ADIB relaunched Sahel with competitive features

To build on its success, and given the significant demand for its Islamic auto finance products, ADIB is launching Sahel, which has improved services and features at even more competitive rates. The profit rate becomes 3. 7%, with a grace period of 3 months and no installments for the first six 6 months. Sahel auto product provides ADIB's esteemed customers the right of two postponements per year and at the same time Sahel provides them simple and easy documentations.

Sahel product is in line with ADIB overall strategy to concentrate on the Islamic retail banking products and activities that focus on individuals' needs. A study by Dubai Chamber of Commerce & Industry indicates that about two thirds of the cars sold in the country have been financed through installments, with an average payment period of six years. There are fifteen commercial banks and three companies that specialize in financing Automobile sales in the UAE.

The bank has witnessed many successes in the last period by increasing its market share in the local markets through adapting various Islamic financing products which provide the individuals with innovative financial solutions. In the last few years, Islamic financing has achieved a distinguished position and became a legal alternative of the traditional financing. The growth rate of Islamic financing in the country is exceeding the 30% yearly. Projections show that the Islamic financing in the country will increase along with adapting progressive Islamic legal principles in the retail and corporate financial fields.