Dubai Islamic Bank launches Al-Islami Personal Finance

The product structure is based on the Islamic financing principles of both Ijarah and Murabaha. The product offers variety of goods including electronics, furniture, vehicles and services such as house rent in advance, education, travel, event hall, and many others. This major new initiative by DIB aims to develop the support and services it offers to all residents of the United Arab Emirates.

Wasim Saifi, Executive Vice President, Head of Retail and Business Banking, Dubai Islami Bank, said:

"Al-Islami Personal Finance aims to satisfy the financial needs of individuals seeking an Islamic approach for financing. The product also seeks to deliver the message that DIB is continually developing its products and services to suit the needs of its clients."

"The bank has conducted a study that pin points the needs of our clients and its conclusions gave us a sound basis for initiating the product. The aim is to facilitate the day to day needs along with the major expenses of all the clients," he added.

Al-Islami Personal Finance is available to salaried individuals, self-employed professionals and businessmen. The conditions applying to Al-Islami Personal Finance makes qualifying relatively simple. Those who apply should be at least 21 years old with a minimum salary of AED 2,000, or in case of self employed professionals/businessmen, having an average monthly credit turnover of AED 10,000 in their accounts. They should also submit a quotation addressed to the bank for the required goods and/or services along with a passport copy, a salary and end of service benefits transfer letter, bank statement, and valid trade license (for self employed professionals and businessmen).