The Department of Economic Development (DED) in Dubai, and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced today Visa’s recognition for their co-branded Consumer Card and for it being the first government co-branded consumer card in the MENA region.
Visa, a world leader in digital payments, formally acknowledged Consumer Card, recognising the card programme for the growth achieved since its launch in June 2016. The Consumer Card is the result of a public-private partnership formalised in late 2015 between DIB, DED and Visa focused on supporting Dubai's leadership in the retail sector and commitment to consumers.
“The Consumer Card has been a success since day one, and we are very proud of the many milestones this card has achieved. As the first government co-branded card in the MENA region, we are proud to have chosen DIB as our partners for this exceptional product and have worked closely with the team on developing the best value proposition for our consumers, whose protection remains our top priority. The CCCP, through supporting the card, is aiming to raise awareness among consumers by enhancing the importance of choosing credit cards that not only provide them with expedient rewards and benefits which are aligned with their usage, but to also insure a clear terms of usage with regards to the monthly liabilities and annual operational cost, beside its safety features. DED was also looking to create competitiveness in the financial market creating variety of products and benefits to consumers, therefore to insure covering different segmentation. Moreover the sector is studying future collaborations with VISA and DIB to create initiatives and projects that support an innovative market enhancing consumers experience in Dubai,” said Mohammed Lootah, CEO of the Commercial Compliance and Consumer Protection Sector (CCCP) at the Department of Economic Development DED.
Tens of thousands of cardholders across the UAE are now active users of the Consumer Card, which is aimed at protecting the rights of consumers and provides them with savings and rewards on their daily supermarket purchases, fuel bills, utility bills and Salik/Nol charges. Since its launch in 2016, Dubai Islamic Bank has paid several million to consumers as cashback which is one of the key features of the card. Other notable initiatives successfully achieved by the DED-DIB Consumer Card included the International Spend Campaign, which ran from April to September 2017 during the peak travel season and offered cashback on any international spend with no restrictions on merchants, countries or type of purchases.
Sanjay Malhotra, Chief of Consumer Banking at DIB, added that the successful growth rate recorded for this card in such a short period has exceeded all expectations in a highly competitive market and highlights the importance customers place on this unique card which is a testament of our value proposition to customers. “At DIB, as we continue to drive our ‘Customer First’ approach, we are committed to understanding our customers’ needs and adapting to them as they evolve. As our product portfolio expands to larger audience segments and markets, we are positive that the international recognition by Visa will support with taking the Consumer Card to new heights.”
Dubai Islamic Bank serves more than 1.7 million customers across the Middle East, Asia and Africa, and strategically chooses esteemed partners such as the DED and Visa to ensure the highest standards for success.