Emirates Money, a consumer finance company and part of the Emirates NBD Group, registered a 26 per cent growth in loan portfolio in 2010, when compared to 2009.

The company reported that in a short span of three years its customer base has increased to almost 16,000 customers, a growth of almost 36 per cent as compared to 2009.

Emirates Money, which began operations in mid-2008, offers consumers comprehensive loan solutions to meet their everyday financial needs. It has also been leading the recent growth in self employed lending in the UAE with a range of innovative products.

“Despite the challenging conditions in the local banking sector, the continued success of Emirates Money is evidence of the vital need for innovative consumer finance products and services, especially in the middle income group,” said Jamal Bin Ghalaita, group deputy chief executive, Emirates NBD, and chairman, Emirates Money.

The company's enhanced IT infrastructure has a new interface with the Emirates NBD ATM network, providing Emirates Money customers with the option of directly depositing their equated monthly instalments (EMIs) in the Emirates NBD ATM network.

Emirates Money also launched three new types of loans in 2010, including the loan against fixed deposit, loan against car, and loan against gold.-TradeArabia News Service