First UAE Islamic Bank to Launch ‘Instant Finance’
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today the launch of ADIB Instant Finance, a facility that adds finance facilities on to the ADIB EMV (chip)-enabled Debit and Covered card. ADIB is the 1st UAE Islamic bank – and among the 1st in the world – to offer such a quick installment based finance product. A key feature of ADIB Instant Finance is the quick turnaround time that allows a transaction to be completed in a matter of minutes compared to the minimum three days required to approve regular financing facilities.
ADIB Instant Finance distinguishes itself from regular financing as it uses the customer’s chip card – be it a debit or covered card – as the platform to access finance instantly. The financing amount is an addition to the customer’s card limit allowing them to choose repayment tenures as long as 48 months. The facility can be availed of at special ADIB Instant Finance Point of Sales machines that are located at the premises of participating Merchants.
Other benefits to the customer include a much lower profit rate as compared to that of a covered card in the case of goods financing. Instant Finance does not require a branch visit and there is no need to queue for processing. Instant Finance cuts red-tape by ensuring no quotations are required as it avoids paperwork for the customer, a hassle usually associated with product financing offerings in the market.
Being simple & sensible is one of ADIB’s core values, and it is represented in this innovative finance facility. It empowers customers with the ability to break a larger transaction into smaller ones. It gives them a choice in selecting payment tenures and helps them in financial planning and budgeting as they do not have to pay cash up front. ADIB will have a special pre-approved Instant Finance limit for each customer that can be availed of as they need.
ADIB Instant Finance will be available to customers in coordination with prominent partner Merchants across the UAE. ADIB has strengthened its Merchant tie ups across the UAE by not only informing them of the new product but also provided training to ADIB representatives at merchant premises. They are well acquainted with the product to be able to present it to new customers on the shop floor according to Shari’a guidelines.