Abu Dhabi Islamic Bank (ADIB) is introducing an extension of its relief measures to help customers deal with the unprecedented challenges brought by the Covid-19 outbreak. These measures include extending the payment holidays 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.
ADIB has been supporting customers with finance programs through a series of initiatives that alleviate the financial and emotional pressure of payment obligations given the current challenging macroeconomic environment.
The bank has already postponed the installment payments of over 110,000 customers with personal finance and the bank has proactively identified customers working at impacted industries/employers and has launched specific relief program for them including three months installment postponement. In addition, customers whose income / salaries has been affected by the impact of COVID-19 are eligible to postpone their repayment installments in line with Central Bank guidelines.
Philip King, Global Head of Retail Banking at ADIB, said: “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 launch relief measures for customers, including the postponement of monthly installment payments and the reduction 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 collaborated with the Abu Dhabi Department of Finance to be part of the SME Credit Guarantee Scheme, which aims to bolster the resilience of SMEs registered and operating in the Emirate by increasing access to finances.
The bank has hosted a series of webinars providing guidance on the SME Credit Guarantee Scheme, and the options available to business owners, which have been joined by over 100 executives. Businesses from a wide range of sectors have accessed 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 offered extensive support to the community during the COVID-19 outbreak. Initiatives include donating AED 25 million to the Ma’an’s ‘Together We Are Good’ programme, designed to encourage financial and in-kind contributions from individuals and companies to support the community.
