Abu Dhabi Islamic Bank, one of the leading banks in the region, has launched today a pioneering new Sharia’a compliant covered card for small to medium-sized enterprises (SMEs). (Covered card is the Shari’a compliant equivalent to credit card)
Offered in Platinum and Gold versions, the VISA card, which is the first of its kind in the UAE, provides SME customers with a line of finance up to AED 250,000. The new card also provides SMEs with an easy and modern payment tool that can help them control their expenditures, improve their accounting management and access their funds more conveniently.
Cardholders can use the new cards, which are accepted for purchases and for cash withdrawals through ATM & Points Of Sales globally, as a substitute for less efficient and more risky cash and cheques. In addition, customers can also utilize the line of credit by an instant transfer of funds to their current account withAbu Dhabi Islamic Bank through Internet banking or phone banking.
There are an estimated 230,000 SMEs registered in the UAE working in various industries including manufacturing sector, retail sector, real estate and business services.