Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the launch of a zero remittance fee campaign for company accounts in Retail and Business Banking, on international transfers to the equivalent of AED 50,000 or more in foreign currency, to address customers’ needs and reward loyal customers.
The campaign, which will be valid until March 31, 2014, has been launched with the objective to support UAE-based SMEs in their international expansion strategies, through offering them easy access to zero-fee remittance to any part of the world.
“Emirates Islamic is committed to supporting UAE’s businesses and emerging corporates, which are key growth drivers for the economy in the country,” said Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic. “The zero-fee remittance campaign has been specially designed to encourage and support SMEs that are engaged in cross border trade, and will offer considerable cost efficiency for small enterprises and companies in the retail sector. It also fits in adequately into the bank’s strategy to offer diverse products under one roof.”
Emirates Islamic’s zero-fee remittance campaign is expected to provide a significant boost to the SME sector, which constitutes a critical segment of the country’s economy. Recent reports citing the UAE Ministry of Economy estimate that the SME sector is made up of about 300,000 companies, accounting for more than 90 per cent of companies in the UAE, and providing about 86 per cent of private-sector employment.
The free remittance offer for SMEs and retail company accounts is in line with Emirates Islamic's strategic objective to support local entrepreneurship through access to Sharia-compliant products and experienced relationship managers. The bank already provides financing solutions aimed at helping businesses manage cash flow, and meet asset acquisition and expansion requirements.