Source: DIB website. Banner for the Consumer Card page.

The Consumer Card, a collaboration between the Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has surpassed expectations in a very competitive market by the close of 2016. This success highlights how much customers value the card’s transparency and customer-centric approach.

Customers appreciate the card’s straightforward rewards system, which focuses on everyday transactions rather than requiring increased spending. Since its June 2016 launch, thousands of Consumer Cards have been issued, exceeding the first-year target in just six months. Cashback payouts have reached record highs, with supermarkets being the leading category and fuel purchases seeing the most transactions. Salik and Nol payments were also frequently used.

Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector at DED, expressed his satisfaction with the Consumer Card’s performance. He emphasized that the card aligns with their goal of enhancing Dubai’s shopping experience by fostering trust and collaboration between retailers and consumers. He highlighted its dual role in offering a convenient alternative to cash and providing attractive discounts at various retail outlets.

Lootah further stated that the Consumer Card’s success demonstrates the positive collaboration between DED and DIB in promoting economic growth in Dubai. He expressed enthusiasm for continuing to work with DIB to transform Dubai into an innovative and diverse economy.

Sanjay Malhotra, Chief of Consumer Banking at DIB, shared his delight at the positive customer response to the Consumer Card, which they developed with DED. He highlighted the card’s ease of use and convenient cashback rewards on everyday purchases. Malhotra emphasized that their primary goal was to create an affordable and valuable payment solution appealing to a wide range of customers. He proudly acknowledged their joint achievement in providing customers with a positive experience alongside a great product.

Ibrahim Selim Ergoz, GM, UAE, Qatar & Pakistan, Visa, stated that the Consumer Card is a prime example of a successful public-private partnership, aligning with their strategic partnership with DED and DIB. He praised the initiative’s contribution to helping UAE consumers manage their finances safely, securely, and responsibly. Ergoz attributed the card’s success to its ability to address a genuine consumer need while being user-friendly, convenient, and rewarding. He expressed Visa’s enthusiasm for participating in similar initiatives that support Dubai’s Smart City vision of a cashless society.

Issued in partnership with Visa, the Consumer Card comes in two variations: Rewards Consumer Card and Platinum Consumer Card. Both offer discounts at over 450 outlets nationwide. Cardholders can earn up to AED1,000 cashback monthly on everyday purchases like groceries, auto services, utilities, fuel, and movie tickets.

With a customer base of 1.7 million, DIB continues its growth trajectory by developing products that cater to evolving consumer preferences.

Interested?

Read the WorkSmart Asia blog post about the launch of the Consumer Card