The National Bank of Abu Dhabi (NBAD) has announced that it is to offer financing to families seeking fertility treatment.
The bank’s IVF fertility financing loan will provide wannabe mums and dads with a loan of up to Dhs100,000 towards fertility treatment.
The loan will be available to UAE nationals and expatriates but must be repaid within a year.
There will be an interest rate of 6.49 per cent on a reducing balance, as well as discounted processing fees. The bank is the first in the country to offer potential parents fertility financing - with the move being done in conjunction with non-profit agency The Emirates Family Network (EFN).
George Beatty, general manager of consumer and elite banking at NBAD, said that the “very important initiative would not only help families in need but also create awareness and understanding about this matter”.
Beatty added: “Such a scheme is unique to the UAE and is an example of NBAD bringing a positive impact on society.”
Statistics show that there are about 7,000 IVF treatments each year in the UAE - with the approximate cost at about Dhs20,000. On average, couples try three to four times before IVF is successful.
That makes the financial implications of treatment out of reach for many, says HH Sheikha Hind Bint Abdul Aziz Al Qassimi, honourary chairperson of the EFN.
“The issue of infertility for some spouses have become one of the major issues that affect family stability,”
she aid. The EFN chair added that she hoped the move would help remove some of the social stigmas that exist with infertility.
“When spouses face problems in having children or concerning conception, we abstain to talk freely about it in the community,” she said.
Dr Sheikha Hind Al Qassimi described giving birth as a “beautiful and natural event” and spoke of the “miracle of life.” She added: “We are very grateful to The National Bank of Abu Dhabi for sponsoring this initiative. We believe that together we can improve many people’s lives and livelihoods - and generally raise awareness of infertility in the United Arab Emirates.”
Have your say on this good will gesture from the UAE: Would-be parents or otherwise - should banks be involved in your family planning?