ADIB partner with Tesla to offer affordable electrical vehicle financing

Published on April 1, 2024

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced the signing of an affiliate partnership agreement with Tesla, to offer financing to Tesla car buyers at affordable profit rates starting 1.79% through ADIB’s electrical car financing program “ VOLT”. The partnership will also provide Tesla buyers a free wall charger and complimentary home installation part of the finance package during the Ramadan campaign until 31st of March 2024.

As part of this collaboration, ADIB branches will host self-serve test drives of Tesla vehicles, allowing ADIB customers to experience the innovative technology first hand at their own convenience. Tesla vehicles will be stationed at selected branches, where customers can scan a QR code to schedule their test drive and then download the Tesla App to complete necessary documentation, including uploading their Emirates ID or Driving License, and participate in a test drive. Tesla will oversee the entire process virtually, including remote lock/unlock capabilities for the vehicles.

In addition to this, ADIB will install electric vehicle (EV) chargers at key branches and its headquarters, contributing to the infrastructure necessary for sustainable transportation options.

Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “At ADIB, we believe in driving positive change while offering value to our customers. This collaboration with Tesla allows us to do both. 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.”

This partnership underscores ADIB’s commitment to green finance and innovation, aligning with its mission to deliver value and convenience to customers while promoting sustainability. This collaboration also aligns with ADIB’s recently unveiled ESG strategy.

The bank recently launched the Volt Electric Vehicle Finance program, offering a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars. The Volt program aligns with ADIB’s Environmental, Social, and Governance (ESG) commitment and aims to make electric vehicle ownership financially accessible to a wider audience.

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ADIB                                                                              Edelman 
Lamia Khaled Hariz                                                       Simon Hailes 
Head of Public Affairs                                                   Director of Financial Communications 

Source: Press release

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