Emirates Islamic launches campaign to provide relief to SMEs amid surges in freight costs


Preferential pricing campaign to support SME trade community

Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic

Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has introduced a preferential pricing campaign, aimed to assist existing small and medium enterprise (SME) clients, by offering relief in terms of preferential charges on trade processing fees.

The bank will extend up to 10% discount on its trade processing fees to all SME clients impacted by higher charges.

Amid the challenges of Covid-19, SME traders are grappling with increased freight rates on certain routes where there is high demand, primarily due to factors like port disruptions. The price relief aims to help reduce the burden of these costs on SME traders, and improve the overall health of their business.

As a part of its ongoing commitment towards SMEs, Emirates Islamic also recently introduced preferential pricing on issuance of trade guarantees for its SME clients who are bidding or working on projects related to UAE government institutions and entities. In addition, as part of its effort to support the growing SME ecosystem, Emirates Islamic has a dedicated suite of online trade finance products. smartTRADE offers clients a comprehensive range of new functionalities, allowing them to submit all trade requests online – such as letters of credit, guarantees, trade loan requests etc., thus enjoying reduced paperwork requirements and a shorter turnaround time. It also introduced its integrated digital platform businessONLINE in 2020, to deliver an enhanced banking experience to businesses of all scales and sizes.

Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic, said, “We, at Emirates Islamic, have always been committed to supporting SMEs and the overall growth of the SME sector in the UAE, the backbone of the nation’s economy. Through our preferential pricing campaign, we are happy to extend support to our SME clients and help with their business needs in an effective manner.”

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 208 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, being the first Islamic bank to launch a mobile banking app and the first Islamic bank to offer Apple Pay in the UAE.

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The bank won the prestigious Euromoney award for innovation in Islamic Finance in 2015 and Global Finance’s Innovator in Islamic Finance award for EI trade, the world’s first Shari’a-compliant online trade finance and supply chain platform. The bank has won several industry accolades in 2017, including Service Olympian Award for ‘Most Improved Website’ and ‘Best Social Media Reach’. In 2018, Emirates Islamic was named ‘Best Islamic Bank” in the UAE by Global Finance and ‘Best Islamic Banking Brand’ by Global Brands Magazine. The bank has also claimed the ‘Best Mobile Banking app’ award, and the ‘Best Islamic Card’ for its Emarati Credit Card at the Banker Middle East Product Awards 2018.

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.