The Shari’a compliant card enables parents to track their children’s expenditure, and entitles holders to receive a DFM Investor Number
The new card emulates the successful iVESTOR card with more than 30,000 cards issued since 2010
Dubai Financial Market ( DFM ) today launched iVESTOR Shabab card, the innovative solution for youth in the UAE aimed to promote financial knowledge and responsible spending under parental -control. The Shari’a compliant card is customized for people under 21 years of age and represents the youth version of the iVESTOR card launched in 2010, a first of its kind initiative amongst stock exchanges across the world.
iVESTOR Shabab entitles cardholders to become an official DFM investor by receiving a dedicated Investor Number to trade on the market in the long term. It is also a pre-paid card which provides the flexibility to make retail and online purchases and payments globally via any merchant accepting VISA. The card has been widely welcomed when DFM showcased its key features to school and university students in the UAE.
Essa Kazim, Managing Director and CEO, Dubai Financial Market (PJSC) said: “The launch of iVESTOR Shabab is part of DFM ‘s continuous efforts to introduce innovative products in line with the requirements of the new generation in the UAE. This also reflects our commitment to social responsibility as the concept of the card stems from the need to provide young people with a solution that promotes responsible spending under parental supervision by opting to receive a copy of the card statement, as well as the ability to top -up the card balance. Additionally, this card sets the stage for the new generation to commence their investment journey using their dedicated DFM Investor Number”.
“We are confident of iVESTOR Shabab’s ability to achieve broad acceptance thanks to its various features and proven success of the iVESTOR card with more than 30,000 cards issued since 2010″, Kazim added.
Ali Al-Hashimi, Executive Vice President, Head of Financial Services Division,
Dubai Financial Market said: “The iVESTOR card represents a contemporary and ideal solution to dispense cash dividends of DFM -listed companies as opposed to the costly and prolonged conventional ways. Over the last two years AED 156 million of cash dividends have been distributed through this card. Undoubtedly, the widespread acceptance of this card amongst local and overseas investors reflects its vital role in increasing the efficiency of cash dividend distribution process”.
iVESTOR Shabab cardholders can withdraw cash from any EmiratesNBD ATM or branch network in the UAE or from any VISA or PLUS marked ATM’s, noting that the withdrawal limit for this card is AED 5000 compared to AED 20000 for the main card. The cardholders will be able to top-up their balance through EmiratesNBD cash deposit machines or over the counter in any of the bank branches in the UAE, and pay for reservations, travel and shopping from millions of VISA accepting retail outlets globally.
iVESTOR Shabab card applications should be submitted to DFM Client Services Affairs Department or any DFM licensed broker.
iVSTOR Shabab key features:
Manage spending responsibly within controlled limits, for example, parents could receive copies of statements (Optional)
Purchase goods and services / reservations from:
Retail outlets worldwide
Online shopping (E.g. phone apps via App Stores)
Bill payments (Telephone bills and top-up credit balance)
Withdraw cash 24/7 and instantly from any EmiratesNBD ATM or branch in the UAE, or from any VISA/PLUS marked ATM machines worldwide, within the limit of the card balance.
Top up the card balance regularly from EmiratesNBD cash deposit machines or branches.
Receive any future cash dividends managed by DFM directly onto the card account.
- Facility features Easy Payment Plan upon balance transfer
- New Cheque on Phone service for Covered Cardholders launched
- Highly competitive profit rates being offered on both products
Dubai Bank has announced the launch of its new balance transfer facility which allows new and existing customers to shift their credit card balance from another bank to Dubai Bank’s Covered Card, at a highly competitive profit rate. Upon transferring their balance, customers can set-up an Easy Payment Plan with tenures of 6, 12, 18 or 24 months. Read more
Dubai Bank today announced that its Royal Banking Covered Card had been recognized with a design award from Visa. The black and gold card, which takes its inspiration from Islamic art, was named “Best AP CEMEA Card Design” by Visa.
Collecting the award, Hisham Hammoud, Dubai Bank Head of Retail Banking Group said: “The Dubai Bank Covered Card is all about superior performance and rewards, and we worked hard to ensure the design reflected this ethos. On behalf of the bank, I thank Visa for recognising the hard work and attention to detail that went into developing the Royal Banking Covered Card.”
Dubai Bank’s Royal Banking is a complete wealth management solution for premium customers who seek customized solutions and personalized service across all banking channels. The Shari’a compliant Covered Card allows customers control over their finances while earning rewards on their everyday spending, such as discounts of up to 50 per cent for shopping, dining, entertainment and more. In addition, the Card provides purchase protection, life Takaful and travel assistance.
Mr. Waleed Saeed Al Awadi, Dubai Bank, Head of Branches and Royal Banking, Deputy Chief Marketing Officer, said: “We are delighted to receive such an award that reflects Dubai Bank’s commitment towards its customers.
“The design of this card has been recognized for its uniqueness of being the first vertical card presented to the UAE market, while boasting a striking regal aesthetic that is a reflection of the customers who posses them.”
The “Best AP CEMEA Visa Card Design” is voted by all Visa employees across AP and CEMEA markets on a periodic basis.
This award is the latest accolade for the Dubai Bank Covered Card. In 2009, the Card was named “Best Islamic Credit Card” Award at the Banker Middle East Product Awards.
- Focus on lifestyle benefits, superior rewards and robust security features
- New Titanium credit card caters to fast growing emerging affluent segment
Emirates NBD, a leading bank in the region, announced today the launch of the new Emirates NBD Titanium Credit Card in partnership with MasterCard. The new Emirates NBD MasterCard Titanium Credit Card targets the fast growing emerging affluent segment with guaranteed lifestyle benefits, including airport lounge access and golf privileges, in addition to superior rewards on all retail purchases. Read more
Emaar Hospitality Group has partnered with Visa’s 2011 Premium Privileges programme to reward customers with exclusive discounts, when they use their Visa debit or credit card to indulge at selected outlets across The Address Hotels + Resorts, Arabian Ranches Golf Club, Dubai Polo & Equestrian Club, and the Dubai Marina Yacht Club over the next four months.
Mr Amit Arora, Chief Marketing Officer, Emaar Hospitality Group, said: “From unique locations to an unparalleled range of food, Emaar Hospitality Group has culinary options that are guaranteed to match all needs. This partnership with Visa, an organisation that upholds the importance of service excellence, complements Emaar Hospitality Group’s ethos of offering tangible guest benefits to its visitors.” Read more
His Excellency Sultan Bin Saeed Al Mansoori, Minister of Economy and Chairman of the Supreme Committee for Consumer Protection, has instructed retailers to stop charging additional fees on credit card usage, effective July 1, 2011. He was heading the second meeting of the Committee for 2011, which passed a resolution prohibiting retailers from imposing surcharges on credit card usage as commission.
The meeting reiterated the importance of decisions made by the Ministry and the Supreme Committee for Consumer Protection to support consumer rights and boost economic competitiveness and growth in the UAE. Read more
ISDM, the Dubai-based credit counseling and debt management company is set to hold its first free, public open house counseling event where participants can get free advise on issues related to debt, credit card management to help deal with debt-related woes.
“We are here to help manage people’s debt to enable them to have a more comfortable, more productive life,” said Yohannes Mazeingia, Managing Director, ISDM. “The event will provide an ideal platform for participants to understand the system and therefore how to better deal with financial institutions in the country.” Read more
The first lawsuit resulting from the security breach of the personal data of more than 77 million Sony PlayStation Network customers has been filed on Wednesdy.
The suit was filed in the U.S. , on behalf of Kristopher Johns, 36, of Birmingham. He accuses Sony of not taking “reasonable care to protect, encrypt, and secure the private and sensitive data of its users.” He also believes Sony took too long to notify him and other customers that their personal information had been exposed. The complaint alleges, Sony did not allow its customers “to make an informed decision as to whether to change credit card numbers, close the exposed accounts, check their credit reports, or take other mitigating actions.” Read more
The National Bank of Abu Dhabi (NBAD), has launched NBAD Visa Business Credit Cards, its first credit card exclusively for small- and medium-sized enterprises (SME).
1. Cards offer 5% Cash Back on all purchases and a host of other unique benefits; IBQ is Qatarâ€™s first bank to offer exclusive Cash Back
2. Introduces new Gold MasterCard, Platinum and Infinite Visa cards enabled with Chip and PIN
3. Becomes only Qatar-based bank to issue Infinite Visa card
4. Bankâ€™s customer base doubles in 2008
IBQ today announced the expansion of its credit card portfolio with the launch of a new range of premium payment solutions, all of which offer 5% Cash Back on purchases made using the card. The new IBQ Gold MasterCard, IBQ Platinum Visa and IBQ Infinite Visa are all fully Chip and Pin-enabled, and aim to provide the bankâ€™s customers with a secure, flexible and convenient payment solution in addition to a wide range of unique and exciting shopping and travel benefits.
A key value-added benefit and differentiator of the new IBQ cards is the exclusive 5% Cash Back offer. As part of this feature, the 5% Cash Back will be offered instantly at the time of purchase made by the cardholder. Read more