is specifically designed to address financing requirements for small and medium enterprises (SMEs).

The product has a range of unique features which will play an important role in supporting locally grown businesses and in turn promote the country's overall economic growth. The Aseel Visa Platinum Business Credit Card is also recognised as the first to provide SMEs in the UAE and MENA region with a new way to manage their business expenses, through Visa IntelliLink for Small Business (VISB). This web based tool gives customers access to transaction data, allowing SMEs to track spending and stay on budget.

Aseel's joint effort with Visa addresses an increasingly important segment and supports the UAE Government's strategic goals to promote the SME sector. The card is meant to facilitate financial management for users, allowing them to view and manage all their expenses in one location.

In addition, the Aseel Visa Platinum Business Credit Card also carries a very competitive fixed monthly charge and offers one of the highest credit card limits in the market to eligible customers. Cardholders can also take advantage of discounts and benefits that help reduce business expenses on hotels, rentals, courier services, restaurants, gifts, and more through Aseel's partnership with Visa.  Moreover, SME business customers benefit from a reward system that allows card holders to convert reward points into cash back every card anniversary year.

With Aseel's Visa Platinum Business Credit Card, users have the freedom, mobility, and flexibility to direct their business from anywhere.

Ms. Fatima Qasimi, CEO Aseel Islamic Finance, said: "This recognition is very important for us, as it confirms that we are on the right track in supporting a key segment of our community. The SME sector remains an important part of our customer group, and this new business card follows our launch of SME-specific services last year. We wanted to go beyond offering SMEs more business finances, and to focus on providing them with a well-rounded product that gives them a financing line in addition to other supporting features that would facilitate their workflow."

Ms. Qasimi added: "Visa IntelliLink is a powerful financial tool which will allow our customers to efficiently track key spending data via a customisable reporting dashboard. The tool enables SMEs to create spending reports and generate transaction categories to easily monitor expenses, as well as receive spend-based email notifications after certain transactions occur, giving our customers an advanced financial solution which they can access every day. We're looking forward to continuing to provide innovative services to SMEs in the UAE, as they play an important role in the economic development of the country."

Marcello Baricordi, General Manager - UAE and Global Accounts Lead, Visa MENA, said: "Visa is pleased to partner with Aseel Islamic Finance to be the first to launch the Visa Platinum Business Credit Card in the MENA region. This product is especially relevant in the UAE, where a majority of firms require better lending options to meet business needs. The business credit card is an easy way to separate company and personal expenses, manage business and travel spending, and simplify bookkeeping."

Baricordi added: "For payment solutions providers such as Visa, who have strong local ties to businesses in the region and are also capable of offering global solutions and platforms, providing targeted and relevant access is the next step to helping local SMEs achieve their goals. As more and more SMEs grow in size and operations, it will become increasingly necessary for these businesses to streamline their accounts for more effective management of capital."

In 2014, Aseel Islamic Finance launched a new Business Finance solution for SMEs, allowing them to take advantage of increased solvency and liquidity. The service enables companies to ensure they have funds available to pay bills on time and maintain good relationships with their suppliers, whilst waiting for invoices to be paid. Customers can also access cash for daily expenses such as utilities, maintenance and repairs, covering their business when costly, unforeseen circumstances arise.

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About Aseel Islamic Finance
Established in August 2006, 100% owned by FGB and headquartered in the UAE capital, Abu Dhabi, Aseel Islamic Finance aspires to become an Islamic finance powerhouse built on Islamic values; namely trust, knowledge and transparency.

Aseel's brand is based on a broad range of traditional Islamic beliefs which are inherent in the company's products and solutions. Whilst already established as one of the leading players in the Islamic real estate market, Aseel is working to penetrate the SME segment as well as the mid-market-corporate sector with tailor-made Shariah compliant financial services and solutions, while maintaining a customer-centric approach.

Aseel's financial services and solutions comprise of end-to-end solutions, from goods and services, to working capital and more. Besides innovative financial solutions, Aseel Islamic Finance will offer its customers wealth and Takaful products as part of a comprehensive range of service propositions. Aseel aspires to become a catalyst in the growth of the SME market in the UAE, sharing the business community's responsibility to expand the segment, which already contributes significantly to the UAE's economy.

Hiba Haddad
Weber Shandwick MENA
Phone: + 971 56 1679577
Fax: + 971 2 449 4833
Email:  hhaddad@webershandwick.com

© Press Release 2015