Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) inked an affiliate partnership agreement to provide financing to Tesla car buyers at affordable profit rates starting at 1.79%.
Through ADIB’s electrical car financing programme VOLT, the lender will secure a free wall charger and complimentary home installation part for Tesla buyers, according to a press release.
ADIB branches will provide self-serve test drives of Tesla vehicles, enabling the bank’s clients to experience the advanced technology first-hand at their convenience.
Meanwhile, Tesla will oversee the entire process virtually, including remote lock/unlock capabilities for the vehicles.
The ADX-listed bank will install electric vehicle (EV) chargers at key branches and its headquarters, boosting sustainable transportation options.
Amit Malhotra, Global Head of Retail Banking at ADIB, commented: "By installing EV chargers at our branches and headquarters, we're contributing to the development of a robust EV infrastructure in the UAE.”
“Additionally, our competitive financing rates and incentives encourage sustainable choices, aligning with our commitment to green finance and our ESG strategy," Malhotra added.
This partnership aligns with ADIB's objectives to bolster green finance and promote sustainability.
In the 12-month period that ended on 31 December 2023, ADIB recorded an annual surge of 45% in net profit to AED 5.25 billion, compared to AED 3.61 billion.
