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National Bonds Corporation

National Bonds Corporation has unveiled the first national saving scheme for the UAE. The scheme, which will be open to UAE nationals, residents and non residents of the UAE over 16, aims to provide the public with an alternative Shari’a compliant savings opportunity. National Bonds will offer all participants a safe and credible savings option whilst simultaneously providing people with a unique opportunity to win millions of dirhams in monthly draws. A private shareholding company, National Bonds Corporation is a Dubai based entity with local shareholders including Dubai Bank, Dubai Holding and Emaar Properties. Nasser Al Shaikh, CEO of National Bonds Corporation stated, “National Bonds is a simple and effective means by which people can save their money. Our research indicates that many in this region enjoy above average disposable income and whilst banking products are satisfactory there is evidence that there is a shortage of alternative saving schemes.” He added; “This claim can be substantiated by the fact that many continue to repatriate money back to their home lands. National Bonds offers people with a great opportunity both to save money in the UAE whilst automatically being entered into the monthly draws.” A groundbreaking initiative, National Bonds Corporation offers the first Shari’a compliant product of its type in the world. Overseen by the UAE Central Bank, National Bonds Corporation will be subject to the same regulatory procedures as other financial institutions in the region. A Shari’a appointed board, led by Dr. Hussain Hamid Hassan, a leading expert and the President of the Fatwa and Shari’a Supervision Board, will ensure that National Bonds and any associated investments are Shari’a compliant. The Bonds which will be on sale throughout the UAE from the 18th March 2006 will be priced at 10AED per bond and available in a minimum purchase of 100AED. Whilst providing a safe and reliable savings opportunity, bond holders will also be eligible to win huge cash prizes totaling 4 million dirhams in monthly draws. With the UAE economy continuing to boom and the expatriate workforce continuing to grow, it is anticipated that National Bonds will fulfill some of the demand for more diverse savings opportunities. In addition, the capital leveraged from the scheme will be utilized for the benefit and development of the region. Al Shaikh continued, “Over and above its ability to offer individuals with a flexible and local savings opportunity, National Bonds Corporation will benefit the community through its program of investments which will actively support development and improvement within the local community.

Website: http://www.nationalbonds.ae

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