Emirates Money given licence to redefine consumer finance in the UAE

The licence will allow Emirates Money to commence operation within the Emirates with immediate effect.

"Emirates Money will redefine the consumer finance market in the region," said Jamal Bin Ghalaita, Chairman of the Board for Emirates Money and General Manager of Consumer Banking and Wealth Management for Emirates NBD. "Over the coming weeks and months, we'll be launching a range of loan products under the Emirates Money name that we know, through in depth consumer research, will meet a current gap in the market."

"From a group perspective, establishing a consumer finance company is central to the vision of Emirates NBD to be recognized as the leading and most dynamic financial services provider based in the Middle East," continued Ghalaita.

Following the Central Bank's announcement, Emirates Money convened its first meeting of the Board of Directors to define and roll out the strategy for the company.

To advise the fledgling company as it prepares for full scale launch, Emirates Money has appointed a Board comprised of some of the top names in innovative finance.

Retail bankers, legal experts, and IT specialists have all been brought in to offer guidance to the company.

Quickly getting to the business at hand during their first meeting, the Board studied and approved the plans that the company has laid out for its expansion into the market over the next three to five years.

"The goal is to establish a company that will meet a current need in the market, offer better quality and more innovative products and services to our customers, and maintain the highest level of transparency in our approach and procedures. I believe we're on to a winning formula," said Ghalaita.