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MarketScreener Homepage  >  Equities  >  Dubai Financial Market  >  Dubai Islamic Bank P.J.S.C.    DIB   AED000201015

DUBAI ISLAMIC BANK P.J.S.C.

(DIB)
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Dubai Islamic Bank : DED and DIB ‘Consumer Card' recognized by Visa for successful card program

02/19/2018 | 04:41am EST
Monday, February 19 , 2018

DED and DIB 'Consumer Card' recognized by Visa for successful card program

The award acknowledges DED-DIB Consumer Card's incredible success and cements the bank's leading position in the Financial Sector

The Department of Economic Development (DED) in Dubai, and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced today Visa's recognition for their co-branded Consumer Card and for it being the first government co-branded consumer card in the MENA region.

Visa, the world's leader in digital payments, formally acknowledged DED and DIB by organizing a dedicated ceremony and plaque for the Consumer Card, recognizing the card program for the growth achieved since its launch in June 2016. The Consumer Card is the result of a public-private partnership formalized in late 2015 between DIB, DED and Visa focused on supporting Dubai's leadership in the retail sector and commitment to consumers.

Exceeding all expectations, tens of thousands of cardholders across the UAE are now active users of the Consumer Card, which is aimed at protecting the rights of consumers and provides them with savings and rewards on their daily supermarket purchases, fuel bills, utility bills and Salik/Nol charges. Since its launch in 2016, Dubai Islamic Bank has paid several million to consumers as cashback which is one of the key features of the card. Other notable initiatives successfully achieved by the DED-DIB Consumer Card included the International Spend Campaign, which ran from April to September 2017 during the peak travel season, and offered cashback on any international spend with no restrictions on merchants, countries or type of purchases.

Mohammed Lootah, CEO of the Commercial Compliance and Consumer Protection Sector CCCP at the Department of Economic Development DED, Dubai said: 'The Consumer Card has been a success since day one, and we are very proud of the many milestones this card has achieved. As the first government co-branded card in the MENA region, we are proud to have chosen DIB as our partners for this exceptional product, and have worked closely with the team on developing the best value proposition for our consumers, whose protection remains our top priority. The CCCP through supporting the card is aiming to raise awareness among consumers by enhancing the importance of choosing Credit Cards that not only provide them with expedient rewards and benefits which are aligned with their usage, but to also insure a clear terms of usage with regards to the monthly liabilities and annual operational cost, beside its safety features. DED was also looking to create competitiveness in the financial market creating variety of products and benefits to consumers, therefore to insure covering different segmentation. Moreover the sector is studying future collaborations with VISA and DIB to create initiatives and projects that support an innovative market enhancing consumers experience in Dubai's.

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented: 'Our co-branded consumer card in partnership with DED was launched with the sole objective to protect consumers as well as to provide them with numerous benefits including saving and rewards that are of significant value to them. The successful growth rate recorded for this card in such a short period has exceeded all expectations in a highly competitive market and highlights the importance customers place on this unique card which is a testament of our value proposition to customers. At DIB, as we continue to drive our 'Customer First' approach, we are committed to understanding our customers' needs and adapting to them as they evolve. As our product portfolio expands to larger audience segments and markets, we are positive that the international recognition by Visa will support with taking the Consumer Card to new heights.'

Ihab Ayoub, Visa General Manager for MENA, said: 'The Consumer Card program was made possible thanks to the deep partnership we enjoy with Dubai Islamic Bank and Dubai Economy, and the commitment we share with them to provide customers with valuable offers and cashless solutions that are secure, reliable and easy to use. This is only the latest in our joint efforts to build a payment environment in the UAE that is based on security, efficiency and innovative technology, and helps accelerate the UAE's Smart Government strategy. We are delighted to partner with DIB and DED on delivering this rewarding consumer card program, and we look forward to sharing many more successes with them in the future.'

Aimed at protecting the rights of consumers and providing them with savings and rewards on their daily purchases and selective bill payments, 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 as they are rewarded for using the Card on their everyday purchases. 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 a variety of 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.

Dubai Islamic Bank serves more than 1.7 million customers across the Middle East, Asia and Africa, and strategically chooses esteemed partners such as the DED and Visa to ensure the highest standards for success.

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Dubai Islamic Bank PJSC published this content on 19 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 February 2018 09:40:04 UTC.


© Publicnow 2018
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Number of Analysts 10
Average target price 4,78 AED
Last Close Price 5,10 AED
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Spread / Lowest Target -25,5%
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Adnan Abdul Shakoor Chilwan Group Chief Executive Officer
Mohammad Ibrahim Abdul Rahman Al-Shaibani Chairman
Obaid K. Mohammed Rashed Al-Shamsi Chief Operating Officer
John Macedo Chief Financial Officer
Abdullah Ali Obaid Al Hamli Al Mehairi Director & Managing Director
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