ADIB offers personal and car finance payment holiday to mark summer

Abu Dhabi Islamic Bank said it would postpone monthly repayment instalments for personal and car finance customers for instalments due between April 25 and May 18.

Abu Dhabi Islamic Bank is postponing monthly repayment instalments for car finance customers for instalments due between April 25 and May 18. Delores Johnson / The National

Abu Dhabi Islamic Bank (ADIB) says it will postpone monthly repayment instalments for personal and car finance customers for instalments due between April 25 and May 18.

The payment holiday was being offered to provide cash-flow relief to customers before the onset of the summer, which is traditionally a heavy spending period for a large part of the UAE's population.

Customers eligible for the facility, based on the type of financing, credit history and instalments, would be contacted by a mobile text message.

ADIB said this was part of the bank's efforts to support customers with services that answer their specific needs at a time that they need it the most.

The bank's analysis of spending behaviour over the past few years showed the summer season put high pressure on family budgets due to increased spending on school registrations, family vacations and other planned and unplanned events.

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Muhammad Azhar, a First Gulf Bank customer, won Dh1 million in first quarterly FirstSavings Certificate Draw of this year.

The certificate is a saving scheme where customers have the chance to win a total of 24,822 prizes each year, including five daily prizes, 1,916 monthly prizes and a quarterly grand prize of Dh1m and a guaranteed interest rate of 1 per cent. There are no entry or exit restrictions and the saving certificates are sold at most major exchange houses in denominations of Dh100 and above.

Expressing his joy at winning, Mr Azhar said: "When I enrolled in the FirstSavings Certificate scheme my intention was just to make a conscious effort to save regularly. The prize draws were an attractive part of the product offer but I never thought for one moment that I would win such a substantial amount."

Huda Abdulla, the bank's executive vice president branch distribution, said: "First Gulf Bank is committed to promoting a savings culture in the UAE community, and we provide the most attractive savings solutions and schemes."

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HSBC Middle East has signed a 10-year agreement with Zurich Insurance Middle East to distribute its personal and commercial general insurance products in the UAE, with other Middle East and North Africa markets to be considered in the future.

The agreement marks the coming together of two global leaders in their respective fields, and extends HSBC's relationship with Zurich in the region following the 10-year contract signed in April 2012 to exclusively distribute Zurich's Life Insurance products in the UAE, Qatar and Bahrain.

The agreement covers all of Zurich's general insurance personal product lines, and allows HSBC customers to access motor, home contents and travel insurance, as well as Zurich's commercial insurance options.

The agreement will help to improve access and distribution of insurance products across the Mena region, which has some of the lowest insurance penetration rates in the world. Even the UAE, which has one of the highest rates in the region, stands at just 1.8 per cent, more than three times lower than Singapore and six times lower than the UK.

It will also enable HSBC's Retail banking and wealth management business in Mena to build specialist expertise in general insurance and, together with its life insurance expertise, provide a consistent experience to HSBC customers.