Abu Dhabi Islamic Bank (ADIB) has announced a significant affiliate partnership agreement with Tesla, the renowned electric vehicle manufacturer. Through this collaboration, ADIB aims to offer financing to Tesla car buyers at affordable profit rates starting at 1.79% through its electric car financing program, “VOLT.” The partnership also includes exclusive benefits for Tesla buyers, such as a free wall charger and complimentary home installation, as part of the finance package during the Ramadan campaign until March 31, 2024.

As part of the partnership, ADIB branches will host self-serve test drives of Tesla vehicles, allowing ADIB customers to experience the innovative technology firsthand at their convenience. Tesla vehicles will be stationed at selected branches, enabling customers to schedule test drives via QR codes and complete necessary documentation through the Tesla App, including uploading their Emirates ID or Driving License. Tesla will oversee the entire process virtually, including remote lock/unlock capabilities for the vehicles.

Furthermore, ADIB will contribute to the development of sustainable transportation options by installing electric vehicle (EV) chargers at key branches and its headquarters, thereby enhancing the infrastructure necessary for sustainable mobility.

Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “At ADIB, we believe in driving positive change while offering value to our customers. This collaboration with Tesla allows us to do both. By installing EV chargers at our branches and headquarters, we’re contributing to the development of a robust EV infrastructure in the UAE. Additionally, our competitive financing rates and incentives encourage sustainable choices, aligning with our commitment to green finance and our ESG strategy.”

This partnership underscores ADIB’s dedication to green finance and innovation, in line with its mission to deliver value and convenience to customers while promoting sustainability. The collaboration with Tesla also aligns with ADIB’s recently unveiled Environmental, Social, and Governance (ESG) strategy.

ADIB’s Volt Electric Vehicle Finance program launched recently, offers a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars. The Volt program aims to make electric vehicle ownership financially accessible to a wider audience, reflecting ADIB’s commitment to ESG principles and promoting sustainable transportation solutions.