Emirates Money loan book hits $272m
Dubai, October 5, 2011
Emirates Money, a consumer finance company and wholly-owned subsidiary of the EmiratesNBD Group, said the value of its loan book hit Dh1 billion ($272.2 million).
Founded in mid-2008, Emirates Money has reached this milestone by continuously introducing innovative loan products, the company said in a statement.
These include business loans, non-salary transfer personal loans, loans against point-of-sale receivables, commercial vehicle loans, loans against gold and, most recently introduced, loans against property, it added.
Emirates Money witnessed sustained growth despite the global downturn, said Vikas Thapar, general manager, Emirates Money.
"The sustained growth in Emirates Money’s book size is even more remarkable given that much of it took place during a period of restrained liquidity, as a consequence of the impact of the global financial crisis, when many lenders worldwide were reluctant to extend financing," he stated.
“We are all justifiably proud of how much Emirates Money has accomplished in such a short span of time, and of the contribution the company has made to countless individuals and businesses across the UAE,” Thapar remarked.
"Through the hard work and commitment of its staff, and the support of Emirates NBD platform, Emirates Money is now firmly established as one of the country’s preferred providers of comprehensive loan solutions," he added.
Emirates Money has branches in the UAE - two in Dubai at Baniyas Road and Al Mankhool Street, and one in Abu Dhabi at Khalifa Street.-TradeArabia News Service
More Finance & Capital Market Stories
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb