Gargash Enterprises joins forces with Emirates Islamic Bank & National Bonds

Gargash Enterprises & EIB will give out National Bonds on every vehicle financed through the bank during the three month period until May 2008.

Bondholders have the chance of winning one of over 26,000 different prizes each month, Dhs1m being the grand prize.

Gargash Enterprises has seen Islamic financing grow to over 40% of auto purchase financing. This trend was noted 4 years ago and they have since made sure that all customers have a Shari'a compliant option to buy their new Mercedes-Benz.

"It is always a good thing when a company is able to give something back to its customers. This scheme mirrors our understanding of the local culture, which is so valued in society here. We feel that our customers will be very impressed with the service they receive from Emirates Islamic Bank and also enjoy the gift in the form of National Bonds," said Malcolm Cooper, Group Business Manager for Gargash Enterprises.

Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank, said, "Interaction with all community groups ranks highly in our strategy to reach the widest base of consumers and to develop innovative products that better meet varied needs of our customers. Emirates Islamic Bank is proud to tie up with Gargash Enterprises & reinforce our partnership with National Bonds. This alliance ensures that customers will not only avail of unique features of our INTALEQ car finance product, but they will also have chances of winning big through the National Bonds certificates gifted by us". He added "An array of competitive benefits and features, coupled with competitive pricing and minimal documentation have made INTALEQ a trendsetter in a market filled with car finance products vying for attention. This campaign will make INTALEQ an even more rewarding experience for customers."

Mohammed Qasim, Deputy Chief Executive Officer of National Bonds was happy to have established such a relationship with Gargash Enterprises, and stated, "We look forward to innovative partnerships that will deliver value-added financial benefits to our bondholders."

National Bonds is the national savings scheme that allows investments in Shari'a compliant avenue offering a high expected annual return and eligibility to the monthly draws. Proceeds from bonds are invested in developmental projects in the country, through the mode of Mudaraba (fund management).