Emirates Islamic offers better rates for customers transferring financial liabilities

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced today the launch of a campaign to assist customers to better manage their financial liabilities, through offering them the opportunity to transfer their outstanding personal finance with other banks. 

According to the terms of the campaign, Emirates Islamic is offering personal finance up to AED 3 million for UAE Nationals and up to AED one million for expatriates, covering financial liabilities like personal, auto or home finance from other banks. Titled, “Transfer your Personal Finance and Pay Less,” the campaign offers profit rates starting from 2.99% flat per annum, with up to 90 day repayment holiday for the first instalment. 

Faisal Aqil, Deputy Chief Executive Officer - Consumer Wealth Management, Emirates Islamic said: “Managing personal debt often becomes a complicated process when customers have a series of liabilities with various banks. Emirates Islamic has launched this campaign with the objective to assist people with outstanding financial liabilities to consolidate their debt and route repayment through one channel. We look forward to working with existing and potential customers to empower them to become more financially responsible and better manage their debt.” 

Customers wishing to transfer their financial liabilities from other banks to Emirates Islamic will have to set up a salary transfer account with the bank as a mandatory requirement. Additionally, the campaign also offers a current or savings account with no minimum balance requirement, in addition to a pre-approved credit card at no annual fee for the first year. 

The campaign targets both expatriate and UAE National retail banking customers working with established organisations including medium to large corporate houses and government or semi-government organisations. Expatriates can benefit from the terms of the campaign until the age of 60 at maturity of the finance, while for UAE Nationals the upper age limit is 65 at maturity of the finance.