UAE’s leading financial institution Abu Dhabi Islamic Bank (ADIB) has decided to extend its relief measures to help customers deal with the unique challenges introduced by the COVID-19 outbreak.
These measures include extending deferred payments duration and pricing discounts on existing and new finance and covered card products in accordance with the Central Bank of the UAE’s Targeted Economic Support Scheme (TESS).
ADIB has been assisting clients with finance programs through a series of actions that ease the financial and emotional stress of payment commitments given the current challenging macroeconomic environment.
The bank has already deferred the installment payments of over 110,000 customers with personal finance and the bank has proactively recognized customers working at impacted industries/employers and has unveiled a specific relief program for them including three months of installment postponement. In addition, customers whose income/salaries have been hit by the impact of COVID-19 are qualified to delay their repayment installments in line with Central Bank guidelines.
Philip King, Global Head Retail Banking – ADIB
“The economic effects of COVID-19 are starting to be felt in countries around the world. While the UAE economy is resilient to these global trends, we are conscious that some customers may be concerned about the current state of their finances and their ability to make finance payments over coming months. As a bank which puts customers at the heart of everything we do, we have taken proactive steps to lessen the financial pressure at this unprecedented time and to help individual and SME customers through a potentially challenging period.”
ADIB was among the first UAE financial institutions to begin relief measures for customers, including the delay of monthly installment payments and the discount of certain fees or charges across a range of products, in line with the Central Bank of the UAE’s Targeted Economic Support Scheme in response to COVID-19. ADIB has also co-operated with the Abu Dhabi Department of Finance to be part of the SME Credit Guarantee Scheme, which intends to reinforce the resilience of SMEs registered and operating in the Emirate by increasing access to finances.
The bank has conducted a series of webinars providing leadership on the SME Credit Guarantee Scheme, and the opportunities available to business owners, which have been joined by over 100 executives. Firms from a wide range of sectors have utilized the bank’s SME Credit Guarantee Scheme facility, including contracting, food supply, utilities, trading, transportation amongst others.
In addition to supporting customers, ADIB has also extended comprehensive support to the community during the COVID-19 outbreak. Initiatives include donating $6.8 million to the Ma’an’s ‘Together We Are Good’ program, created to support financial and in-kind contributions from individuals and companies to support the community.
