Ladies Banking Products

Islamic retail banking: choices and some question marks

But behind the glittering façade, question marks, here and there, remain. On May 16, the Dubai government took over control over Dubai Bank in order to "ensure all depositors' interests are safe". Before this move, Dubai Bank was jointly owned by Emaar Properties and Dubai Holding at 30% and 70%, respectively. It remains unclear whether Dubai Bank will be sold or merged with another Islamic bank. Dubai's Noor Islamic Bank has repeatedly denied any intention to merge with other local Islamic banks. Noor apparently had to postpone its foreign expansion plans, as Group CEO Hussain Al-Qemzi said in January. Noor Islamic Bank also closed its branch in Dubai Media City, but opened the Noor Takaful Center at Sheikh Zayed Road near the same-named Dubai metro station. According to Dr. Ahmed Al-Janahi, Managing Directorat Noor Takaful, "sales of Islamic insurances doubled in 2010". Despite having obviously financing issues, at Dubai Bank holders of a "Kunooz Account" still have a chance to win Dhs1m every month and Dhs30,000 every day (accept on Fridays, Saturdays and on holidays) "For every Dhs1,000 in your account, you could win one of three daily prizes of Dhs10,000 (excluding Fridays, Saturdays and Public Holidays). For every Dhs5,000 in your account you could win the Grand Monthly Prize of Dhs1m," the offer posted on the banks' website says. That means, the bank distributes around Dhs20m per year to lucky customers. Asked by AMEinfo.com why the Kunooz raffle scheme is halal, Dubai Bank responded: "Deposits received by our customers in Kunooz are part of Mudaraba pool, which are invested in Shariah compliant investments." Under the Islamic financing structure of Mudaraba, the investors (Dubai Bank's customers in this case) provide money to an entrepreneur (Dubai Bank) in order to finance a specific project. "Therefore the return on Mudaraba pool investments are shared with the deposit holders according to the terms and conditions of Kunooz product," a Dubai Bank spokesperson explained. While gambling is haram in Islam, this raffle is approved as halal, because each customer does a contribution to the well-being of the bank by paying money into the account. At Islamic banks, customer accounts are not regarded as the banks' liability like at conventional financial institutions, but are added to the bank's own capital as both parties share profits and losses. ADIB tries to attract clients with a similar saving scheme, called a Ghina savings account.

Ajman Bank launches Mahra ladies banking service | Ajman Bank ...

Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, announced the launch of Mahra, a ladies banking service that offers female customers a world of benefits and rewards. Mahra, which is Arabic for filly, has been designed by Ajman Bank to meet the professional requirements and lifestyle needs of women across the UAE. Mahra customers receive a range of benefits, including a Mahra Debit Card, which provides discounts at high-end retail outlets, more than 60 restaurants, and hotels and resorts across the country. In addition, Mahra customers are eligible for unlimited access to health and fitness facilities at Ladies Clubs in Abu Dhabi, Dubai and Sharjah. Finally, customers receive free valet parking at leading venues across the UAE Beyond these instant rewards, Ajman Bank will have dedicated sections to serve female customers in exclusive areas of select branches, beginning at the main branch in Ajman. Mahra sections will shortly afterwards be introduced in Abu Dhabi and elsewhere across the bank's nationwide network. Female customers may open a Mahra account at any Ajman Bank branch in the UAE "At Ajman Bank, we strongly believe in the importance of understanding the financial requirements of women and are proud to introduce customised financial solutions to meet those evolving needs," said Mohamed Amiri, Deputy Chief Executive Officer, Ajman Bank. "The launch of Mahra brings us a significant step closer to our goal of providing a full suite of retail banking products designed specifically for women." "At Ajman Bank we continuously endeavour to understand the needs of our customers - especially women, who are important member of society and whose increasing influence in financial decision-making creates a need to address their special requirements," said Asad Batla, Group Head of Retail Banking, Ajman Bank. "Our bank wants to be a perfect partner in their journey, whether it is handling their transactions or rewarding them through benefits and discounts." Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. The bank provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles.

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