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ADIB introduces new Savings Plan

  • 18 March, 2015


Abu Dhabi, 18 March 2015: Abu Dhabi Islamic Bank (ADIB), a top-tier financial services institution, has partnered with Dubai Islamic Insurance & Reinsurance Company (AMAN) and FWU Global Takaful Solutions provider to roll out   Plan, a new Shari'a-compliant investment product.

The new product aims to fulfill medium to long-term savings needs of ADIB's customers, provide them with Islamic insurance benefits and allow flexible contributions. The key highlight of the plan is the capital protection of the customer investment, which guarantees an equal or higher return at maturity of all invested capital, thereby ensuring customers that the original capital invested will be returned even if markets fall.

Daffer Luqman, Global Head of Liabilities and Wealth Management, commented: "ADIB's latest survey on financial awareness showed that only 36 percent of UAE residents save for their retirement, this is due to the fact that a lot of them  have pressing financial demands that make it tempting to put retirement planning on the back burner.In order to help our customers meet their savings goals and secure their future, we have worked with our partner to build a product that offers  best value for money  and protection benefits providing peace of mind to our clients.

"The Takaful Savings Plan represents a significantly improved alternative to standard retail investments which tend to produce lower returns. A key feature is that our scheme enables participants to increase or decrease their regular contribution whenever they like. This service reflects our mission to provide a comprehensive range of innovative Islamic financial solutions to our customers reflecting "banking as it should be," added Daffer.

Customers who sign up for the Takaful product will have the flexibility to adapt their plan according to their changing life circumstances, including increasing or decreasing their contribution and, if needed, they can even stop making contributions with no exit penalties. Payments into the plan can be made in monthly installments at a minimum of AED 500, or on a yearly basis at a minimum of AED 6000.

Other benefits to the savings plan include a simple application process, quick policy issuance and annual Takaful Solidarity Fund surplus distribution. Moreover, no medical examination is required for most cases.

Jihad Faitrouni, General Manager of AMAN: "We are excited to begin our partnership with ADIB and provide their customers with the best possible solutions to their financial planning needs. We believe this to be a good start to our relationship with ADIB and look forward to rolling out more products in the future."

Sohail Jaffer, Deputy CEO, FWU Global Takaful Solutions: "ADIB's Takaful Savings Plan represents an important milestone in the market and customer convenience is ensured with the use of digital applications, automated underwriting and a differentiated service value proposition."

This new product comes after the launch of ADIB Savings and Investment Plan that was launched in 2012 to offer customers the opportunity to save on regular basis while gaining some returns on their savings and enjoy the benefits of family Takaful protection. 

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About ADIB
ADIB is one of the largest retail banks in the UAE and its 600.000 customers benefit from a network of nearly 80 branches and 590 ATMs, as well as online, mobile and phone banking, providing them access to their accounts 24 hours a day. ADIB has been named as the UAE best bank in customer service for three years in a row by Ethos Consultancy and continues with its rich innovation track record in banking services that includes the award winning Ghina savings account, award winning co-branded cards with Etihad and Etisalat and a range of financing products.  The bank has increased its asset base over the past 5 years and is continuing to build its presence internationally in countries such as Egypt, in which it has 70 branches, as well as KSA, UK, Sudan, Iraq and Qatar.

© Press Release 2015