Commercial Bank of Dubai launches Beit Al Khair pre-paid card
Commercial Bank of Dubai has signed a memorandum of understanding (MoU) with Beit Al Khair Society, whereby the bank provides cashless solutions to the beneficiaries of the Society, as part of CBD's commitment to the highest standards of corporate social responsibility and its leading role in the development of innovative electronic financial solutions.
The MoU was signed by Juma Al Majid, Chairman of Beit Al Khair Society, and Saeed Ahmed Ghobash, Chairman of CBD, at a ceremony held at the Juma Al Majid Cultural and Heritage Center in Dubai, in the presence of a number of senior officials of the Society and the bank.
Peter Baltussen, CEO of CBD, said, “In line with the bank's commitment to its social responsibility towards the community, and the orientation of the government of the United Arab Emirates, aimed at promoting the use of electronic services in all financial transactions, we are delighted to announce this partnership with Beit Al Khair Society. This will provide cashless banking services that contribute to facilitating their work, reducing the cost of their transactions and enhancing their distinctiveness in charity work, thus providing convenience and flexibility to their beneficiaries.”
CBD is the first in the Arab region to develop a cashless solution for charity. The MoU brings CBD's tailor-made cashless payment solutions to Beit Al Khair, as the bank will develop co-branded CBD – Beit Al Khair pre-paid cards. The card functions like a debit card. Funds will be loaded onto the card and it can be used directly at points of purchase, or to withdraw money from cash machines. This is a permanent use card, with the facility of loading money as and when required by Beit Al Khair Society, which will enable them to handle finances with ease due to eliminating the risk involved in large amounts of cash and cheque distribution.
The pre-paid CBD-Beit Al Khair Society card would deliver electronic payment to the beneficiaries. They will receive their benefits without visiting the Society office; the Society staff, in turn, will have their time freed up, as the need for face-to-face interaction will be reduced.
Yaqoob Yousuf, CBD Deputy Chief Executive, said, “Our co-operation with Beit Al Khair Society is part of our contribution to the support of the community in which we live and work. Social responsibility is a fundamental pillar of our strategy and corporate initiatives. We are proud of such co-operation and hope that this partnership will be the beginning of fruitful and constructive ties with Beit Al Khair Society, which plays a crucial role in providing excellent humanitarian services in the UAE.”
Abdeen Taher Al-Awadi, General Manager of Beit Al Khair Society, expressed his pleasure with this partnership involving CBD, one of the leading financial institutions in the UAE, pointing out that this co-operation would benefit nearly 5,000 families that receive Society aid every month.
Al-Awadi stressed that since its inception, the Society had sought to be the leader in providing humanitarian services to the needy in the UAE. “Our partnership with CBD will enable us to provide these services in a more efficient manner,” he said. He extended his thanks to the CBD management for supporting charitable and social initiatives. “Investment in this area is the perfect choice – this is part of the bank's several measures taken in the service of the community,” the official said.
It is noteworthy that CBD is playing a leading role in accelerating the UAE's shift to cashless transactions through the launch of a range of solutions designed to meet the financial requirements of organisations and institutions in all sectors.