Commenting on this occasion, Mohammed Qasim Al-Ali, CEO of National Bonds, said: "We are delighted to join the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This comes in line with our principles of providing innovative life changing Sharia-compliant financial products and services.”
He pointed out: “"Al Manasah" is a new concept of Islamic liquidity management that provides Islamic banks and finance companies with customized flexible Fintec solutions
24/7 to reduce turnarounds at lower cost while maintaining low risk levels, a principle that we adhere to in National Bonds.”
He added: “This service would enable Financial Institutions to complete the Murabaha cycle with their customers efficiently and flexibly to fit in with different business strategies. We will ensure the enhancement of business and operations are tailor made according to the needs of financial institutions to help them achieve their objectives. We are proud that the volume of transactions has exceeded 180,000 transactions, the value of which is more than AED 85 billion, since the launch of "Al Manasah" in 2015 to date.”
“We are also pleased to add this new Platform to our series of products aimed at supporting the Sharia-compliant finance industry. We are confident that the electronic bond-trading platform would strengthen the position of the UAE as the third-largest Sukuk trading market worldwide and realize the UAE's vision to be a global hub for the Islamic economy. The platform is gaining interest from financial institutions in the GCC, MENA and internationally. There is no doubt that "Al Manassah” will cater for the ever-increasing demand for Islamic finance products in the region,” he added.
About National Bonds Corporation PSC
National Bonds, is a Sharia'a compliant saving scheme that provides UAE nationals, UAE residents and non-residents with a credible and safe savings opportunity. Minors can also own National Bonds, provided the bonds are purchased by the parent/guardian. Each bond costs AED10, with a minimum purchase option of AED100. National Bonds Corporation PSC announced an annual return up to 4% for 2018. The scheme has distributed an annualized rate of return of 52% since inception, which is a combined average of annual returns and prizes distributed till 2018. National Bonds is a unique savings scheme with a diversified client base, offering:
· Opportunity to win more than 40,000 prizes every month. These prizes include monthly and quarterly awards distributed to UAE nationals and residents in separate categories. The quarterly prize offers two participants the chance to win a million dirham award every first Sunday of the quarter. The monthly awards give two bondholders the chance to win AED10, 000 to two women bondholders, and AED 10,000 to two minor bondholders. In addition, regular savers have the chance to win 15 awards worth AED10, 000 every month. The monthly prizes also include give away cash awards valued at AED50 each. The awards are allocated to 4,000 women bondholders, 4,000 minor bondholders, 8,000 regular savers, and 24,000 awards for all individual bondholders.
· National Bonds can be purchased from nearly 1,700 outlets across the UAE, including The Sukuk Express through MBME - The Cube machines, Emirates Post offices, exchange houses and selected banks. · National Bonds can also be purchased online at www.nationalbonds.ae
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© Press Release 2019