Bonds can now be purchased from over 45 Dubai Islamic Bank outlets in the UAE
Dubai, October 31 2007: National Bonds, the national savings scheme of the UAE, and Dubai Islamic Bank (DIB), entered into a strategic partnership via signing an agreement to expand the reach of marketing National Bonds. As per the agreement, DIB will now market National Bonds through its 45 local branches, making the saving scheme available to Dubai Islamic Bank customers within the UAE.
A signing ceremony was held to mark the occasion on 31st October at Dubai Islamic Bank's Head Office. The ceremony was attended by the Top Management of National Bonds and Dubai Islamic Bank.
Commenting on the new partnership, Mohammed Qasim Al Ali, DCEO of National Bonds Corporation, "Dubai Islamic Bank is a natural partner for National Bonds, being the pioneer of Islamic banking in the world whilst National Bonds is the pioneer in Shari'a compliant saving scheme- which makes this a perfect strategic partnership"
He also reiterated that "Both entities are committed towards inculcating a savings culture amongst its customers through providing innovative Sharia solutions that meet the demands of today's society. Increasing demand warrants the need for ease of access through more distribution channels spread over wider communities and businesses."
Wasim Saifi, Executive Vice President, Retail and Businesses banking, DIB, stated: "This agreement will add value to Dubai Islamic Bank own range of unique products and services. National Bonds will benefit our customers by giving them the opportunity to purchase a reliable, Sharia-complaint saving scheme. We are committed to meeting the diverse needs of our customers through partnering up with similar entities that trickle down benefits to the community."
The expected launch date for National Bonds being available for purchase from Dubai Islamic Bank branches is 17th November, 2007.
National Bonds is open to all nationalities. The partnership with Dubai Islamic Bank will increase the National Bonds network from more than 220 to more than 265 outlets in 2007.
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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 200 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 Corporation (NBC) will be distributed among bondholders.
About National Bonds Corporation
A private shareholding company, National Bonds Corporation is a Dubai-based entity with local shareholders comprising Dubai Bank, Dubai Holding and Emaar Properties. Overseen by the UAE Central Bank, National 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 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
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. The bank has recently announced the breaking of another world record by raising US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.
As recognition of its leading role in the international arena, DIB has received many awards from international organizations such as the prestigious "Bank of the Year - UAE" award for 2006 by The Banker magazine and accolades from Euromoney as well. In 2006, DIB received international credit rating by Standard & Poor's and Moodys.
Nizar Saab/ Sara Hamam
ASDA'A Public Relations
Tel: +971-4-3344550,
Fax: +971-4-3344556
E-Mail: n.saab@asdaa.com/ s.hamam@asdaa.com
For further information, please contact:
Tarek Fleihan
Mobile: (+97150) 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
E-mail: t.fleihan@asdaa.com
© Press Release 2007
