John Guest & Mohammad Harb

August 31, 2010 - Misys, a market leader in providing integrated, comprehensive solutions that deliver significant results to organisations in the banking and financial industry, has announced that it has recently appointed Mohammad Harb as Head of Islamic Banking Business Development. Harb will be responsible for promoting Misys’ state-of-the-art Islamic banking solutions to existing and potential clients in the Middle East and Africa.

With more than 13 years of IT experience in the banking sector, Harb has in-depth knowledge and expertise in converting conventional banks into Islamic operations in the region as well as extensive hands-on experience in software products management. He has also successfully managed the roll out of core banking systems for many conventional and Islamic banks in the Middle East and Africa.

“Misys has further strengthened its professional expertise with the arrival of Mr. Mohammad Harb,” states John Guest , Solution Consulting  Director - Middle East & Africa, Misys. “His extensive experience in the regional market will give us greater leverage to address the evolving demands of our clients in the Middle East. Our efforts to invest in the best talent available are crucially important as the Islamic marketplace continues to open new business prospects. With several banking institutions increasingly requiring specialised solutions, like Misys BankFusion Islamic banking to optimise efficiency and productivity, we are well positioned to continue to bring value to our customers.”

Mohammad Harb adds: “It is always a great pleasure to be part of a distinguished organisation such as Misys. We will focus on further expanding our presence in the region by enhancing our product portfolio and targeting key high-growth market segments.”

Misys provides its BankFusion Islamic Banking and Finance solution for retail and corporate banking clients. The software supports a wide range of Islamic Finance products, including Murabaha, Ijarah, Istisna, Musharaka and Tawarruq, together with Islamic Profit calculation and distribution.

In the banking, treasury and capital markets, Misys holds sway as a market leader with over 1,200 customers, including all of the world’s top 50 banks. As a leading solutions provider in the healthcare industry, Misys caters to more than 110,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.

Emirates NBD hosts Ramadan Suhour for Dubai media

Dubai, August 26, 2010: In celebration of the Holy Month of Ramadan, Emirates NBD, a leading bank in the region, held a Suhour gathering for media representatives in Dubai. The event took place at the Al Majlis Tent, Mina A’Salam Hotel, Madinat Jumeirah, and was hosted by members of Emirates NBD’s Management.

The large number of guests attending the evening event comprised of Dubai-based journalists from a range of national and international publications and broadcast channels. The Arabian style hospitality and ambience of the tent provided an ideal setting for guests to meet and network with senior management in a relaxed and informal atmosphere.

 Named ‘Best Takaful Distributor in UAE’ for Q2 2010 by Germany’s FWU AG
 Bank recognised for sustained performance of Al Islami Takaful Savings Programme throughout 2009-2010

Dubai, August 17, 2010: Further reinforcing its position as the leading distributor of Takaful products in the UAE, Dubai Islamic Bank (DIB) announced today that it has been named the “Best Takaful Distributor in the UAE” for the second quarter of 2010.

The award was recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development, in recognition of the exceptional performance of the Al Islami Takaful Savings Programme.

Launched in 2009, the Al Islami Takaful Programme is part of DIB’s comprehensive suite of Sharia-compliant banking solutions. This programme combines savings and investment plans with personal Takaful protection, creating a unique product that offers two key benefits – savings and protection – within the same plan.

“In a year that has proven to be challenging for all businesses, we are proud of our continued success of the Al Islami Takaful Savings Programme. Since launch in 2009, the Programme has proved to be extremely popular amongst DIB customers,” said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank. “Our extensive branch network and professional customer service across the UAE have been instrumental in achieving this phenomenal performance. The success of the Takaful Savings Programme despite turbulent times, has led us to launch a number of new and innovative Takaful products to suit the varied needs of our customers.”

The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options – from monthly contributions to one-time lump-sum contributions – and flexible maturity periods. Depending on their age, customers can choose a plan term from 7-30 years (for regular savings) and 3-30 years (for lump-sum investments). The product also offers the flexibility to increase or decrease contributions and make partial withdrawals at any time during the term.

• Total assets stand at AED 83.8 billion
• Customer deposits reach AED 64.8 billion
• Healthy financing-to-deposit ratio of 77 per cent

His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of DIB

Dubai, August 15, 2010: Dubai Islamic Bank (DIB) announced today its financial results for the three months ending June 30, 2010, demonstrating the bank’s operational resilience, as well as the success of its conservative and prudent approach of building strong cushion through a deliberate provisioning policy.

For the second quarter of 2010, DIB reported a net profit of AED 301 million, an increase of 50 per cent compared to AED 201 million in the first quarter of this year. Total income during this quarter increased to AED 1,108 million compared to AED 1,079 million in the first quarter of 2010.

The bank’s total assets as of June 30, 2010, stood at AED 83.8 billion compared to AED 84.3 billion at December 31, 2010. Customer deposits stood at AED 64.8 billion compared to AED 64.2 billion as of December 31, 2009.

DIB reported a healthy financing-to-deposit ratio of 77 per cent as of June 30, 2010, providing a clear indication of the bank’s healthy liquidity position. The bank also reported a robust Basel II capital adequacy ratio of 18.5 per cent as of the same date. Continuing its conservative approach, the bank provisioned AED 145 million in the second quarter of 2010, with total provisioning of AED 320 million in the first six months of this year.

“Dubai Islamic Bank is very pleased to share its positive financial results for the second quarter of this year, which show clearly that the bank remains on a growth trajectory during a period of ongoing challenges for the financial services sector worldwide,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

“Despite conservative financing and provisioning policy, the retail and corporate banking division has registered positive growth, reflecting the strength and robustness of our business strategy during the current economic scenario.”

In line with its long-term domestic retail expansion strategy, Dubai Islamic Bank continues to focus on the opening of strategically located branches and express banking centres, while also increasing its total customer base.

In the last quarter, the bank launched a series of Shariah-compliant products to cater to its diverse customer base. The bank introduced three new account variants to its product portfolio, which are tailored to meet the needs of different customer segments. The bank launched Al Islami Salam Finance, a new product that offers liquidity through personal financing to DIB customers. DIB also launched a two-year Islamic Certificate linked to the RBS Crescent Dynamic Middle East 2 Strategy.

In a move to enhance customer service and add to the ease of banking with DIB, the bank launched Al Islami Mobile Banking, as well as a new booking payment method for flydubai and DIB customers via Al Islami Online Banking.

The bank’s solid performance especially during these challenging times for financial services has not gone unrecognised. DIB was named the “Best Islamic Bank” in the UAE for 2010 by Global Finance magazine for the third consecutive year. DIB was also named “Best Islamic Retail Bank” by the International Islamic Finance Forum, and the “Best Takaful Distributor in the UAE” for the second quarter of 2010 by FWU AG, a global leader in Takaful product development,.

• Installment holiday for Personal and Auto Loans customers
• Premium interest rates for Recurring Deposits and Home Loans

Saif Al Mansoori, Deputy Head - Group Marketing, Emirates NBD

Dubai, August 15, 2010: In keeping with the spirit of Ramadan, Emirates NBD, a leading bank in the region, has introduced a series of special offers and value-added benefits for its customers spanning the retail banking services provided by the bank.

“Emirates NBD is always on the lookout for ways to support our clients and offer them value-added benefits for greater convenience,” said Saif Al Mansoori, Deputy Head – Group Marketing, Emirates NBD. “The bank has developed a series of offers, which will enable customers to focus on savings-related initiatives during the Holy Month.”

Customers opening a ‘Value Account’ with more than AED 10,000 will get one remittance free for any amount, currency or destination. Opening a Recurring Deposit account will offer them up to 3.5 per cent interest per annum, in addition to a low minimum monthly installment of AED 250, while customers setting up Fixed Deposits of AED 100,000 or more are eligible to receive free insurance cover of up to AED 500,000. 

Customers on the lookout for Home Loans can avail of a special introductory offer of 6.99 per cent interest per annum, while Auto Loans for Jaguar and Land Rover models have been priced at special interest rates, starting from 1.99 per cent or from 2.99 per cent respectively.

Customers purchasing Motor Insurance with Emirates NBD during this Ramadan are also eligible for free Roadside Assistance and VIP Registration service. In addition, as a special gesture, Emirates NBD is also offering customers an installment holiday on Emirates NBD Personal and Auto Loans, thus enabling them to postpone the installment to a later date.

Emirates NBD cardholders can avail of a variety of promotions during Ramadan when they use their Cards to shop at Bateel, Liali Jewellery, Aabharan, Joyalukkas or Malabar Gold jewelers. In addition, all Emirates NBD cardholders will receive significant dining discounts at The Address Hotels chain and Kempinski Hotel, Ajman.

Dubai, August 11, 2010: Emirates NBD, one of the leading banks in the Middle East, announced today that during the Holy Month of Ramadan, all the branches of the bank would operate special timings, to offer customers greater convenience and ease of banking.

All Emirates NBD branches that currently work a single shift will be open from 9:00AM to 2:00PM Saturday to Thursday. Additionally, branches at Dubai Silicon Oasis, Emirates Airline headquarters, Emaar Business Park, Dubai Outlet Mall and Qariyat Al Beri (Abu Dhabi) will extend working hours till 3:00pm to suit customer convenience.

Branches that currently operate two shifts will follow revised timings according to customer requirements, with the various schedules being 9:00AM to 2:00PM, 9:00AM to 3:00PM or 9:00AM to 4:00PM. Strategically located branches at Dubai and Sharjah International airports will be open from 9:00AM to 9:00PM. Branches at the major malls will either operate from 10:00AM to 9:00PM, or have split operating hours from 10:00 AM to 2:00 PM and 8:00 PM to 12:00 midnight to service customers.

Customers interested to know the Ramdan timings at specific Emirates NBD branches can call the Emirates NBD call centre on 043160316 or 600540000. or visit: www.emiratesnbd.com.

Brig. Mohammed Al Marri, Dubai Police and Saif Al Mansoori, Emirates NBD with other officials announcing the bank's sponsorship of Dubai Police Ramadan Tournaments final

Dubai, August 10, 2010: Emirates NBD, one of the leading banks in the Middle East, announced its sponsorship today for the forthcoming Dubai Police Ramadan Tournaments, to be held from August 15 to Sept 5, 2010 at the Dubai Police Club. This is the 18th consecutive year that Emirates NBD will be sponsoring the Dubai Police Ramadan Tournaments, which witness participation from police officers across the emirate.

“Dubai Police has established itself as one of the strongest pillars of the emirate’s social infrastructure with its continued dedication and commitment to strengthening security, safety and social service levels in the city,” said Saif Al Mansoori, Deputy Head, Group Marketing, Emirates NBD. “Emirates NBD appreciates their significant contribution towards ensuring the safety and security of the emirate’s residents, and is honoured to be associated with the annual tournaments organised by Dubai Police during the Holy Month of Ramadan.”

A friendly competition that takes place among members of the police force, the Dubai Police Ramadan Tournaments are held every year in concurrence with the Holy Month of Ramadan. This year, officers from different districts/sectors/areas across the emirate of Dubai will participate in various sports activities, including target shooting for high-ranking officials, snooker, bowling, squash, table tennis, tug-of-war, tennis, cross-country racing and tests of physical strength.

“The annual Ramadan Tournaments have become a much-awaited event throughout the entire police force in Dubai as they give a boost to the spirit of camaraderie and promote teamwork within the force, while creating opportunities for fun-filled activities,” said Brigadier Mohammed Al Marri, Deputy Director of Community Services, Dubai Police.

“Emirates NBD, which has consolidated its position as a leading bank across the Middle East, has supported this event continuously for the last 17 years. We are happy to welcome the bank once again as the event partner for this year and look forward to further strengthening this partnership in the future.”

Joint account holders of Bahraini origin declared winners of July’s Kunooz cash prize draw

Abdulla Ali (left), Kunooz millionaire for July receives the winner's cheque from Saeed Bin Mejren, Zone Manager - Dubai at Dubai Bank

Dubai, July 21, 2010: Dubai Bank today announced the results of its Kunooz monthly cash prize draw for the month of July, naming Abdulla Ali and Dana Mohamed, joint account holders at the bank’s Jumeirah Beach Residence branch as the lucky winners. The winners received the cheque of AED 1,000,000 from Saeed Bin Mejren, Zone Manager - Dubai at Dubai Bank.

“We are pleased to announce the latest winners of the Kunooz monthly cash prize promotion,” said Bin Mejren. “Since the launch of this programme early last year, we have seen increasing interest from our customers in the Kunooz Value Plus account. As a unique savings product, Kunooz not only offers optimal value for your savings and investments but also delivers a range of benefits. The Shari’a-compliant nature of the account along with the benefits of channeling savings in a simple and prudent manner will continue to be richly rewarding for our customers.”

Under the Kunooz monthly cash prize promotion, each multiple of AED 1,000 deposited in the Kunooz Account qualifies the customer for multiple entries into the draw for daily cash prizes of AED 30,000. For every multiple of AED 5,000 deposited, account holders become eligible for entry into the monthly grand prize draw of AED 1 million. The programme also offers participants the possibility to win more than once.

• Enables customers to deal with financial emergencies without breaking deposits
• Allows partial withdrawals while keeping rest of fixed deposit intact
• Scheme available on minimum deposits of AED100,000 or equivalent

Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD

Dubai, July 20, 2010: Emirates NBD, a leading bank in the region, announced today the launch of FlexiDeposits, an innovative product that allows customers to make partial withdrawals from their fixed deposit, while still keeping the rest of the deposit intact. The new initiative has been launched with the objective to offer customers the comfort of flexibility, security and high returns, all together in one fixed deposit offering.

“Liquidity and cash flow become significant issues for clients, when their money is tied up for extended periods of time in fixed deposits,” said Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD. “This is most evident during times of financial emergencies, when people are forced to break their fixed deposits and derail their savings plans. The new initiative from Emirates NBD encourages customers to continue with their long-term savings plans, while at the same time offering them innovative solutions to provide for their short-term requirements.”

“Emirates NBD’s primary focus is on customer convenience and we work closely with our clients to ensure that our products and services are tailored to suit their specific requirements,” said Vikram Krishna, Head, Group Marketing, Emirates NBD. “FlexiDeposits is another landmark concept that offers customers the liberty to save for the future while at the same time giving them the confidence that they can access their money in time of need.” 

FlexiDeposits, which require a minimum deposit amount of AED100,000 or its equivalent, is available in the four major currencies – the UAE dirham, the US dollar, the British pound or the euro. Deposits must be for a minimum tenor of six months, while the maximum term can extend to a period of three years.

Partial withdrawals from a FlexiDeposit can be made in multiples of AED 10,000. The frequency of the withdrawals is unlimited, thus facilitating clients to fulfil their savings plans, while giving them the confidence that their money is both easily accessible and offers profitable returns.

• Reiterates commitment to support community-related activities
• Focus on London clientele through high profile sport event

Emirates NBD sponsors Dubai International Arabian Race Day at Newbury Racecourse

Dubai, July 19, 2010: Emirates NBD, a leading bank in the region, announced today its sponsorship of the Dubai International Arabian Race Day, at Newbury Racecourse in the UK. Held under the patronage of HH Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, the Dubai International Arabian Race Day is organised by the Arabian Racing Organisation, the sole Arabian Racing Authority in the UK, operating with the support and permission of the British Horseracing Authority.

Only Arabian horses can participate in the races at this event, which is often termed the Arabian equivalent of Royal Ascot and attracts thousands of horse racing enthusiasts from across the UK.

“Horse racing is close to the hearts of Arabs, and Emirates NBD is proud to be associated as a key sponsor of this annual event at Newbury” said Sulaiman Al Mazroui, General Manager, Group Corporate Communications, Emirates NBD. “Arabian racing is a relaxed alternative to thoroughbred racing, and provided us with an excellent platform to demonstrate our commitment to our clients.”

Emirates NBD’s London branch hosted its VIP clients at the Dubai International Arabian Race Day, offering them a variety of onsite entertainment and leisure activities.

“At Emirates NBD, we are on the lookout for every opportunity to support our clients by offering them value-added services,” said Saif Al Mansoori, Deputy Head, Group Marketing, Emirates NBD. “Our London branch offers full-fledged Corporate, Private Banking, Priority Banking and cash management services, tailored to meet the needs of our loyal UK-based clients.”.