Emirates Islamic offers preferential pricing on trade guarantees in favour of UAE government entities

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Promotional campaign to support SME clients

Dubai:  Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has introduced preferential pricing on issuance of trade guarantees for its existing small and medium enterprise (SME) clients who are bidding or working on projects related to UAE government institutions and entities.

As the UAE prepares to celebrate its ‘Year of the 50th’ and the opening of Expo Dubai 2020, the promotional campaign which runs till 31 December, 2021 builds on Emirates Islamic’s ongoing commitment towards supporting the 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.

The price relief will help SMEs by reducing their costs of operations. Business Banking clients can benefit for both fixed expiry guarantees and open-ended expiry or auto-renewable guarantees and is applicable to clients placing cash margin for the issuance of the guarantee.

Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic, said, “As a home-grown Islamic financial institution, supporting the UAE’s SME sector is a top priority for Emirates Islamic. We are delighted to offer preferential pricing to our Business Banking customers who are bidding or working on government contracts to help reduce their costs related to issuance of trade guarantees. The promotion further reflects our commitment to ensuring that Emirates Islamic remains the SME bank of choice for UAE nationals and residents.”

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 61 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.