|Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend.|
Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.
The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.
Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."
The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.
The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.
A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending.