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