Package for waiver of minimum balance fee - GulfToday

Package for waiver of minimum balance fee


The photo has been used for illustrative purposes.

The two banks (Dubai Islamic Bank and Emirates Islamic) encourage members facing current situation to get in touch with their Relationship Managers to discuss and agree on optimal solutions.

Under Digital Account Package, banks introduced waiver of fee for maintaining a minimum balance requirement of Dhs10,000, until 30 June 2020.

Deferment of three months instalment upon request for clients with a Business Finance facility.

Commercial Banking customers with Finance facilities from the two banks and whose businesses are affected by the current situation, can contact their Relationship Manager, to discuss restructuring solutions.

Customers can benefit from all the advanced features of the two banks’ digital platforms at discounted rates.

Customers with working capital facilities who are impacted by the ongoing Covid19 situation are encouraged to contact their respective relationship managers to achieve an optimal solution Relief measures will support key sectors affected by the Covid 19 situation by offering need-based refinancing, repayment deferrals or lower repayments where required.

Reduced charges for digital trade transactions for all trade finance customers. Customers using the digital platforms can get a significant reduction in transaction processing and handling fees and new digital platforms activations at zero cost for the next three months.

Customers will also be encouraged to use the two banks’ digital platforms for their Cash Management needs at considerably reduced charges.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates NBD said: “Emirates NBD’s measures support the plans that have already been put in place by our nation’s wise and visionary leadership to keep the UAE safe and prosperous.

The health, safety and economic well-being of our customers and the community are our highest priority. Our measures to support and protect our stakeholders, as part of our Group-wide business resilience and continuity plans, are aligned with the directives of the Dubai leadership to develop solutions for defusing any obstacle that can potentially hinder our progress. We recognise the need to protect those most vulnerable and are committed to lending a helping hand during this uncertain time.”

Sheikh Ahmed further said: “These are exceptional times and we have gathered together the combined strength of our leadership, management teams and our employees to create unprecedented and additional measures to support those affected. We were among the first to recognise the needs of our customers, and the measures we are announcing today will supplement the reduced fees and charges we already put in place for Corporate Banking customers two weeks ago.”

 “Our leaders have led the way with unity, strength and compassion and I firmly believe that this situation will bring us all closer together. We would like to reassure our customers that they can continue to bank with us safely through our pioneering digital banking solutions.”

“I am confident that the measures we have put in place, combined with our proven expertise in digital banking, financial strength and liquidity will help us continue delivering on our promise of superior customer service during this extraordinary time,” he concluded.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “In these unprecedented times, strong and decisive actions are critical to sustain the economy.  Led by the example set by the leadership of the UAE, and the timely and precise financial relief package unveiled by the regulator, we, at DIB are prepared to act quickly and effectively to ensure that our customers are fully supported in this period and the economic burden created by the COVID-19 outbreak is minimised as far as possible.

In this respect, we have taken steps to ensure both physical and financial health and security of our entire client base and assure everyone that we remain committed to the UAE and all its residents as a trusted and reliable financial partner.”


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