ABU DHABI, 15 February 2016: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has launched the MasterCard 'Spice Card' to complement its tailored product offerings to Non Resident Indians (NRIs) and Non Resident Pakistanis (NRPs) in the UAE.
The ADIB MasterCard Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. Moreover, these cashbacks apply on local as well as international spend, and customers also earn up to 2 reward points for every AED 1 spent on other merchant categories.
Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric Bank, it is of utmost importance for us to design value added products that suit their financial needs."
Eyad Al Kourdi, Senior Vice President and General Manager - UAE, MasterCard commented: "MasterCard continues to develop partnerships with leading institutions as part of our commitment to provide safe, simple and secure payment solutions that suit cardholders' specific needs and requirements. With the Spice Card, cardholders can look forward to an even more rewarding payments experience."
The MasterCard Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.
The Indian community in the UAE totals some 2.6 million people and constitutes 30 per cent of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5 per cent of the country's total population.
A minimum monthly spend of AED 3,000 is required on the MasterCard Spice Card to qualify for the cashback offers with a maximum cashback cap of AED 50 on utility payments, AED 200 on restaurant bills, AED 50 on fuel and AED 100 on supermarket spending.
ADIB is one of the largest retail banks in the UAE. Its 857,000 customers benefit from a network of nearly 88 branches and more than 785 ATMs, as well as online, mobile and phone banking, providing them access to their accounts 24 hours a day. Named "Best Bank in the UAE" 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 Etihad and Etisalat and a wide range of financing products. The bank has continuously increased its asset base over the past five years and is continuing to build its presence internationally in countries such as Egypt, in which it has 70 branches, as well as the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardMEA and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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© Press Release 2016