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Abu Dhabi Islamic Bank launches its latest product: 'Kawareb' Boat Finance
- United Arab Emirates: Monday, September 12 - 2005 at 15:47
- PRESS RELEASE
As part of its mission to become the premier universal Islamic financial institution, operating in accordance with Shari'a principles, by sharply focusing on customer needs and offering innovative products and services, ADIB has launched its latest product for Boat Finance 'Kawareb'.
Abu Dhabi, 13 September 2005: Kawareb has been designed specifically for clients who are interested in buying their own boat in a simple and Shari'a compliant manner.
Kawareb is an innovative product offering a Shari'a compliant solution with total transparency and without any hidden charges or fees. This product is one of the systems through which ADIB provides economic Shari'a compliant banking solutions designed to its customers, and is a response to the increasing demands for Islamic financial products.
Kawareb offers a competitive solution for financing a new boat with a limit of 1 million AED. There is no need for a down payment and there is a monthly installment holiday of 60 days. Kawareb is in line with ADIB's strategy to concentrate on the Islamic retail banking products and activities that focus on individuals needs.
ADIB has witnessed many successes in the last year by enhancing its solutions and relaunching several products, such as the car finance "Sahel", education finance "Noor" and the Islamic Visa covered card, all of which provide individuals with innovative financial solutions.
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Notes and media contacts
Abu Dhabi Islamic BankAbu Dhabi Islamic Bank (ADIB) was launched on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No. 9 of 1997. The bank is as one of the world's largest Islamic banking institutions, by capitalization. Since its inception the bank has witnessed significant growth and development as reflected in the financial results for 2004. The total assets increased by 38% compared to 2003 and customer deposits increased by 56%.
All ADIB contracts, operations and transactions are carried out under the Islamic Shari'a principles with a strong focus on customer needs and innovative products and services in order to provide a customer focused ethical banking solution. ADIB currently has 18 branches across the Emirates, with 5 more branches to be launched before the end of the year.
ADIB's lines of products and services are 100% Shari'a compliant and offer the lowest profit rates available. Services and products include women's services, a Shari'a complaint Visa covered card, Al Noor Educational Finance, Sahal, Terhal and many more. The bank also attracts a number of national employees and the current percentage of nationals is 24% of the total bank employees.
innovative products including credit card, mortgage and borrowing facilities.
For further information please contact:
Mohamad Jouma
Marketing Manager
Abu Dhabi Islamic Bank
Tel: +971 2 6168133
Fax: +971 2 6349313
Or
Lamia Hariz
Fortune Promoseven
Abu Dhabi
Tel: +971 2 6658600
Fax: +971 2 6663783
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 12 - 2005 at 15:47 UAE local time (GMT+4)
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