Abu Dhabi: The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has launched its Sukuk Income Fund, a unique product investing in Sharia'h-compliant investment instruments that offers investors attractive returns with low levels of risk.
The NBAD Sukuk Income Fund is an open-ended and actively managed product targeting a profit rate of 5% based on current market conditions. Any income will be distributed semi annually. It is open to institutional and individual investors who can invest as low as USD500 either through lump sum or regular savings plans.
The Fund is designed to capture the best opportunities available to investors by investing in a range of Sukuk and money market investments that are issued by the UAE Government; government-related entities, and selected corporates, mainly from the UAE and wider MENA region. The Fund, which will be managed by NBAD's Asset Management Group, the region's premier asset manager, will be diversified and closely monitored for risk minimisation.
"Despite the global turmoil, the economy remains healthy in GCC and the MENA region because the region's governments and corporations are investing heavily in expanding and improving infrastructure, which is mostly financed by bonds. As a result, this has created an unprecedented investment opportunities for regional fixed income instruments," says Mark Watts, the Head of Fixed Income at NBAD's Asset Management Group.
He adds: "Since the beginning of the financial crisis, many investors have faced negative return on their cash investments. The NBAD Sukuk Income Fund offers low risk investment and offers choice to investors who seek Shria'ah-compliant instruments with a low tolerance for risk. The NBAD Sukuk Fund would allow them to benefit from higher income while retaining the flexibility to access their investment on a weekly basis. It also offers the opportunity to diversify any investment portfolio and capture higher returns without taking undue risk."
The new Fund will be open for subscriptions for a limited time at the initial USD 5 per unit. The offer period closes on the 4 June 2012. Thereafter the Fund will be available at the weekly NAV price, subject to market movements.
NBAD's Asset Management Group (AMG) is one of the largest asset managers in the region with AED 5.2 billion under its management. It has recently been awarded "Best Asset Manager in the UAE" by Global Investor magazine, and the "Best Investment Product Award" by Banker Middle East magazine for its GCC's first Exchange Traded Fund (ETF), 1UAE.
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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.
NBAD has a network of 122 branches and more than 500 ATMs to provide banking services to customers all over the UAE.
Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
NBAD Investment Management (DIFC) Limited is regulated by the DFSA.
For further enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2012
