Porsche Services MEA and Dubai Islamic Bank Partner to Strengthen Automotive Financing Solutions in the UAE for their Customers 

PC: Zawya

Strategic Partnership Enhances Access to Luxury Vehicles

Owning a Porsche has been made easier for those living in the United Arab Emirates through a strategic partnership between Porsche Services Middle East & Africa and Dubai Islamic Bank. This deal will enable customers to access even better Shari’a-compliant financial solutions and create more avenues for people interested in Porsche ownership.

Shari’a-Compliant Financing Through the Murabaha Model

The partnership utilises an Islamic ‘Murabaha’ model for financing, thus guaranteeing that the customers go through a totally Shari’a-compliant process throughout their purchase journey. The Murabaha model is one popular form of deal within the financial circuits of Islamic banking, wherein the bank purchases an asset and then sells it to the customer at a higher price, but defers the receipt of a portion of the selling price. This setup will enable customers to have a seamless and ethical financial solution that caters to the needs of their beliefs and values.

“We are very excited to collaborate with Dubai Islamic Bank to offer Shari’a compliant financing solutions to our valued customers in the UAE,” commented David Picandet, Managing Director of Porsche Services Middle East & Africa. Picandet emphasised that this partnership would improve access to Porsche ownership while maintaining compliance with Islamic financial principles.

DIB Tailored Financing Solutions in the UAE Market

In fact, Dubai Islamic Bank has been highly acclaimed for its diverse range of automotive financing solutions that are creative, flexible, and robust, tailored just for the UAE market. The idea behind this is aimed at enhancing not just the Porsche customer experience here in the UAE but also that of the other brands under Volkswagen Group. This then again means an extended offering to all customers while giving superior financing options to suit their needs and financial preferences.

This partnership underlines our pledge to further improve the experience of owning a Porsche,” added Picandet, outlining the far-reaching implications that the new partnership will have on the future direction of auto financing in the UAE.

Expanding Porsche Ownership End

The partnership between PSME and DIB represents a significant expansion of Porsche Services’ portfolio of innovative and flexible financing options. By teaming up with a well-established financial institution like DIB, PSME is making luxury car ownership more accessible to a wider audience. The initiative highlights the role of Islamic financing in broadening access to high-end vehicles for residents of the UAE.

Sanjay Malhotra, Chief Consumer Banking Officer at Dubai Islamic Bank added, “This partnership will play an integral role in ensuring greater access to Shari’a-compliant automotive financing. Our partnership with Porsche Services Middle East & Africa marks a significant step forward in expanding access to Shari’a-compliant automotive financing in the UAE,” he said.

Enhanced Ownership Experience with Value-Added Services

Besides easing the financial process, the improved automotive financing solutions at DIB come with value additions that make the ownership experience seamless and more pleasurable. “Through this improved collaboration, we are not only widening the horizons of ownership but also making sure our customers can enjoy a driving experience in luxury, with financing solutions that align with their values,” Malhotra added.

This partnership further demonstrates DIB’s commitment to providing innovative and customer-centric financial solutions, as well as a range of value-added services that enhance the overall Porsche purchase experience.

Customised Solutions Available in Porsche Centres

Interested customers who want to learn more about Shari’a-compliant financing options can visit their nearest Porsche Centre in the UAE, where they will be able to explore their options and tailor a financing package through Dubai Islamic Bank that best fits their personal and financial needs. This face-to-face interaction ensures customers get personalised services, which will exactly match their distinctive requirements and further enhance the customer journey toward owning a Porsche.