ADCB partners with Taaleem to extend Sharia compliant education payment loans for students

Press release

Published April 13th, 2011 - 12:46 GMT

The strategic partnership with Taaleem will encourage and support education at one of the most renowned educational institutes in the UAE

Abu Dhabi Commercial Bank (ADCB) has recently signed an agreement with Taaleem, a leading education provider, to offer extended payment loans to students.

Ziad Azzam, CEO of Taaleem Schools, said: “We are delighted to announce that our joint venture with ADCB will enable parents who wish to plan for the education of their children to be able to do it with a more security, confidence and ease. Education loans are a way of helping parents to spread the burden of upfront costs over a longer period of time. They provide a solution for those in need of financial help, especially large families and ultimately making an enormous difference in helping students reach their educational goals.”

ADCB constantly endeavours to further educational development in Abu Dhabi and the UAE as a whole, in order to embody the leadership and vision of H. H. Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. ADCB supports each student from the earliest stages of their education right through to becoming educated professionals.

Mr. Amr Al Menhali, Head of the Islamic Banking Division at ADCB, said: "The strategic partnership with Taaleem will encourage and support education at one of the most renowned educational institutes in the UAE, giving Taaleem’s students the funding to really pursue their educational goals. ADCB has always identified education as a prime driver for economic development in the region and we are proud to be able to develop this further through this partnership.”

Anyone seeking further information can find details on the ADCB and Taaleem websites or contact the school’s admissions offices.

The ADCB Education Loan is a key driver of sustainable education across the region, providing participants residing in the UAE with the financial aid needed to pursue their career goals. The minimum financing amount offered is AED 5,000 and the maximum is AED 250,000, depending on the applicant’s eligibility. Repayment of the loan can be distributed over a period of a minimum of six months to a maximum of 12 months. The ADCB Education Loan is offered without the commitment of a salary transfer and at competitive profit rates.

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.

Company Profile

Taaleem

We are one of the largest education providers in the United Arab Emirates and our main activity is the development and management of early childhood, primary and secondary schools. With quality at the forefront of our offering, we tailor each project to answer the specific educational requirements of a wide range of families by offering top international curricula including British, American, the International Baccalaureate and our multi-lingual, custom early childhood programme.