CBE grants preliminary approval to launch prepaid card Takka

Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) announced that it received the Central Bank of Egypt’s (CBE) preliminary approval to launch its prepaid card Takka, in collaboration with the bank’s consumer finance arm, ADI Consumer Finance (ADI-CF), and Meeza.

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

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 the 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.”

Yasmine Helal, ADI-CF CEO 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.”