Dubai-UAE: – Noor Bank, a leading Shari’a-compliant bank in the UAE, today announced that its four-year Fixed Maturity Plan (FMP) managed by Arqaam Capital, has raised over US$125 million subscriptions within three weeks of its launch.

In line with its objective to constantly strive to bring innovative solutions to its clients, Noor Wealth launched this FMP last month. The initial offering period was open between 17 September and 11 October, the FMP drew investments from a number of Noor Wealth clients globally.

The FMP, structured as a DIFC-based Islamic Fund, aims to provide income through investments predominantly in global Sukuks, and offers an annual income of 5 per cent.

Speaking on the FMP, Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: “We are delighted with the overwhelming response to the Noor Bank FMP with Arqaam Capital, which clearly reflects the strong demand for products that offer stable and assured returns. Noor Wealth has been one of the fastest growing wealth management platforms in the UAE, which reinforces the investor confidence in us and the products we offer.”

The overwhelming response to the product clearly demonstrates the strength of the Noor Wealth platform to create innovative solutions which cater to their clients’ needs.

Speaking for Arqaam, its Head of Fixed Income Asset Management, Abdul Kadir Hussain, said: “Combining our strong track record in Sukuk Fund management with Noor Bank’s excellent distribution team has resulted in this very successful outcome.”

-Ends-

About Noor Bank

Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Shari’a Supervisory Board, with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.  For further details, please visit: www.noorbank.com  or call 800 6667.

About Arqaam Capital

Established in 2007, Arqaam Capital (“Arqaam”) is a specialist investment bank focused on leveraging the growth of emerging and frontier markets, through offices in the UAE, South Africa, Egypt, and Lebanon.  Arqaam is a leading and fast-growing investment bank focused on the high growth markets in the Middle East and Africa. Arqaam currently has 13 business lines offering sales and trading, asset management, investment banking and other complementary services to approximately 900 clients, including corporate and institutional clients. Over the years Arqaam has built one of the region’s foremost Asset Management platforms with AUM of over US$ 800 M across its Public Securities and Fixed Income Asset Management business.

For media enquiries, please contact:

Susan Shoury

APCO Worldwide

Mobile:   +971 55 965 3647

Email:    sshoury@apcoworldwide.com 

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.