ADCB-MEETHAQ launches Islamic Personal finance program "Yaqeen"

14 June 2009

Abu Dhabi,14 June, 2009: ADCB Meethaq has launched the first of its kind "YAQEEN Personal Finance" under the concept of Bai Al SALAM which offers customers cash finance in a unique and fully Shari'ah Compliant way. Salam is a sale contract whereby the Customer (Seller) undertakes to supply some specific goods to ADCIF (Financier/ Buyer) at a future date in exchange for an advance price fully paid at spot.

ADCB Meethaq since its inception in September 2008 has positioned itself around responsible banking through transparent Shari'ah compliance and solid values. Elaborating further Mufaddal Khumri, Head of Islamic Banking said "At ADCB - Meethaq; we are driven by the vision to become the market's leading fully integrated Shari'ah compliant financial product provider through innovation. We are delighted to offer YAQEEN to our customers; in keeping with our philosophy of forward-thinking partnership while ensuring the best levels of service standards and maximum convenience of banking channels."

ADCB Meethaq offers focused and differentiated retail and corporate Shari'ah compliant financial solutions to individual and corporate customers through the Islamic Banking Department of ADCB (ADCB-IBD) and Abu Dhabi Commercial Islamic Finance Company (ADCIF).

This new product is offered through Abu Dhabi Commercial Islamic Finance (ADCIF), an Islamic Finance Company fully owned subsidiary of ADCB and is considered the first of its kind in the realm of Retail Islamic Banking.