Thousands of Consumer Credit Cards have been issued in six months exceeding ambitious targets

Total cashback paid to customers hits record high

UAE, Dubai, February 22, 2017

The Department of Economic Development (DED) in Dubai, and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, introduced their first-ever ‘Consumer Card’ in the UAE in June last year. By the end of 2016, the co-branded credit card exceeded all expectations in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer centric focus of the card.

Aimed at protecting the rights of consumers and providing them with savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and much more, the Consumer Card’s success ultimately lies in delivering on its promise as the only card that does not ask customers to spend more than they need to be rewarded. Endorsed and supported by the DED, the ‘Consumer Card’ issued in partnership with Visa has two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering varied discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the ‘Consumer Card’ as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the ‘Consumer Card’ also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy.”

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented on the success of the card: “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on.  When we launched the ‘Consumer Card’, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat.

Understanding intrinsic customer needs is integral to a products success which is why, over the past 6 months, thousands of Consumer Cards have been issued which has already exceeded the target for its first year, while the total cashback paid to customers hit a record high since its launch. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular. Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions.

Ibrahim Selim Ergoz, General Manager, UAE, Qatar & Pakistan, Visa, said: “The ‘Consumer Card’ is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the ‘Consumer Card’ that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

DIB is at the forefront of delivering innovative Sharia compliant products. Coupled with its ‘Customer First’ approach, the Consumer Card is an excellent example of how strategic partnerships, such as our collaboration with the DED is ultimately enhancing a customer’s experience. Serving 1.7 million customers, DIB continues to grow as it develops products carefully tailored to ever-changing consumer preferences.

-Ends-

About Department of Economic Development (DED):
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth. DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.

For further information, please contact: Faisal Shamsudheen, faisal.pathiasseri@dubaided.gov.ae  

About Dubai Islamic Bank: 
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 243 branches across 62 major cities in Pakistan. In 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.

Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities through distributing millions of dirhams to good causes at home and abroad each year.

Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.

The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized as “Best Islamic Bank in the UAE" at the 2016 World Finance – Islamic Finance Awards, “Strongest Islamic Retail Bank in the GCC” at the Islamic Retail Banking Awards, Best Islamic Financial Institution for Large Corporates and Best Trade Finance Provider at Global Finance - The World’s Best Islamic Financial Institutions 2016.  DIB lately received four major accolades at the 11th Islamic Business and Finance Awards 2016, including Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank.

For more information, please visit us at www.dib.ae

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For more PR information, please contact:
Dubai Islamic Bank                
Nicole Hayde    
Head of Strategic Communication       
Direct: +971 4 207 5251    
Email: jawaher.alshamsi@dib.ae                                                   

Weber Shandwick
Grace Wittenberg
Senior Account Manager
Direct: +971 4 445 4254
Email: GWittenberg@webershandwick.com  

© Press Release 2017