ADIB, Porsche ink Islamic financing solutions deal

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) has signed an agreement Porsche Middle East and Africa (MEA), a subsidiary of the Volkswagen Group MEA, to provide financial services solutions to customers of the automotive company’s brands in the MENA region.
By signing this deal, ADIB becomes the first Islamic financial institution in the world to coordinate with Porsche Financial Services Limited to provide customers with Islamic finance solutions, Archyworld reported.

This offer will be only available for the customers of Volkswagen, Audi, Porsche, Bentley, and Lamborghini across the UAE.

The agreement was signed by Porsche Financial Services Limited’s CEO Albert Moser and operations manager Joerg Pape, Porsche Services MEA’s director Andreas Bob, and head of retail banking at ADIB Philippe King, with the presence of representatives from Volkswagen, Audi, Porsche, Bentley and Lamborghini.

“We are delighted to be the first Islamic bank to collaborate with Porsche Financial Services to provide attractive and flexible financing solutions to customers to enable them to purchase some of the most sought after vehicles in the world,” said Philip King.

The Emirati Islamic institution constantly aims to provide market-leading Shariah-compliant products and solutions to customers, he continued, adding that the aforementioned partnership will ease the process for customers to buy and drive their dream cars.

ADIB offers a range of prominent automotive financing solutions, including competitive market margins, deferred payments, attractive monthly instalments, and short-term financing contracts.