Banks in the UAE have launched a wide range of special offers to coincide with the holy month of Ramadan and the upcoming Eid al-Fitr. These campaigns are designed to boost consumer spending and expand their customer base. Many financial institutions are offering discounts of up to 20% on breakfast and iftar buffets at participating hotels and restaurants. Additionally, banks have introduced special financing programs, such as deferring loan installments and providing competitive rates on personal and auto loans. For instance, some auto loan offers allow customers to defer the down payment for up to 120 days. Banking expert Aataf Al-Harmoudi commented that such offers are a common practice for banks during religious holidays, aiming to increase their market share and lending volumes. She also advised customers to carefully review the terms and conditions of any offer and to avoid a debt-to-income ratio exceeding 50%, leaving 10-15% of their income for emergencies. The rise of digital banking platforms has also made these offers more popular, as they enable fast transactions without the need to visit physical branches. Other promotions include cashback of up to 5,000 dirhams for credit card spending and prize pools totaling up to 40 million dirhams for shoppers.
