Abu Dhabi Islamic Bank (ADIB) Egypt has obtained the Central Bank of Egypt’s (CBE) approval to issue “Takka” cards, in cooperation with “Meeza” and Abu Dhabi Islamic Consumer Finance Company, the bank’s consumer financing arm.
The bank stated that Takka cards will be the first product for consumer financing in Egypt. The holders of Takka cards will have the freedom to purchase goods and pay in installments through more than 800,000 electronic payment machines available to merchants throughout the country.
Takka is a strong start for the Abu Dhabi Islamic Consumer Finance Company to start its business in the Egyptian market, seeking to lead this emerging sector. The card allows financing for individuals dealing with and without banks, helping them achieve their aspirations, as well as enhancing financial inclusion.
Mohamed Ali, CEO and Managing Director of ADIB Egypt, said: “Obtaining the final approval from CBE to launch this innovative product reflects the confidence and solid position enjoyed by the bank and Abu Dhabi Islamic Consumer Finance Company in the Egyptian market.”
He continued: “Abu Dhabi Islamic Consumer Finance Company aims to lead the transformation in the concept of consumer finance in Egypt.”
For his part, Amr Sanad, Chairperson of the Abu Dhabi Islamic Consumer Finance Company and Head of the Retail Sector at ADIB Egypt, said: “The establishment of the company is the result of the bank’s vision towards the continuous development in the local banking market, as keeping pace with these transformations requires a similar amount of innovation and ideas.”
He added that Takka cards open new financing horizons as the first consumer financing product compatible with the principles of Islamic law in Egypt, which is considered a strong start for the company to start its business in the Egyptian market.
Yasmine Helal, CEO of the Abu Dhabi Islamic Consumer Finance Company, said: “The new card is expected to meet consumers’ needs for consumer financing, help them achieve their aspirations, and enhance financial inclusion.”
She went on to explain that the new card is characterized by ease of use and speed of performance, and it also allows individuals to obtain consumer financing.
It is noteworthy that the Abu Dhabi Islamic Consumer Finance Company was launched in October 2021 as the consumer financing arm of Abu Dhabi Islamic Bank-Egypt, to become the leading company in the digitization of Sharia-compliant financing.