Egypt’s c.bank grants ADIB-Egypt bank preliminary approval to launch prepaid card Takka

Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) announced on Thursday that it has received a preliminary approval from the Central Bank of Egypt (CBE) to launch its prepaid card Takka.

The bank is launching Takka in collaboration with its consumer finance arm, ADI Consumer Finance (ADI-CF), and Meeza.

“Receiving the CBE’s preliminary approval to launch this breakthrough product reflects the immense confidence in ADIB-Egypt and in the compelling brand portfolio of our consumer finance arm, ADI-CF which aims to redefine consumer finance in Egypt, strengthening our commitment to widen financial inclusion with a wide-ranging and unique portfolio of Sharia-compliant financial products.” Mohamed Aly, ADIB-Egypt’s chief executive and managing director said.

Ahmed Effat, ADI-CF chairman and ADIB-Egypt’s head of retail banking, said: “Establishing ADI-CF reflects our commitment to remain at the forefront of an evolving banking landscape. Staying ahead calls for pioneering innovation that stems from a solid market understanding and a versatility to swiftly adapt to customers’ needs which are constantly progressing.”

“Takka, Egypt’s first Sharia-compliant consumer financing product, opens new horizons in the financial sector and marks a strong start for the company as we seek to redefine consumer financing, which now more than ever, plays a key role in boosting the economy.” Effat added.

Yasmine Helal, ADI-CF chief executive, said, “As a full-fledged, fully integrated digital consumer app, Takka is extremely easy to use, featuring a fast and seamless interface. Alongside strengthening financial inclusion, the app is designed to help customers, with or without a credit history, to access finance that helps them achieve their ambitions.”

Ahmed Refaat, ADI-CF Chief Commercial and Products Officer, said: “We are launching Takka as Egypt’s first Sharia-compliant consumer finance app. With a unique value proposition, Takka allows consumers the freedom and convenience to purchase products directly, with installment plans that fits their needs, from a network spanning over 800,000 points of sale across Egypt.”

“Using advanced data analytics Takka allows customers to obtain financing faster and easier than any other currently available mobile app.”

ADIB-Egypt had obtained at the end of last year the Egyptian Financial Regulatory Authority’s (FRA) approval to launch ADI-CF, the bank’s wholly-owned and dedicated consumer financing arm.

Underlining its commitment to security and customer data privacy, ADI-CF was awarded the benchmark Payment Card Industry Data Security Standard (PCI) certification, ensuring complete security and confidentiality of cardholders’ data.

Preparations are currently underway to launch the Takka prepaid card, as Egypt’s first Sharia-compliant consumer finance product in Egypt.