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National Bonds announces 3.54pc profit rate

Dubai, March 1, 2010

National Bonds Corporation (NBC) has announced its annual 2009 profit rate of 3.54 per cent for its bondholders. The profit bonds for 2009 will be issued effective January 1, 2010.

Over the last three years, NBC's cumulative profit rate has been 16.64 per cent, which is among the highest payout in comparison to any other similar savings schemes in the UAE.

The 2009 annual profit rate reflects remarkable growth achieved by National Bonds Corporation during a very challenging year and brings down the curtain on a third successful year, said a statement.

In a reflection of its solid showing in 2009, the company registered a 48 per cent growth in new savings deposits and saw its customer base increase by 8 per cent to 560,000 bondholders from over 91 different nationalities.

As a result the Mudaraba Fund grew to Dh3.7 billion while new business sales of Dh2.5 billion were achieved. Statistics also show repeat purchases rose to 63 per cent.

'With this annual profit rate of 3.54 per cent combined with our largest prize draw of Dh60 million-plus in the UAE, we have also kept our promise of offering the best returns to our bondholders even during a tough year in 2009,' said Mohammed Qasim Al Ali, chief executive officer of National Bonds Corporation.

'We also recently introduced the National Bonds Individual Takaful Cover as an appreciation of loyalty and added value to our eligible bondholders. This coverage is based on Shari'a-compliant takaful platform and is being provided to all individual bondholders from 12 months to 70 years old, up to a maximum value of Dh125,000 which can be claimed by the family of the deceased bondholder. Currently more than half a million of our customers are benefiting from this 'Takaful' coverage without any premium contribution,' added Louis Bruno Rochecouste, chief commercial officer of National Bonds Corporation.

This cover is based on the Islamic insurance 'Takaful' and managed by a Sharia compliant insurance company, Aman, he said.-TradeArabia News Service




Tags: UAE | banking | National Bonds Corporation | investment | finance |

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