Islamic finance has developed markedly in recent years. According to a study conducted by Thomson Reuters, more than 1,300 Sharia-compliant organisations – holding combined assets under management of some $2.4trn – offered products and services under the umbrella of Islamic finance in 2018. In its modern form, Islamic finance is a relative newcomer to the financial services sector, with origins tracing back to the foundation of the Islamic Development Bank in 1975.
However, it has certainly modernised quickly. In fact, many institutions have since embraced new technology to deliver faster and more reliable services to their customers. Emirates Islamic is dedicated to providing the latest digital banking solutions and an enhanced banking experience This is certainly the case for Emirates Islamic, where we are dedicated to providing the latest digital banking solutions and an enhanced banking experience. We were the first Islamic bank in the UAE to launch a mobile banking app and consistently lead the Islamic banking sector in terms of digital innovation.
As new trends develop in the market, we will continue to adapt to give our customers the very best service. At Emirates Islamic, our customers are helping to drive our pursuit of more innovative banking solutions. For example, they recognise the world-class features of our mobile banking app, which has received more than 25,000 reviews on the App Store and possesses an excellent average rating of 4.5 stars. We revamped the app in late 2018 and have subsequently delivered regular enhancements and updates. As a result, it now has more than 250 features, including a demo that lets both customers and non-customers experience the app’s key services without having to log in.
This feature makes Emirates Islamic the only financial institution within the region to have a fully working demo included within its app.
Our app also allows customers to benefit from cardless cash withdrawals, a cash-on-call facility and a remote card management system that enables users to activate, block or unblock their cards, as well as change their PIN instantly. Its QuickRemit function, meanwhile, allows customers to transfer funds to partner banks in India and Pakistan in less than 60 seconds. Moreover, the app’s peer-to-peer service, Instapay, enables customers to send and receive funds with just a mobile number. —Agencies