National Bonds signs a 10-year MoU with Dubai Sports Council |
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National savings scheme extends support to UAE sports by granting Dubai Sports Council 10 Million Dirhams
Dubai, July 9, 2007: National Bonds CorporationNational Bonds Corporation
, the Shari'a compliant national savings scheme of the UAE, has signed a Memorandum of Understanding (MoU) with Dubai Sports Council to develop the sports culture in the UAE. As part of the agreement, National Bonds will grant Dubai Sports Council AED10 million to support the Council's sports and youth development programmes. Mr. Nasser Al Shaikh, Vice Chairman and CEO of National Bonds CorporationNational Bonds Corporation and Matter Al Tayer, Vice-president of Dubai Sports Council signed the Memorandum of Understanding in the presence of Mohammad Al Shaibani, Chairman of National Bonds CorporationNational Bonds Corporation and Dr. Ahmed Al Sharif, Secretary General of Dubai Sports Council. The 10-year agreement aims to strengthen the sports sector in the UAE through the ongoing support of National Bonds to all of Dubai Sports Council's activities, which include, the creation of a comprehensive sports environment in the UAE while supporting the youth in cultivating their talents.
"National Bonds CorporationNational Bonds Corporation's partnership with Dubai Sports Council is in line with our commitment to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to create a sports culture that matches international standards. It is also a key element of our company's overall objective of enhancing public-private partnership," said Nasser Bin Hassan Al-Shaikh.
made a significant contribution to sports culture in the UAE by organizing the inaugural Mohammed Bin Rashid International Football Championship. "We are keen on drawing on the success of the Mohammed Bin Rashid International Football Championship and continue to encourage sporting events in the Emirates. Dubai Sports Council would be the ideal partner for us as the Council focuses its efforts on making Dubai a leading destination in the sporting arena," Al-Shaikh noted. "Under the guidance of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, President of Dubai Sports Council, the Council is striving to take sports in the UAE to a higher level and help our youth in nurturing their sporting and cultural talents. The partnership with National Bonds will provide a fillip to our efforts," added Mr. Mattar Al Tayer, Vice-president of Dubai Sports Council.
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About National Bonds
National Bonds is the National Saving Scheme of the UAE that provides UAE nationals, UAE residents and non-residents over the age of 16 with a credible, safe and Shari'a-compliant savings opportunity. Minors can also own National Bonds, provided the bonds are purchased by the parent/guardian. Each bond costs AED 10, with a minimum purchase of AED 100; bonds are available in over 150 outlets across the UAE. National Bonds offers all participants the opportunity to win up to one million Dirhams in monthly draws. The programme is based on the Islamic principle of Mudaraba, whereby at the end of the financial year 20 per cent of the profits made by the National Bonds CorporationNational Bonds Corporation (NBC) will be distributed among bondholders.
A private shareholding company, National Bonds CorporationNational Bonds Corporation
is a Dubai-based entity 50 % of which is owned by the Government of Dubai. Other local shareholders include Dubai Bank, Dubai Holding and Emaar Properties. Overseen by the UAE Central Bank, National Bonds CorporationNational Bonds Corporation is subject to the same regulatory procedures as those applicable to other financial institutions in the country. Licensed to operate throughout the UAE, National Bonds CorporationNational Bonds Corporation is Shari'a compliant, with a dedicated Shari'a Board to oversee all financial aspects including product-related operations and investments. The Shari'a Board is chaired by Dr. Hussain Hamid Hassan, a leading Shari'a scholar who is currently presiding over the Fatwa and Shari'a Supervision Boards of most Islamic financial institutions in the United Arab Emirates, and many abroad.For further information, please contact:
Lina Anani/ Nizar Saab
ASDA'A Public Relations
Tel: +971-4-3344550,
Fax: +971-4-3344556
E-Mail: l.anani@asdaa.com / n.saab@asdaa.com
© Press Release 2007
from ASDA'A Public Relations
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