Starting June 2008 CBI gives nationals and expatriates a chance to win AED 10,000 every week
Dubai, UAE: Commercial Bank International (CBI) today announced the launch of a new raffle saving scheme, Mabrook, a saving solution is aiming to provide the advantage of a low balance saving scheme with a high return weekly raffle offering a prize of AED 10,000 every week.
Aimed at UAE's national and expatriate communities, Mabrook's launch is one of the many initiatives designed to reflect CBI's customer-centric objectives for 2008.
"Mabrook is our way of saying thank you and congratulations at the same time; and we're happy to be able to present this unique product to all UAE residents. Our intention is to encourage the concept of saving, even if it means starting small and nurturing those savings to help our customers realise their bigger goals and aspirations," said Douwe Oppedijk, CBI's newly appointed Chief Executive Officer.
Mabrook is scheduled to go live on Monday 9 June 2008, and will offer customers the benefit of a savings account and a chance to win AED 10,000 in the weekly lucky draw for a minimum required balance of AED 100. The inaugural draw will be held on the 19th of June followed by the announcement of the winner on 22nd of June, 2008 and consecutive weekly draw will follow.
The Mabrook savings scheme mirrors the region's popular raffle saving scheme concept; but distinguishes itself by uniquely addressing consumers looking for a saving solution that tailors itself to a range of diverse income brackets coupled with a high frequency raffle draw.
In order to participate, residents are invited to open a Mabrook savings account with a minimum initial balance of AED 100, which qualifies the customer for one chance in the weekly lucky draw. With every additional AED 100 in the savings account, a customer receives an additional chance to enter into the lucky draw, thereby increasing his / her chances to win.
Commenting on the product's unique features, Hesham Said Abdallah, Acting Head of Retail Group, CBI said, "Not only does our weekly scheme give our customers more chances to win, it also provides the advantage of multiple entries; which means every weekly winner has the opportunity to participate in the next draw, regardless of how many times he or she wins."
Mabrook saving's scheme will additionally offer free accidental life insurance equal to the available balance with a maximum sum insured of AED 100,000. The Mabrook saving scheme gives the customer the freedom to operate as a single account holder or as a joint account and provides an international debit card facility enabling all account holders to access their funds anywhere, anytime. Additionally, CBI also offers one of the competitive interest rates compared to similar schemes
"Mabrook is a product that reflects CBI's commitment to customer-centric solutions and services; the saving scheme not only provides the opportunity to win, but also gives the customer flexible options, in terms of ownership and access," said Abdallah.
Mabrook Saving Scheme Terms and Conditions:
1. All standard & ordinary terms & conditions of CBI account opening are applicable & shall remain valid for Mabrook Savings Scheme
2. Mabrook Savings Accounts are entitled for enrolment in CBI's draws related to Mabrook Scheme, as per the draw dates announced by CBI from time to time.
3. AED 100 will be blocked continuously inside the account, and it can be only withdrawn upon account closure.
4. CBI reserves the right to end the scheme at any time without giving any notice prior to the end date.
5. Enrolment of Mabrook Savings account holder in any draw shall be subject to the value of account's available balance that customer has, prior to any draw with a pre-set duration for each type of draw as per the discretion of CBI management.
6. The available lowest Balance within the previous month or the previous duration is one of the factors that determines the balance should be enrolled in any draw.
7. Employees of CBI, subsidiaries and its advertising company along with their immediate family such as spouse & children, are not eligible to open these Raffle Savings accounts.
8. CBI shall not be responsible or liable for any incomplete/wrong address provided by the customer.
9. Any prize-winning Raffle Savings account shall be deposited to winner's account by transferring the prize to his/her Mabrook savings account.
10. CBI reserves the right to use the winning account number, and account holder's name/photo in the advertisements and other Bank promotion programs.
11. The bank reserves the right to close any Mabrook Savings account automatically if the account and not activated by crediting any amount within 90 days from the account opening date without obtaining any prior approval from the account holder.
12. CBI reserves the right to introduce any charges, at any time.
13. If the prize is not claimed within 6 months after the draw date & the announcement date, the bank has the right to cancel the prize.
14. CBI reserves the right to debit the account each month or in regular intervals towards the premiums of the insurance benefit, this is applicable if the insurance benefit is not offered for free.
15. In case the account holder does not wish his / her account to be debited due to the insurance benefit if it is not offered for free , accordingly debiting the account should be stopped starting from the next month and no refund shall be payable in this case for the previous months.
16. The CBI may use different insurance companies from time to time and may change and alter the terms of the policy at it is own discretion.
17. The insurance coverage shall be purely between the account holder and the insurance company. CBI's role is only as a marketer of the Insurance product.
18. The insurance schemes provided by CBI from time to time shall be subject to the terms and conditions of the policy wording, and in the event of a claim, the decision of the insurance company shall be final and binding. CBI shall have no liability whatsoever in the event of a claim or any dispute between account holder & insurance company.
19. In case of Joint Account holders, the insurance benefit offered shall be applicable and divided equally for each named account holder of all insurance amounts.
20. CBI has the right to take the necessary legal actions in the event of any suspected transaction that customer might execute related directly or indirectly to money laundering crimes.
21. Civil courts of UAE shall have exclusive jurisdiction to resolve any dispute related to these Raffle Savings Accounts.
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About Commercial Bank International (CBI)
CBI started operations on May 1991 with one branch in Ras Al Khaimah and one in Dubai with a paid up capital of AED 44 Million and authorized capital of AED 100 Million. The paid up capital was increased to AED 1.089 billion as of December 2007. Currently CBI has a network of 10 branches and 41 ATMs spread across the Emirates, in addition to the Call Centre and plans to extend its network with five new branches in 2008. The staff strength is 557, of which 28% are UAE Nationals. For more information on CBI visit www.cbiuae.com
© Press Release 2008
