Jamal Bin Ghalaita, Group Deputy CEO at Emirates NBD
Emirates Money, a consumer finance company, disclosed its positive financial performance for the 12 months ending December 31, 2010 (unaudited & provisional), with the announcement that it has registered a 26 per cent growth in loan portfolio in 2010.
The company reported that in a short span of three years its customer base has increased to almost 16,000 customers, a growth of almost 36 per cent as compared to 2009.
Emirates Money, which began operations in mid 2008, is a wholly owned subsidiary of Emirates NBD Group. It offers consumers comprehensive loan solutions to meet their everyday financial needs. It has also been leading the recent growth in self employed lending in the UAE with a range of innovative products.
“Despite the challenging conditions in the local banking sector, the continued success of Emirates Money is evidence of the vital need for innovative consumer finance products and services, especially in the middle income group,” said Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD, and Chairman, Emirates Money. “Recognising the changing patterns in consumer finance, we tailor our products to meet the needs of our customers, while at the same time encouraging the trend towards collateralised lending.
“This strategy has already begun to show results as Emirates Money continued to outperform the competition in the area of business loans throughout 2010,” he added.
“Customers today are on the lookout for exceptional lending solutions that will enable them to meet their business & personal requirements,” said Vikas Thapar, General Manager, Emirates Money. “Innovation has played a key role in the success of Emirates Money, as many of our new products are both out-of-the-box and have been first to market, thereby laying the foundations for the next phase of our growth.”
In 2010, Emirates Money consolidated its growth in the areas of business loans and vehicle loans and insurance offerings to build a strong base for future expansion. Its enhanced IT infrastructure has a new interface with the Emirates NBD ATM network, providing Emirates Money customers with the option of directly depositing their Equated Monthly Instalments (EMIs) in the Emirates NBD ATM network.
Emirates Money also launched three new types of loans in 2010, including the Loan Against Fixed Deposit, Loan Against Car, and Loan Against Gold. The Loan against Car takes secured lending to new levels using mortgage-free automobiles as collateral, while the Loan Against Gold is the first product of its kind in the GCC that offers competitive interest rates that are among the lowest in the market for retail loans and ensures the secure storage of the gold. In addition, Emirates Money has also tied up with leading insurance companies in the region to offer insurance and investment options to customers.