Mashreq offers insurance with gold investment
Dubai, October 19, 2011
Mashreq, a leading UAE financial institution, has announced the launch of a unique gold investment product that comes packaged with a free life insurance policy.
The first-of-its-kind bundled product allows customers to invest in gold bullion through a fund thereby giving them the opportunity to access one of the preferred asset investments categories during these uncertain times, a statement from the institution said.
Under this product, Mashreq offers customers the opportunity to invest either in a lump sum of Dh26,000 ($7,100) or monthly investments starting from Dh1,200 ($327).
The free life insurance bundled with this product amounts 10 times if the investment is made in a lump sum and 100 times if made on a monthly basis. The maximum limit of the life insurance is capped at Dh1 million ($272,000).
Nimish Dwivedi, head of personal banking, Mashreq, said: “Gold has emerged as an important asset class during these turbulent times. With this offering, customers not only get the benefit of investing in gold but also get the dual advantage of a free life insurance cover with their investment. This is a unique and relevant offering that will appeal to all investors looking at including gold as an asset class in their investment portfolio.”
The product has no lock in period allowing customers the flexibility to invest in the scheme as long as they prefer and redeem the value of their savings at anytime, the statement said. – TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum