The largest Islamic bank in the UAE and one of the biggest providers of auto financing in the nation, Dubai Islamic Bank, has partnered with Al Masaood Automobiles to offer deferred payment services to its customers in an effort to further enhance their overall experience. Al Masaood Automobiles is the exclusive distributor for Nissan, INFINITI, and Renault in Abu Dhabi, Al Ain, and the Western region.
Under this partnership, customers booking their vehicle in September 2022 can pay the deferred amount in 2023. The aim of this partnership is to make it easier and convenient for Al Masaood Automobiles’ customers as they will now be able to manage their car purchase using payment plans that are customised to their needs.
Additionally, buyers can also avail benefits from Al Masaood Confidence Programme which includes a 15-day exchange guarantee, up to 5 years of warranty, Al Masaood service inclusive, and roadside assistance.
This collaboration comes in line with changing buyer preferences, as customers in the UAE are increasingly becoming aware of the benefits of deferred payment finance options. According to a survey conducted by VISA[1] recently, 82% of respondents indicated their willingness to use ‘Buy Now, Pay Later’ options for their purchases, thus highlighting the increasing popularity of this purchase option.
Bachir Gemayel, Sales and Marketing Director, Al Masaood Automobiles said: “Our collaboration with Dubai Islamic Bank is aimed at delivering simple and convenient payment solutions to our customers. Deferred payments have greatly risen in popularity in the market, and as a customer-centric dealership, we constantly work towards providing our customers with quality service and peace of mind in their journey with us, through innovative solutions and approaches. Having Dubai Islamic Bank as our partner in this offering will give our customers access to attractive auto finance solutions and benefits that have been tailored to their needs.”
Sanjay Malhotra, Chief Consumer Banking Officer at Dubai Islamic Bank, said: “We are pleased to collaborate with Al Masaood Automobiles on this unique campaign which allows customers to make deferred payments based on their preferences. As one of the largest auto finance providers in the UAE, we understand our customers’ needs very well. This is also a key factor in building successful solutions for our partners.”
“Being one of the most progressive Islamic financial institutions in the world, our aim has always been to offer customer centric propositions through strategic partnerships across the customer’s car buying journey, and we truly believe that this initiative will further enable simplicity and convenience for Al Masaood Automobiles’ customers.”
Al Masaood Automobiles, in partnership with Dubai Islamic Bank, has been offering seamless finance solutions with efficient and secure payment options. In 2020, the company has been awarded as one of the bank’s distinguished partners due to the significant contribution it has made to their auto finance business. Al Masaood Automobiles was the first ever car dealer in the UAE to have received the award in the 40-year history of Auto Finance in Dubai Islamic Bank.
