Emirates NBD takes over Dubai Bank

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE in his capacity as the Ruler of Dubai has given orders that Emirates NBD takes over Dubai Bank, according to the official news agency WAM. This comes in line with Dubai Government efforts to enhance the banking sector in the Emirate.

Dubai Government is keen to take the necessary steps to empower financial institutions to fully operate in a way that serves the national economy and consolidate the country’s position as a first class international financial hub, according to a press statement of Dubai Government Media Office issued today. Read more

Dubai Bank launches new balance transfer and cheque over the phone

• 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 launches search for talented young artists

• Ramadan competition winner to provide artwork for Dubai Bank’s Eid advertisement
• Part of Dubai Bank’s long-term commitment to offer customers a personalised banking experience

In line with its long-term commitment to offer customers a personalised banking experience, Dubai Bank today began a search for talented young artists as it announced the launch of its Ramadan drawing competition. The winner of the competition will have their artwork featured in Dubai Bank’s Eid advertisement. Read more

Dubai Bank Credit Card wins Visa design award

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.

Investors positive on Dubai Bank’s takeover

Dubai’s government action to bail out one of its Islamic banking lenders was positively received by investors this week. Such move indicates that the emirate is in a position to rescue distressed state-linked businesses.

A day after Dubai Bank’s takeover, the Dubai Financial Market gained nearly 1 per cent, followed by a more modest 0.7 per cent gain on Wednesday.

Emaar Properties, whose 30 per cent shareholding of Dubai Bank valued at Dh172m ($47m) will be dilluted, even has rallied more than 3 per cent since the statement. Eventually, Emaar will have to write down the value of its investment in Dubai Bank completely. However, investors were relieved that the property developer would not have to contribute to the bail-out. Read more

UAE stocks advance on Dubai Bank’s takeover

Dubai shares rose the most in almost a week, after the emirate’s government rescued Dubai Bank PJSC, a medium-size Islamic lender owned by Emaar Properties PJSC. Blue-chips on ADX also opened green early in the morning.

On the Dubai Financial Market, Emaar, the region’s biggest developer, rose 1.6 per cent to Dh3.15. Aramex, the Middle East’s biggest courier company, added 1.1 per cent to Dh1.83. Dubai Financial Market, the only publicly listed bourse in the region, advanced 3.2 per cent to Dh1.26. Read more

Investors reaction to Dubai Bank’s takeover

Dubai Bank PJSC, an Islamic lender owned by Dubai Holding LLC and Emaar Properties PJSC (EMAAR), was rescued by Dubai’s government after loan losses increased, according to a statement isuued on Monday.

The bank posted a loss of 291 million dirhams ($79 million) in 2009, according to the latest financial statements posted on its website. The bank had total assets of 17.4 billion dirhams at the end of 2009. Read more

Indian engineer strikes gold with Kunooz investment

Impressed by its unique Shari’a-compliant nature, Mohammed Azhar Ali signed up for Dubai Bank’s Kunooz account in July last year, with little expectation of a big winning.  Earlier this month, Mohammed found out that his meager investment was going to be life-transforming, as he was declared winner of the million dirham Kunooz cash prize draw for the month of April.

Mohammed, who hails from India, works as a senior structural engineer with a Dubai-based architectural firm and began investing with Dubai Bank’s Kunooz Value Plus account after being attracted to the bank’s Shari’a-compliant style of investing. “When I first heard about Kunooz, what struck me was the distinctive nature of the product, given its Shari’a-compliant status which was very important to me. Moreover, it also offered the benefits of a traditional savings instrument along with value added features. Having the opportunity to earn benefits and rewards on a daily basis was also equally attractive to me.” Read more

Dubai Bank appoints Giel-Jan Van Der Tol as new CEO

Giel-Jan Van Der Tol brings with him over 23 years of international banking experience

Dubai Bank today announced the appointment of Giel-Jan M Van Der Tol as Chief Executive Officer. Mr. Van Der Tol brings with him over 23 years of extensive and varied banking experience. His most recent assignment was with Tier One Capital BV, Netherlands, as Managing Director.  Prior to that, he worked with ABN AMRO for over 22 years in positions of increasing responsibility.

Apart from his in-depth experience in Islamic Banking in both Corporate and Retail Banking areas, Mr. Van Der Tol has an impressive track record of achievements in multiple functional areas including Operations and Human Resources. Among the many positions that he has held, he was CEO and Managing Director of Saudi Hollandi Bank in Saudi Arabia, the Country Head for Aruba, ABN AMRO; Country Operations Head for Pakistan, ABN AMRO; and Global Head, Human Resources, Global Financial Markets at ABN AMRO.

Commenting on his appointment, Mr. Fadel Al Ali, Chairman, Dubai Bank stated: “We are delighted to have Giel-Jan with us and I am sure that he will bring his considerable leadership skills and vast international banking experience to bear in driving Dubai Bank towards achieving its strategic objectives.”

Mr. Van Der Tol’s experience also includes assignments in different geographies such as Indonesia, Ecuador, USA, Pakistan, Lebanon, Netherlands, Aruba and Saudi Arabia.  He holds a Masters of International Management from the American Graduate School of International Management, Thunderbird, USA and a Bachelor of Business Administration from Nyenrode, Netherlands Business University, Breukelen.

Dubai Bank partners with Department of Economic Development to offer exclusive payment support

• Bank authorised to receive payments on behalf of DED at all Dubai Bank branches
• Customers can make DED payments through bank’s e-payment channel

Further demonstrating its continued excellence in developing bespoke platforms for both institutional and retail customers, Dubai Bank today announced its partnership with Department of Economic Development (DED) to offer exclusive payment support to clients of DED and customers of Dubai Bank. Read more

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