Dubai: Emirates Islamic Bank, (EIB), announced today the launch of a foreign currency remittance campaign focused on GCC currencies. The offer, which is valid till November 20, 2013, provides special rates with no fees on remittances in five GCC currencies — Saudi Riyal, Omani Riyal, Bahraini Dinar, Kuwaiti Dinar and Qatari Riyal.

The campaign is expected to generate considerable interest from residents intending to transfer funds back to their home, thus taking advantage of the special exchange rates and 0 per cent transaction fees offered by EIB.

“Foreign currency remittances are a key aspect of life in the UAE, as a result of the vast expatriate community that works here and makes regular transfers to their home countries,” said Faisal Aqil, Deputy CEO, EIB. “We are pleased to launch this 0 per cent transaction fee campaign with discounted rates in our branches at this time when we expect considerable transfers within the GCC states.”

The campaign on GCC currencies transfers is part of EIB’s wider strategy to diversify and expand its product range and offer customers remittance and currency exchange products in addition to standard retail banking services.