Unique DED and DIB co-branded Cashback card scores high with consumers

• Thousands of Consumer Credit Cards have been issued in six months exceeding ambitious targets

• Total cashback paid to customers hits record high

AE, Dubai, February 22, 2017:

The Department of Economic Development (DED) in Dubai, and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, introduced their first-ever ‘Consumer Card’ in the UAE in June last year. By the end of 2016, the co-branded credit card exceeded all expectations in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer centric focus of the card.

Aimed at protecting the rights of consumers and providing them with savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and much more, the Consumer Card’s success ultimately lies in delivering on its promise as the only card that does not ask customers to spend more than they need to be rewarded. Endorsed and supported by the DED, the ‘Consumer Card’ issued in partnership with Visa has two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering varied discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the ‘Consumer Card’ as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the ‘Consumer Card’ also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy.”

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented on the success of the card: “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on.  When we launched the ‘Consumer Card’, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat.

Understanding intrinsic customer needs is integral to a products success which is why, over the past 6 months, thousands of Consumer Cards have been issued which has already exceeded the target for its first year, while the total cashback paid to customers hit a record high since its launch. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular. Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions.

Ibrahim Selim Ergoz, General Manager, UAE, Qatar & Pakistan, Visa, said: “The ‘Consumer Card’ is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the ‘Consumer Card’ that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

DIB is at the forefront of delivering innovative Sharia compliant products. Coupled with its ‘Customer First’ approach, the Consumer Card is an excellent example of how strategic partnerships, such as our collaboration with the DED is ultimately enhancing a customer’s experience. Serving 1.7 million customers, DIB continues to grow as it develops products carefully tailored to ever-changing consumer preferences.