ADIB becomes world’s first Islamic bank to launch digital ecosystem for auto sector

Philip King, global head of retail banking, ADIB

Ashwani Kumar

Published: Mon 6 Dec 2021, 6:39 PM

Last updated: Mon 6 Dec 2021, 6:45 PM

Abu Dhabi Islamic Bank (ADIB) has become the world’s first Islamic bank and the first bank in the region to launch Turbo – a new one-stop digital platform for the auto industry.

Residents can log onto turbo.auto website for all car-related requirements like buying and selling cars at competitive prices, booking a test ride, getting insurance offers, applying for auto finance, car registration, accessories and more.

As part of its digital transformation strategy, ADIB has launched Turbo, a free-of-charge platform in collaboration with Drive Ninja – a fintech company, and in partnership with key dealers and service providers such as Al Masood automobile, Al Ghandi, You drive, Carasti, Yallacompare and Car 24.

“Turbo is a one-stop solution, which brings together several auto industry partners on one digital platform to facilitate and centralise consumers’ car-related needs,” Philip King, global head of retail banking, ADIB, said during a press conference.

“This platform offers car listings from key dealers and provides all relevant services and information required by consumers in their car purchase or sales journey. Turbo marks the first integrated, digital ecosystem by ADIB and the bank is planning to launch other ecosystems in the near future.”

With Turbo, consumers can arrange for pre-owned car evaluation service, check on-site car budget calculator to know the estimated finance amount the buyer is eligible for and find a list of cars based on their budget. They can then select a car they are interested in, and arrange a test drive with the seller directly in just a few clicks.

King noted that ADIB’s auto finance market share is 14 per cent with 60,000 auto finance customers.

“Our new car ecosystem Turbo will transform the way that people choose to buy and sell cars in the UAE and exemplifies how ADIB is reimagining the future of finance, using digital innovation to extend beyond banking,” King added.

Phase one of the platform includes listings from 35 car dealers with more than 750 cars available for consumers to choose from. ADIB aims to roll out more features including partnering with more dealers, service providers and government entities to provide services such as car maintenance, road assistance, fuel, car rides, traffic payment, car import and export and car registration.

Adam Whitnall, co-founder and CEO of Drive Ninja, underlined that the new platform is one of its kind offering in the market.

“Now is the time for us to leverage our digital tools and well-connected networks so we can open more such new and innovative platforms that will change the way UAE consumers buy their cars,” Whitnall added.

ashwani@khaleejtimes.com