Abu Dhabi Islamic Bank customers in the UAE can now apply for personal finance through the bank’s app and receive up to Dh250,000 in as little as 30 minutes.
The new “Express Finance” service is only available to pre-qualified customers who have their salaries paid directly into their Adib account, meet a minimum monthly salary requirement, hold a healthy credit rating and work for an approved company.
“Consumer behaviour has shifted significantly and having easy-to-use and convenient access to finance is becoming mainstream,” said Serhat Yildirim, Adib’s chief digital officer. “Our Express Finance feature meets the needs of today’s consumers who want safe, fast and easy access to finance.”
UAE lenders are increasingly turning to digital innovation to gain an edge in a fiercely competitive banking market and reduce their physical footprint. Mashreq Bank, for example, said earlier this year it will spend at least Dh500 million over the next five years on digitisation as it looks to close half of its branches in the UAE this year, while Emirates NBD said in 2017 it was spending more than Dh1 billion on new technology.
UAE nationals who qualify for Adib's latest offer can receive Sharia-compliant financing of up to Dh250,000 while expatriates can obtain up to Dh100,000 directly credited to their bank accounts. They do not need to visit a branch or manually sign any documents.
Philip King, Adib’s global head of retail banking, said the bank provides “due diligence behind the scenes to ensure the bank continues to provide finances in a responsible and secure manner”.
Adib, which has more than Dh124.6bn in assets, introduced its mobile banking app in 2015 with a new version released in 2016. Users of Adib’s digital banking channels have more than doubled in the last year and around two million transactions are initiated through the app every month, according to the bank.
“This is the latest customer-focused solution developed in Adib’s Digital Lab, with a series of further announcements planned for the second half of the year,” Mr King said.
Adib's net profits increased 1.7 per cent in the first quarter of this year on net customer financing, while customer deposits slightly declined. The Express Finance service is meant to offer a quick and convenient channel for customers to access funding and support the growth of the bank's financing portfolio within acceptable risk parameters, according to Adib.
