ADIB received the Egyptian Financial Regulatory Authority’s (FRA) approval to launch its consumer financing arm in Egypt, the bank revealed on Sunday.
ADI-Consumer Finance is set to offer Egyptian customers easy and quick access for financing the purchase of their aspired products and services. It will feature products that will allow customers to enjoy the freedom of affordable and clear instalment schemes that suit their financial capabilities and are Shari’a compliant.
“The launch of ADI-Consumer Finance is a pivotal milestone in our journey in Egypt, reflecting our strategic ambitions to strengthen our leadership as an organization and pioneering the digitisation of finance in support of our customer’s aspirations,” said Mohamed Aly, CEO and Managing Director of ADIB-Egypt.
“As part of ADIB, one of the largest financial organisations with extensive regional reach and experience, ADI-Consumer Finance, is our response to market evolution and transformations that are reshaping customer needs. Led by a great team of industry experts with extensive knowledge in banking, consumer finance, and digital transformation, ADI-Consumer Finance is on a clear path to redefine Egypt’s consumer financing ecosystem,” he continued.
“The introduction of ADI-Consumer Finance is a strategic pillar in our commitment to widening financial inclusion in Egypt; an essential requisite and catalyst of economic growth that is core to Egypt’s overarching vision,” Aly added.
“Backed by ADIB, ADI-Consumer Finance will provide a reliable customer experience that is accessible, swift and seamless and offers financing options tailored to the needs of each customer,” said Yasmine Helal, CEO of ADI Consumer Finance.
“Moreover, as one of the first Shari’a compliant consumer finance vehicles, ADI-Consumer Finance offers customers full transparency, allowing them to clearly foresee their repayment plans, easily manage their instalments options and plan their finances,” Helal added.