NBAD to offer loans for fertility treatment
Abu Dhabi, November 21, 2012
The National Bank of Abu Dhabi (NBAD) said it has become the first bank in the UAE to offer special financing of upto Dh100,000 ($27,218) to both Emirati nationals and expatriates seeking medical fertility treatment.
NBAD IVF Fertility Financing is being offered in conjunction with The Emirates Family Network (EFN), a non-profit agency formed under the vision of Sheikha Hind Bint Abdul Aziz Al Qassimi, the honorary chairperson of the EFN to promote understanding of family-related issues and address social stigma from fertility treatments.
The loan allows customers facing fertility challenges to undertake treatment that would otherwise be beyond their reach.
The financing provides up to Dh100,000 towards fertility treatment - a much needed service for families facing a difficult social issue – and demonstrates NBAD’s commitment to sustainability by leveraging business activities to develop positive outcomes for the wider community, said a senior official.
“NBAD is pleased to join hands with The Emirates Family Network on this very important initiative that not only helps families in need but also creates awareness and understanding about this matter,” remarked George Beatty, the general manager of Consumer and Elite Banking of NBAD.
“Such a scheme is unique to the UAE and is an example of NBAD bringing positive impact on society,” said Beatty.
The loan is available to both UAE nationals and expatriates and must be repaid within a year, he pointed out. It offers a rate of 6.49 per cent on a reducing balance, as well as discounted processing fees, he added.
Sheikha Dr Hind bint Abdul Aziz Al Qassimi said, "The issue of infertility for some spouses have become one of the major issues that affect family stability, and all consider giving birth as a beautiful and natural event. It is even the miracle of life, but when spouses face problems in having children or concerning conception, we abstain to talk freely about it in the community.”
Statistics also show that there are about 7,000 IVF treatments annually in the UAE and that the approximate charge for this service is about Dh20,000. On average couples try 3 to 4 times before IVF is successful making the financial implications far out of reach for many.
Lauding NBAD for sponsoring this initiative, Sheikha Dr. Hind said, "We believe that together we can improve many people’s lives and livelihoods, and generally raise awareness of infertility in the UAE."
“The NBAD is the first and only bank in the UAE to offer financing for IVF treatment and NBAD’s launch of this product is in line with our aims to support our customers’ needs and aspirations throughout their lives,” says Belinda Scott, the senior manager of Sustainability at NBAD.-TradeArabia News Service