ADIB launches Tadawal

From: Promax Middle East
Published: Mon Jun 20 2005

Abu Dhabi Islamic Bank Has announced yesterday the official launch of its new product (Tadawol) to its respected customers. This product is considered to be the first service of its kind to offer Islamic finance for shares that are legally accepted in the country.

This program enables its customers, whether of U.A.E. nationals or residents of the U.A.E., to combine between financing shares on Morabaha basis and opening a brokerage accounts and acquiring an investor number through the bank branches all over the U.A.E. The product "Tadawol" offers a finance that could reach up to 40 times double the salary, and without any advance payment. It also allows a long convenient repayment period that could reach up to 72 installments without any hidden or administrative charges. The cost could be 20 to 30% less than other personal loans that the customer was getting in the past in order to finance buying of shares.

The launch of this program comes in line with the optimistic expectations in financial sector that the stock markets in the U.A.E. are doing well during this year to the extent that it exceeds the achievements of last year. These expectations are backed by many positive factors in the local market, amongst which are the increase in oil prices and the average liquid cash in the banks, in addition to the increase in the value of spending on construction projects in the country, which lead to the increase in the price of real estate companies’ shares.

The thing that distinguishes Abu Dhabi Islamic Bank is its ability to quickly adapt with the changing conditions, and offering the products and services that enables it to occupy a niche in the market among other competitors. A Bank official said " ‘Tadawol’ is considered to be the first product that cares about financing shares, and at the same time adheres to the venerable Islamic Sharea, with costs as low as 20-30% less than other personal loans. It also provides brokerage services during rush hours through its Hot Line". He added "This kind of finance offered by Abu Dhabi Islamic Bank for the first time in the U.A.E. is considered to be a continuation for the excellence attitude adopted by the bank, and its keen interest to offer sublime distinguished Islamic banking services. Offering new and privileged products has always been considered to be one of the main priorities and objectives of the Bank".
Company: Promax Middle East
Contact Name: Marwan Oklah
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Contact Phone: 0097142826411