|25 September, 2019

Emirates Islamic becomes UAE's first Islamic bank to offer dynamic currency conversion for visa card

The initiative follows a successful pilot by Emirates NBD Group in partnership with Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA) region, Visa, the world leader in digital payments, and technology provider, Planet

Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic

Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic

Dubai: Emirates Islamic is the first Islamic bank in the UAE offering visitors to the country the option to carry out dynamic currency conversion of their cash withdrawals when using their Visa card at any Emirates Islamic ATM across the country.

The initiative follows a successful pilot by Emirates NBD Group in partnership with Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA) region, Visa, the world leader in digital payments, and technology provider, Planet.

Non-UAE Visa cardholders will now be able to view the exact conversion amount and fees in their home currency before making a cash withdrawal. This will be powered by Planet’s dynamic currency conversion solution, covering over 130 foreign currencies and integrated by Network International across Emirates Islamic’s ATM network country-wide.

Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic, said: “We are pleased to now offer a dynamic currency conversion option throughout our extensive ATM network, which will better facilitate cash withdrawals for visitors to the UAE. As the country’s leading Islamic bank, Emirates Islamic remains committed to making banking more accessible, convenient and rewarding for residents and visitors alike.” 

Samer Soliman, Managing Director – Middle East, Network International, said, “As the leading enabler of digital commerce in the Middle East and Africa, Network International is pleased to offer seamless and transparent currency conversion to our clients with coverage of more than 130 currencies. We remain committed to adding value for our clients and look forward to future collaborations that support our commitment to enhance the UAE’s banking and payment ecosystems.”

Simon Marsden, Managing Director, EMEA, Planet said: “We are pleased to partner with Network International to be the first in the UAE to provide a best-in-class Currency Conversion at ATM solution. We are looking forward to rolling out to over a thousand ATMs alongside Network International’s vast experience and knowledge in the MEA region.”

-Ends-

About Emirates Islamic:

Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.

Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 58 branches and 210 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The bank was awarded ‘Best Islamic Bank” in the UAE in 2018 by Global Finance and ‘Best Islamic Banking Brand’ by Global Brands Magazine. Emirates Islamic also claimed the ‘Best Mobile Banking app’ award, and the ‘Best Islamic Card’ for its Emarati Credit Card at the Banker Middle East Product Awards 2018. In 2019, the bank won the ‘Human Resources Development’ award from the Emirates Institute for Banking and Financial Studies, and Service Olympian Award for ‘Most Improved Website’. In addition, Emirates Islamic was named ‘Most Innovative Islamic Bank’ by Islamic Finance News, and its Kunooz Savings Account was named ‘Best Banking Product’ by Global Banking & Finance Review.

As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.

For further information please visit www.emiratesislamic.ae 

Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae 
Tricia Kaul | Batoul Al Beitouni
asda’a bcw, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com  | Batoul.AlBeitouni@bcw-global.com

About Network International:

Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.

Network International Holdings Plc is the holding company for Network International and the group companies.

For further information on Network International, please contact:
Tricia Kaul
ASDA’A BCW
Dubai, UAE
Tel: 971-4-4507600 Fax: 971-4-4358040
Email: tricia.kaul@bcw-global.com

About Planet
Planet is an international payments service and technology provider that helps businesses exceed the needs of their international customers. With over 1,500 experts across 58 countries, Planet creates better international payment and service experiences for 300,000 merchants and over 100 partner banks in five continents.  Planet is also part of the Eurazeo portfolio of growth companies.

Find out more here: www.planetpayment.com  

Contact
Venetia Stanley: venetia.stanley@mullenlowesalt.com  / +44 (0) 20 7894 5258
Tara Bell: tara.bell@mullenlowesalt.com  / +44 (0) 20 7894 5645

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases