Abu Dhabi Islamic Bank (ADIB) has postponed monthly repayment for personal and auto finance customers during Ramadan.

The payment break is being offered to ADIB customers to provide cash-flow relief during the holy month which is known to be a heavy spending period for a large part of the population, said a statement.

Thw service has become an annual tradition for ADIB which was the first Islamic bank to postpone the payment of finance instalments during Ramadan, it said.

This is part of the bank’s efforts to identify the specific needs of customers and provide them with services that answer to them.

This offer is in conjunction with other initiatives ADIB has launched to help customers manage their day-to-day finances, including their financial education campaign ‘Smartmoney,’ which gives customers valuable advice on how to save, budget, finance and grow their money.

Additionally, ADIB provides ‘Al Khair’ programme which consolidates debt, and a job-loss protection program which stalls finance payments in the event of loss of employment.

Daffer Faroq Luqman, global head of liabilities and wealth management, ADIB, said: “ADIB’s analysis of spending behaviour over the past few years has shown that the seasons of Ramadan, Eid and the summer holidays put high pressure on family budgets due to increased spending on groceries, family vacations and other planned and unplanned events.

“ADIB launched this gesture for its retail banking customers who will now be able to plan for the upcoming holidays with more peace of mind.”

The customers eligible for the service, based on the type of financing, credit history and instalments are contacted by SMS and the postponement will be done automatically.

The offer is valid for instalments due between June 21 and July 20. Customers are free to opt out should they wish to continue to make instalment payments.

In order to qualify for postponement, customers must be up-to-date with their payments, having paid more than three previous instalments and must have a salary-transfer arrangement in place with the bank. - TradeArabia News Service