- New Business Banking centres on Sheikh Zayed road and in Al Twar to further enhance support for SMEs
- Centres to provide access to exclusive meeting facilities and preferential services
Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has expanded its Business Banking centre network to support small and medium enterprises (SMEs) by launching two new facilities in the heart of Dubai, on Sheikh Zayed Road and in Al Twar. The new Business Banking centres feature exclusive meeting rooms that will enable SME clients to meet privately with their committed Relationship Managers, providing dedicated and personalised services to accommodate the specific needs of customers.
The centres also offer a service proposition that include Shari’a compliant working capital solutions, products, trade finance, Emirates Islamic Business credit and debit cards and access to online banking via the newly launched “businessONLINE” platform.
Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic, said: “We are pleased to announce the opening of our new Business Banking centres on Sheikh Zayed road and in Al Twar. As a leading Islamic financial institution and as part of our efforts to contribute towards the growing entrepreneurial ecosystem in the UAE, Emirates Islamic is committed to supporting SMEs and providing them exclusive access to the best in banking solutions, supported by superior customer service. The inauguration of our new Business Banking centres reflects our commitment to ensuring that Emirates Islamic remains the SME bank of choice for UAE nationals and residents.”
Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic said: “Supporting the SME sector is a top priority for Emirates Islamic and we will continue to expand the footprint of Islamic Business Banking in the UAE and provide innovative solutions to support the growing business needs of SMEs. Following our recently launched Digital Banking Package, the opening of the Sheikh Zayed and Al Twar centres will further enhance our ability to strengthen our relationship with our SME clients in the country.”
The inauguration of the new centre brings the number of Emirates Islamic Business Banking centres to a total of 7 in the UAE.
The new Business Banking centres build on Emirates Islamic’s ongoing commitment towards supporting the growth of UAE’s SME sector, which represents more than 94 percent of the total number of companies operating in the UAE and employs over 86 percent of the private sector workforce, according to the Ministry of Economy.
As part of its proposition to the Business Banking segment, Emirates Islamic has recently launched a Digital Business Banking package that empowers SMEs and new start-ups in the UAE to open an account with a minimum balance requirement of just AED10,000. Digital Business Banking account holders will get a Debit Card with a daily limit of AED 50,000, and be able to use the bank’s businessONLINE e-banking platform for their transactions instead of visiting a branch. In addition, customers will benefit from lower charges for online payments and receive preferential pricing for online transactions. Customers will also be able to make local fund transfers for AED 1.
In 2019, Emirates Islamic was named ‘Best SME Bank’ at the Enterprise Agility Awards, presented by du, in recognition of its innovative and business-friendly proposition for small and medium enterprises (SMEs), and its status as a preferred bank for UAE national entrepreneurs seeking Shari’a-compliant products and services for their businesses. Emirates Islamic currently supports the banking needs of more than 46,000 UAE-based SMEs, and its Business Banking segment saw double-digit growth in 2019.
About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 41 branches and 177 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.
Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The Bank won international acclaim as the ‘Most Innovative Islamic Bank’ at the Islamic Finance Awards 2020 by World Finance, in addition to being named the ‘Best Islamic Bank, UAE’. The Bank was also awarded the title of ‘Most Innovative Islamic Bank’ by Islamic Finance News and ‘Islamic Bank of the Year – UAE 2020’ by The Banker. Additionally, New York-based Global Finance magazine recognised Emirates Islamic as the ‘Best Islamic Financial Institution, UAE’ for a second year in a row on its list of the ‘World’s Best Islamic Financial Institutions’.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.