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05 March 2019

Dubai Islamic Bank and DEWA sign agreement to provide preferential profit rates on DEWA Store for financing electric vehicles


Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has entered into a partnership with Dubai Electricity and Water Authority (DEWA) to offer exclusive auto finance deals for electric vehicles within the DEWA Store on DEWA’s smart app. DEWA Store provides exclusive offers and discounts to DEWA’s customers in cooperation with a number of government and private sector companies. It is the first of its kind for government departments in the UAE. DEWA Store users can benefit from DIB’s unique auto finance offer aimed exclusively at individuals who want to purchase electric vehicles. This auto finance offer, with its preferential profit rate, aims to encourage customers to buy environmentally-friendly electric vehicles. This supports the UAE Vision 2021, which focuses on sustainable development and protecting the environment to improve the overall quality of life.

"We are pleased to have Dubai Islamic Bank join the companies that offer exclusive offers and discounts to DEWA’s customers through DEWA Store, which is part of DEWA’s smart app. Providing this exclusive offer to finance electric vehicles through Dubai Islamic Bank, encourages DEWA’s customers to buy electric vehicles; supporting sustainability, which is very important for DEWA. DEWA has installed 200 electric-vehicle charging stations across Dubai as part of the Green Charger initiative, to support the Smart Dubai initiative to make Dubai the smartest and happiest city in the world. DEWA provides free electric-vehicle charging for customers registered in the Green Charger initiative until the end of 2019,” said Marwan Bin Haider, Executive Vice President of Innovation and The Future at DEWA.

Nasser Al Awadhi, Chief of Consumer Banking at Dubai Islamic Bank, said: “We are proud to be an environmentally-conscious organisation focused on pursuing eco-friendly initiatives. Embracing sustainable banking practices embodies our commitment not only to enhance customer experience, but also support CSR and sustainability simultaneously. As a leading organisation in the country, we welcome the opportunity to collaborate with DEWA to enhance the range of services they provide in a green manner”.

Dubai Islamic Bank’s partnership with DEWA is part of its efforts to focus on establishing sustainable banking practices, while it strives to provide the most appropriate products and offerings combined with the best experience for its growing customer base.