The UAE's biggest Sharia-compliant lender also plans to introduce the app to markets such as Pakistan and Kenya, DIB group chief executive says
Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender, launched Rabbit, a “fun” digital offering that seeks to attract more technology-savvy millennials and help the unbanked in the UAE and other heavily populated markets to get access to the formal financial system.
“The idea of Rabbit is [to go] beyond the UAE … the idea is to take to different markets we are operating in. That has been the core of our strategy,” Adnan Chilwan, group chief executive of DIB, told a media briefing in Dubai on Tuesday.
“Some of the markets we are operating in are huge in terms of population – Indonesia, Pakistan and Kenya. If you look at these markets, they require a proposition [like Rabbit]."
The UAE market will serve as a prototype and the bank at a later stage will work with regulators in other markets to introduce Rabbit.
“This for us is just the start of a journey,” Mr Chilwan said.
The new app, which the DIB chief described as "FunTech” rather than FinTech, is available on Apple and Android mobile app stores. It is initially launched with a current account, globally accepted debit card, and payments and money transfer transfers. The bank will later introduce credit card and other features to the app that also offers discounts to customers.
There are too many financial apps and digital offerings available in the market, however, “we...
Read Full Story: https://www.thenationalnews.com/business/banking/2021/12/21/dubais-dib-launches-rabbit-funtech-app-to-target-tech-savvy-customers/
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