Emirates NBD has obtained a licence from the Central Bank of the United Arab Emirates to launch a new consumer finance company under the name of Emirates Money Consumer Finance.

The licence will allow Emirates Money to commence operation within the Emirates with immediate effect.

“Emirates Money will redefine the consumer finance market in the region,” said Jamal Bin Ghalaita, chairman of the board for Emirates Money and general manager of consumer banking and wealth management for Emirates NBD.

“Over the coming weeks and months, we’ll be launching a range of loan products under the Emirates Money name that we know, through in depth consumer research, will meet a current gap in the market.”

“From a group perspective, establishing a consumer finance company is central to the vision of Emirates NBD to be recognized as the leading and most dynamic financial services provider based in the Middle East,” continued Ghalaita.- TradeArabia News Service