x Abu Dhabi, UAEFriday 21 July 2017

Deals of the week: Managing earnings and savings

ENBD aims to make managing earnings and savings easier.

ENBD has launched a financial literacy campaign. Sarah Dea / The National
ENBD has launched a financial literacy campaign. Sarah Dea / The National

Emirates NBD (ENBD) has launched a new financial literacy campaign to encourage people to manage their finances more responsibly.

The bank announced the Pay Yourself First initiative this week to help wage earners improve their savings habits as the UAE recovers from the effects of the global economic crisis.

The campaign manifests itself via a Facebook page, where people can log in and take a pledge that they will set aside a certain amount of money as soon as they receive their income rather than after they have paid their bills.

Those who sign up will have access to savings tips to help them save more effectively, while a public forum on the Facebook page will help users to realise how simple changes in their spending habits can lead to a bigger savings pot in the long term.

ENDB's public service initiative has been launched in partnership with a number of international and local organisations, including Google and The National.

"As one of the leading local financial services providers in the UAE, ENBD is committed to servicing the community in terms of providing innovative financial products and services, as well as leading them to financial well-being," says Vikram Krishna, the head of group marketing at ENBD.

"The publicly expressed pledge is neither mandatory nor binding in any way and also does not have any financial consequences. It will serve predominantly as an emotional commitment that will inspire people to reassess their saving and spending habits."

For more information, go to www.PFYpledge.com or visit www.facebook.com/pyfpledge.

 

Emiratis struggling to stay on top of their finances can now ease their money woes thanks to a new bundled offer of personal finance solutions from Mashreq.

The bank announced the exclusive Mashreq Al Emirati product this week to help Emiratis manage the financial demands that come with organising weddings, booking holidays, buying homes or securing a future for their families. The move follows in the footsteps of Emirates Islamic Bank, which last week launched 100 per cent mortgages for Emiratis.

Mashreq's offer includes personal loans of up to Dh2.5 million and home loans of up to Dh12m that come with tenures of up to 30 years. Other benefits include a Mashreq Solitaire Infinite credit card, which is free for the first year, a free MashreqMillionaire savings certificate and a free iPhone 4S.

"As a UAE financial institution owned by an Emirati, this product, which is specially designed for Emiratis, is our way of giving back to our customers," says Farhad Irani, the head of retail banking at Mashreq. "Mashreq Al Emirati is a realisation of a dream package any Emirati would aspire to have."

Emiratis signing up for the deal will also have access to local branch managers who will act as the customer relationship managers.