In a world increasingly focused on sustainability, Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, has unveiled a new Green Auto Finance that goes in line with its corporate sustainability strategy, further demonstrating DIB’s commitment to support the UAE’s transformation into a green and sustainable economy.
As an Auto Finance market leader, DIB introduced “EVolve” auto finance, a holistic solution aiming to contribute to a cleaner environment by providing solutions around buying Electric and Hybrid cars, encouraging DIB customers to invest in environmentally friendly vehicles.
With DIB’s EVolve, customers can avail a maximum financing amount of AED 1 million, a discounted processing fees, and preferential profit rates starting from 1.89% per annum for both, brand new and second-hand vehicles. Among the wide range of benefits, DIB customers will also enjoy a completely paperless and hassle-free financing experience that takes no more than one day.
Commenting on the launch, Sanjay Malhotra, Chief Consumer Banking Officer at Dubai Islamic Bank said: “At DIB, we strongly believe that the banks have a big role to play in accelerating the transformation towards a sustainable low-carbon future in the UAE, and we are doing our part by supporting and launching more green initiatives, be it paperless drives, green bonds, efficient technologies, or green auto finance. Being a market leader in Auto Finance places responsibility on us to develop specialized products based on evolving consumer needs. With the growing demand for green vehicles, we saw an opportunity to create a product that has the potential to cater to the growing segment of UAE’s eco-conscious residents by providing curated and holistic solutions that meet their specific requirements.”
Mr. Malhotra added: “EVolve is another one of the many initiatives that we have taken in line with our strategy to progress towards a future-proof and sustainable bank. Going green is shaping the future of banking and we have more ambitious such plans in store. Moving forward, we will be engaging with the Electric Vehicle (EV) market leaders to garner awareness around the benefits of using sustainable energy. We remain committed towards launching more environmentally friendly products to further solidify our resolve to preserve the environment for future generations”.
DIB’s EVolve Auto Fnance is currently available to UAE residents and citizens over the age of 21, earning more than Dh 8,000 per month.
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