| 17 Oct 2007 |
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DIB launches two new products
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announced today the simultaneous launch of two innovative investment products that provide customers with a highly diversified approach to their investments.Launched by DIBDIB's Wealth Management Division, the two products include the eight-year USD36 million Al Islami Shipping Fund II, which offers an expected income of eight per cent annually, with quarterly profit distribution through a Musharaka contract, or Islamic Partnership; and the three-year Sharia-compliant Capital Protected 50/50 Upside Note (with a Sharia-c compliant mechanism to achieve capital protection), which provides exposure to the global equity market through a unique Long-Short strategy developed by Deutsche Bank and will benchmark the performance of the Alpha Pairs Sectors index of - a unique long-short strategy developed by Deutsche Bank..Both products have been approved by DIBDIB's Sharia Board, which is headed by Dr. Hussain Hamed Hassan, a memberHead Chairman, Sharia Board DIBDIB Group and the Head of the Sharia Supervisory Committees of many leading Islamic financial institutions. DIBDIB's Sharia Board will continually monitor the entire investment and reporting process.The eight-year Shipping Fund II is a Musharaka contract with large, widely recognised investors in three vessels. This innovative product, which offers the stability and predictable returns of the shipping market, provides an expected income of eight per cent annually.The three-year Capital Protected 50/50 Upside Note (with a Sharia- compliant mechanism to achieve capital protection), linked to the performance of the Deutsche Bank's Alpha Pairs Sector index CROCI Long-Short product, is carried out through a Sharia-compliant mechanism. One hundred per cent capital protection is achieved through a binding promise by the agent to purchase the assets of the fund at maturity at cost, plus margin basis.
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