Following receipt of the Central Bank of UAE license for the formation of a new consumer finance company, Emirates NBD on Monday formally launched its new company under the name Emirates Money Consumer Finance LLC. Emirates Money will initially offer three products - a non salary transfer personal loan, business loans for small and medium business owners and loans for commercial vehicles and construction equipment. Emirates Money also has specific and tailor-made loan products that will cater to the growing needs of the trading community and other business owners. “Emirates Money has been launched to cater to the financial needs of the fast growing resident population of the Middle East. For years, many deserving customers have fallen outside the remit of regular banking channels and have often been forced to opt for long and tedious application processes and inappropriate loan products,” said Jamal Bin Ghalaita, general manager of Consumer Banking and Wealth Management for Emirates NBD and chairman of the Board for Emirates Money. “We are going to change that.” “Our in-depth customer research has unequivocally told us that we have a winning proposition,” said Ghalaita. In 2008, Emirates Money will offer simplified loan services through Dubai, Abu Dhabi and Sharjah. It will expand into other parts of the UAE in 2009. Besides its own network of branches, Emirates Money also has a large direct sales force that will cater to the needs of its customers. __
