ADIB Welcomes the Month of Giving by Postponing Customer Installments
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has announced that it will postpone personal customer August installments during the Holy Month of Ramadan. This waiver is a goodwill gesture as part of its Ramadan activities and will help customers deal with extra expenses typically associated with Ramadan and Eid.
Installments will be automatically postponed until Sept 2010 and customers are not expected to pay their installments for the months of August 2010. This gesture has become an annual tradition for ADIB who was the first Islamic bank to postpone the payment of finance installments during Ramadan.
The postponement of installments applies to customers of finance products including liability settlements, car finance, educational finance, travel finance, shares finance, and goods finance. In order to qualify for postponement, customers must be up-to-date with their payments, having paid more than three previous installments and must have a salary-transfer arrangement in place with the bank.
Sarvesh Sarup, Head of Retail Banking, ADIB, comments: "This postponement will be welcomed by customers as their expenses will increase during the month of Ramadan due to reopening of schools and return from holidays with a backdrop of rising living costs. This is a way for us to help those who have helped make us one of the leading Islamic banks in the region. It is also a clear demonstration to our customers of the concept of banking as it should be."