ADIB "Al-Khair" Repayments Postponed Until 2011
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced a four-month postponement of monthly installments for customers who subscribe to its refinancing program 'Al-Khair' during the Holy Month of Ramadan. Al-Khair is ADIB's Shari'a-compliant repayment plan through which customers can transfer all their conventional bank liabilities to ADIB and get a fresh start.
As part of the offer, customers who subscribe to ADIB's 'Al-Khair' program during Ramadan can defer their monthly installments by 90 to 120 days i.e. until 2011. ADIB's profit rate will be driven by the financing amount. Starting at 5.75%, the profit rate goes lower as financing amounts go higher. In addition, customers can avail of a free pre-approved covered card for the first year. ADIB will charge no processing fees for the financing.
ADIB's 'Al-Khair' financing provides liquidity to customers enabling them to settle their financial liabilities and conventional bank loans and begin a new financing relationship with ADIB in line with Shari'a principles. ADIB offers all types of financing solutions including car finance, educational finance, travel finance, share finance, boat finance and general finance.
Sarvesh Sarup, Head of Retail in ADIB, comments: "Through this offer, we seek to help customers manage their budgets during the Holy Month of Ramadan and the Eid holiday period. This gesture during Ramadan would encourage customers to convert their conventional debts into Islamic solutions and we hope to be their finance provider of choice. During the Holy Month, customers need to have flexible financing solutions to cope with additional expenses, and this gesture is part of our efforts to support them with services that answer their specific needs."
New customers who wish to avail of the offer can register for the Al Khair program at any ADIB branch during the Holy Month of Ramadan, or until 30th September 2010.
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