Abu Dhabi Commercial Bank (“ADCB”) has signed an agreement with Al Fardan Exchange for the distributorship of Emirati Millionaire Savings Account (EMSA) and Millionaire Destiny Savings Account (MDSA) at ADCB’s Head Office. The partnership will continue its efforts to exceed customer expectations and will increase awareness of these unique prize draw based products available in UAE.
The objective of this partnership is to expand ADCB’s products accessibility within the UAE and encourage a savings culture among UAE Nationals and expatriate residents, rewarding customers with millions of Dirhams cash and other prizes.
Amr Al Menhali, Head of Islamic Banking at ADCB, said:
“MDSA has become very popular in UAE and it has exceeded our expectations in terms of sales having more than 45,000 customers. Our new prize based product, EMSA has been recently launched exclusive for UAE nationals. Within a short span of one month of its launch, more than 1000 customers have already opened EMSA. Main success of these products is the transparency of ADCB. Now, with maintaining and expanding our long term relationship with Al Fardan Exchange, ADCB is expecting to generate more business.”
Commenting on Al Fardan alliance with ADCB, Osama Hamza Al Rahma, General Manager of Al Fardan Exchange, said:
“Al Fardan is proud to be associated with this partnership with ADCB, one of the major banks in UAE. This is a sustained relationship for more than 20 years. We compliment this relationship with Al Fardan’s 40 existing branches in UAE0. Advanced technology along with a good sales team is an added value to the sale of the products. This is only the starting point and we look forward mutually beneficially long term relationship with ADCB.”
ADCB’s Shari’ah compliant EMSA is targeted only to UAE nationals and their families. One of the unique features of the EMSA is that ADCB pays AED 25 to charity for each account opened. To be eligible for the draw a minimum average balance of AED 5,000 should be maintained in the account, for every AED 1,000, EMSA customer gets one chance in the draw. ADCB gives three additional chances to family members when one or more family members open EMSA. 31 monthly cash prizes worth a total of AED550,000 are awarded, along with yearly prizes of AED 2.7 Million (AED 15,000 monthly for 15 years) and 5 Hajj and 5 Umrah Packages.
EMSA customers earn competitive quarterly profits on their account balances and TouchPoints are also awarded on account balances and transactions. EMSA customers maintaining a certain balance are eligible for free Life Takaful, arranged by ADCB through Islamic Insurance Companies.
ADCB’s Shari’ah Compliant MDSA has become one the fastest growing product of the bank with more than 45000 customer base from across UAE. MDSA enjoys good mix of the three segments available in the bank, namely Aspire, Privilege and Excellency, catering to retail, mass affluent and high net worth consumer banking customers. All ADCB branches, Excellency RMs, Direct Sales and TeleSales staff offer MDSA to customers and the Bank is now exploring the possibilities of tie ups with leading exchange houses to further boost the distribution of MDSA in the UAE.
Interested customers can also apply for MDSA through the website and via internet banking. MDSA customers can earn competitive quarterly profits on their account balance and TouchPoints are also awarded on account balances and transactions. MDSA customers maintaining a certain balance are eligible for free Life Takaful, arranged by ADCB through Islamic Insurance Companies.
Customers also have easy access to the funds in their MDSA through internationally accepted debit cards, coupled with free internet banking and mobile banking services. One of the unique features of the MDSA is for every additional AED 1,000 above the minimum average balance of AED 5,000, ADCB will give that customer one additional chance of winning in the prize draw. Also, for every additional month an MDSA customer maintains the minimum average balance of AED 5,000, they get one more additional chance in the prize draws. The monthly prize is AED1,000,000 monthly.