Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it will postpone personal financing installments for the month of August for its customers. The postponement continues the bank’s traditional annual goodwill gesture during the holy month of Ramadan and is expected to help customers deal with the additional expenses typically associated with Ramadan and Eid Al Fitr.

Installment payments will be automatically postponed to September 2012 for all retail customers who have availed financing of less than AED 500,000. They will not incur any charges for not paying installments for the month of August 2012.

The postponement of installments applies to customers of all personal financing products including liability settlements finance, 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 and must have a salary-transfer arrangement in place with the bank.

Commenting on this annual initiative, Trad Almahmoud, ADIB’s CEO said: “This represents the our continued efforts to give back to our loyal customers and puts our Shari’a inspired values of both ‘mutual benefit’ and ‘making things simple’ into practice. It recognizes that personal expenses increase in preparation for Eid al Fitr.”

 

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