Commercial Bank of Dubai launches Al Dana Wealth Management Program

The new service is named after the most precious type of pearl found in the waters of the Arabian Gulf. It is designed in view of the growing number of affluent customers who need innovative wealth management plans that fully take advantage of the current economic boom and new investment opportunities.

Building on the strong ties between CBD and Rasmala, Al Dana customers would enjoy access to high-quality, multi-manager, open-architecture, Sharia'a compliant and conventional range of investment funds and a competitive mortgage product. They would also have exclusive and personalized current accounts, Al Dana Visa Infinite and World MasterCard, customized loans facilities and online brokerage services.
Announcing the service, Peter Baltussen, CEO, CBD, said that the size of the population that qualifies for Al Dana was witnessing a rapid growth in the UAE. "Al Dana will tap the immense scope that exists in this market for innovation and differentiation. Al Dana range of funds will be designed for each customer on the basis of a thorough assessment of their financial objectives, risk tolerance and investment time horizon," he explained.

Faisal Galadari, General Manager, Business Group, said, "Our growth strategy hinges on successfully meeting the diverse and disparate client needs. Our approach is based on the recognition that every one of our customers has unique needs and expectations," he added.

Describing the operational methods of the program, Thomas Smith, Deputy General Manager, Retail Banking said, "Al Dana customers would have access to a dedicated Relationship Manager who will personally attend to their financial services needs. They will also have privileged access to a wide range of investment products, besides being able to use the exclusive Al Dana Lounges with reserved car parking facilities. Al Dana Wealth Management's core philosophy is to listen to client needs, provide unbiased, objective and professional advice and design wealth management solutions to help them meet their financial objectives," he explained.

Othman Bin Hendi, AGM, Wealth Management, has been tasked with managing the Al Dana program. He has more than 20 years of experience in wealth management in the UAE.

Othman said, "We have begun with three Al Dana centres located at the CBD head office, the Dubai branch and at the Al Maktoum branch. By the end of the year, we will have three more at Jumeirah branch, Abu Dhabi and at Sharjah. Al Dana centers will eventually cover the whole of the UAE. Going forward, we aim to roll out the range of our services and multiply our locations rapidly."

Commercial Bank of Dubai was established in 1969. It is now one of the leading banks in the UAE. In 2006, it reported a record net profit of AED 601 million with the return on equity at 18.1%. The bank's total assets increased by 22% to AED 18.7 billion in 2006. With a network of 25 branches, it covers all of the UAE.