Cairo, Egypt – July 14, 2024 – Takka the innovative provider of Sharia-compliant consumer financing solutions in Egypt from Abu Dhabi Islamic Consumer Finance, the consumer financing arm of Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt), celebrates its first anniversary. The app has achieved great success, registering over one million downloads, marking its first year as a transformative force in the consumer finance landscape in Egypt.
Since its launch in June 2023, “Takka” has received 250,000 applications for consumer financing through the app and has granted financing limits totaling over 500 million Egyptian pounds. This underscores “Takka’s” position as a growing leader in the financial inclusion sector, providing consumers with the financial freedom to purchase the products they need. Notably, “Takka” is the first Sharia-compliant consumer financing app in Egypt, linked to a pre-paid Takka card. It received approval from the Central Bank of Egypt and the Financial Regulatory Authority in March 2023. “Takka” allows users to purchase products and pay in installments from any electronic payment machine in stores across Egypt. The widespread acceptance of the “Takka” card among merchants nationwide is a testament to the tangible shift in consumer choices and preferences and serves as a vote of confidence from merchants.
“Takka” enables consumers to enjoy a seamless shopping experience with no administrative fees, card issuance fees, or down payments. Additionally, “Takka” offers flexible repayment periods of up to 36 months, allowing users to complete their purchases at any store across the country comfortably.
Amr Sand, Chairman of Abu Dhabi Islamic Consumer Finance, stated: “The company has achieved a significant breakthrough in the Egyptian market, playing a crucial role in realizing ADIB-Egypt’s comprehensive vision of enhancing financial freedom.” He added: “The growth and success of “Takka” are the culmination of collective efforts and harmonious collaboration led by the most experienced specialists in the fields of finance and fintech in Egypt. Amidst the profound transformations in the financial sector, Abu Dhabi Islamic Consumer Finance will continue its efforts to remain at the forefront of innovation, providing easy-to-use digital financial solutions and facilitating access to them, meeting the evolving needs of customers.”
Yasmine Hilal, CEO of Abu Dhabi Islamic Consumer Finance, said: “The growth of our flagship product “Takka” is a true reflection of our commitment to providing financial empowerment. We are extremely proud of the value we offer to both consumers and merchants, significantly bridging a major market gap by offering seamless and secure services to our customers. We are confident that “Takka’s” role as a driving force for the future of consumer financing in Egypt will continue to grow as we prioritize delivering innovative solutions and expanding financial inclusion, with the ambition of redefining the Egyptian consumer finance landscape for years to come.”
“Takka” offers merchants a range of benefits designed to increase their sales, profitability, and achieve a higher turnover rate without risk, thanks to the innovative product design that relies on card payment. “Takka” also prioritizes enhancing customer experience through a specialized field support team working daily in five shopping centers in Egypt. Additionally, there are over 50 Takka card collection points in several ADIB-Egypt branches nationwide to ensure greater customer convenience and provide secure solutions for all users.
It is noteworthy that Abu Dhabi Islamic Consumer Finance was launched in October 2021 as the consumer financing arm of ADIB-Egypt, becoming the leading company in digitizing Sharia-compliant financing. Led by a team of industry experts with extensive knowledge in banking services, consumer finance, and digital transformation, Abu Dhabi Islamic Consumer Finance is redefining the consumer finance climate in Egypt with a commitment to expanding financial inclusion.
