Abu Dhabi Islamic Bank (ADIB) has announced that it will be postponing monthly repayment instalments for personal and auto finance customers during the holy month of Ramadan.
The payment break is being offered to ADIB customers to provide cash-flow relief during the holy month of Ramadan which is known to be a heavy spending period for a large part of the population, the bank said in a statement.
This service has become an annual tradition for ADIB which said it was the first Islamic bank to postpone the payment of finance instalments during Ramadan.
“This is part of the bank’s efforts to identify the specific needs of customers and provide them with services that answer to them,” the statement said.
Nawal Al Bayari, head of CSR Council at ADIB said: “ADIB’s analysis of spending behaviour over the past few years has shown that the seasons of Ramadan, Eid and the summer holidays put high pressure on family budgets due to increased spending on groceries, family vacations and other planned and unplanned events. ADIB launched this gesture for its retail banking customers who will now be able to plan for the upcoming holidays with more peace of mind.”
Customers eligible for the service, based on the type of financing, credit history and instalments are contacted by SMS and the postponement will be done automatically.
The offer is valid for instalments due between June 21 and July 20. Customers are free to opt out should they wish to continue to make instalment payments.