Dubai:Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has launched a Digital Business Banking package that empowers entrepreneurs, Small and Medium Enterprises (SMEs) and new start-ups in the UAE, to open an account with a minimum balance requirement of just AED10,000.
The new account builds on Emirates Islamic’s ongoing commitment towards supporting the UAE’s SME sector, which represents more than 94 percent of the total number of companies operating in the UAE and employs over 86 percent of the private sector workforce, according to the Ministry of Economy.
Digital Business Banking account holders will get a Debit Card with a daily limit of AED 50,000, and be able to use Emirates Islamic’s smartBusiness e-banking platform for their transactions instead of visiting a branch. In addition, customers will benefit from lower charges for online payments and receive preferential pricing for online transactions. Customers will also be able to make local fund transfers for AED 1.
Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic, said: “As part of our ongoing strategy, we remain committed to developing innovative products and services for SMEs, while ensuring that customer excellence remains at the heart of our proposition. We designed our latest package based on the needs of start-ups and SMEs to relieve the stress on their cashflows, helping them focus more time and resources on growing their business.”
Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic added, “We are committed in playing our part to foster a business environment conducive to realising the aspirations of UAE national and resident entrepreneurs. The SME sector is a key contributor to the national economy and will boost the UAE’s global competitiveness while contributing to increase the non-oil GDP and advancing economic diversification.”
In 2019, Emirates Islamic was named ‘Best SME Bank’ at the Enterprise Agility Awards, presented by du, in recognition of its innovative and business-friendly proposition for small and medium enterprises (SMEs), and its status as a preferred bank for UAE national entrepreneurs seeking Shari’a-compliant products and services for their businesses. Emirates Islamic currently supports the banking needs of more than 46,000 UAE-based SMEs, and its Business Banking segment saw double-digit growth in 2019.
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 53 branches and 191 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 named ‘Best Islamic Financial Institution in UAE’ 2020 in New York-based Global Finance magazine’s list of the ‘World’s Best Islamic Financial Institutions.’ Emirates Islamic was also recognized as 2019’s ‘Best Islamic Bank’ and the ‘Most Innovative Islamic Bank’ by the World Finance Magazine’s global Islamic Finance Awards. The Bank was also awarded the ‘Most Innovative Islamic Bank’ by Islamic Finance News, a leading global Islamic finance news provider.
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
© Press Release 2020