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Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has announced today that it will postpone personal financing installments for the month of August for all customers. The waiver is a goodwill gesture as part of the bank’s Ramadan initiatives and will help customers deal with extra expenses typically associated with Ramadan and Eid.
Installments will be automatically postponed until September 2011 and customers are not expected to pay installments for the month of August 2011 by due date. This gesture has become an annual tradition at ADIB, the first Islamic bank to postpone payment of financing installments for all customers during Ramadan.
The postponement of installments applies to customers of all personal financing products including liability settlements, Al Khair product, shares finance, car finance, educational finance, travel finance and goods finance. In order to qualify for postponement, customers must be up-to-date with their payments, having paid more than three previous installments and must have a salary-transfer arrangement in place with the bank.
The postponement is in line with ADIB’s continuous efforts to give back to its loyal customers and provide them financial services as they should be. It recognizes that customer expenses increase during the month of Ramadan and due to reopening of schools and return from holidays.
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