This week, Dubai Islamic Bank (DIB), the world’s first Islamic Bank, launched “Wala’a Dirhams”, the loyalty program for Al Islami Credit Cards. Wala’a Dirhams is powered by Zafin Lab’s miRevenue-Loyalty module.
Dr. Adnan Chilwan, Chief of Retail Banking, DIB said “In reviewing the market for solution vendors in the loyalty space, we found that Zafin’s solution provided us with the most flexibility to meet our current needs, while also providing a platform that can easily meet our future business needs. Their enterprise wide loyalty approach and capabilities are directly in line with our strategic objectives to offer unique and convenient banking solutions to our customers.”
This easy to use and easy to spend loyalty program allows card members to earn unlimited Wala’a Dirhams on their card transactions. Each Wala’a Dirham is equal to AED 1 in value and card members can redeem them against utility payments such as DEWA, SEWA, Etisalat and RTA Salik recharge – resulting in substantial savings for card members. Card members can also redeem their Wala’a Dirhams against gift vouchers for Carrefour, Union Co-Operative Society, Sharjah Co-Operative Society, Abu Dhabi Co-Operative Society, Home Centre, Sharaf DG, Paris Gallery as well as travel vouchers.
Sam Burns, Managing Director – Middle East Region said, “We are very excited about working with Dubai Islamic Bank. Their strategic direction for the bank’s Wala’a Dirhams loyalty program is directly aligned with the capabilities our solution provides. Having the ability to provide points issuance and redemption based on any internal transaction across the bank, combined with the ability to track and manage external rewards is a powerful combination. Strategies like these promote loyalty to the bank’s brand rather than directly to third party programs. Many banks within the region, as well as globally, are looking for breakthrough capabilities to assist them in meeting their strategic growth objectives. Zafin Labs is poised and ready to help achieve their goals.”
About Dubai Islamic Bank
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.
DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious “Bank of the Year – UAE” award from The Banker magazine and additional accolades from Euromoney.
About Zafin Labs
Zafin Labs provides solutions that enable “Customer Centricity” with a focus on revenue generation and recognition, catering exclusively to global financial service providers. Zafin Labs’ miRevenue product suite enables loyalty management, dynamic relationship pricing and revenue capture capabilities with complete transparency and compliance. Zafin Labs miRevenue suite has been recognized by industry leaders for its innovative capabilities, including FT –The Banker technology award. Zafin Labs has offices in Canada, Germany, Dubai, and India. For more information please visit us at www.zafinlabs.com