Just in time for the holy month, local banks are offering great deals and even a financial literacy campaign.
Deals of the Week: Ramadan bank deals
Abu Dhabi Islamic Bank (ADIB) will focus on its financial literacy campaign, launched in April, during the holy month of Ramadan in a bid to boost customers' knowledge of responsible fiscal management.
As part of its campaign, ADIB, the second-largest Sharia-compliant lender in the Emirates, this week launched its Financial Health Check programme, an easy-to-use financial assessment that is aimed at helping users to change their financial habits.
"Ramadan is a special time of the year when people change their habits," says Tirad Mahmoud, the chief executive of ADIB.
"As a bank, we believe our role is to provide them with the right information and education that help them live a more balanced financial life. Our financial health-check application will help them to see where they are now and give them simple tips on how to manage their finances."
Customers can take the test at any of the six ADIB stands in major shopping malls in the UAE. It is also accessible online through the bank's website and through the its Facebook site.
The financial health check is free and can also be done via iPads, other touch-screen computers as well as PC's or Macs. Anyone can know their financial health irrespective of whether they are a customer of the bank or not.
In April, ADIB launched its financial literacy campaign as part of a long-term strategy to educate customers on the basics of money management, planning and making responsible financial decisions.
The bank kicked off its campaign in April with the release of Smartmoney, a financial booklet that covers topics such as how to budget, manage debt and investments, understand risks and help to create personal wealth.
For more information, go to www.adib.ae.
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Emirates NBD (ENBD), the country's largest bank in terms of assets, is offering UAE nationals a lower interest rate on personal loans during Ramadan.
The lender has cut its personal loan rate to 6.99 per cent per annum, down from 8.99 per cent previously.
"We understand that a number of household expenses may increase in the run up to the holy month, to account for traditional gifts, food and hospitality," says Abdulehah AlKindy, the general manager of retail banking at ENBD.
"This special offer will mean more value and choice for our UAE national customers this Ramadan. As families prepare for traditional festivities, this pricing promotion is aimed to ease the financial pressure on household budgets, allowing more time for enjoyment and celebration."
The promotion finishes on August 31 and is available to salaried UAE nationals only. For more information, visit the bank's website at www.emiratesbank.ae.
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Al Hilal Bank, the Islamic lender fully owned by the Abu Dhabi Government, has announced a payment deferment scheme for customers during Ramadan to lessen their financial responsibilities during the holy month.
The bank says that monthly instalments due between July 26 and August 10 will be postponed for one month free of charge for customers with personal or car finance accounts.
"Ramadan is a time to show compassion and charity towards others," says Mohamed Jamil Berro, the bank's chief executive. "This is our humble way of contributing to the meaningful celebration of the Holy Month."
Visit the bank's website, www.alhilalbank.ae, for more information.