Emirates Islamic marks National Day with launch of prepaid card branded with stylized UAE Flag

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it would mark the 42nd National Day with the launch of a special prepaid card branded with a stylized design of the UAE Flag.

Emirates Islamic marks National Day with launch of prepaid card branded with stylized UAE Flag

Emirates Islamic marks National Day with launch of prepaid card branded with stylized UAE Flag


The special prepaid cardisbeing launched as a significant representation of Emirates Islamic’s consistent commitment to the UAE’s growth and pride.

The bank also announced that customers using their Emirates Islamic credit cards for transactions at Grand Stores during the National Day weekend, would be eligible for a 10 per cent discount on all spends. Additionally, Emirates Islamic credit card customers would also be eligible for an Easy Payment Plan (EPP) at zero per cent interest for a period of 12 months on all purchases made via an EI credit card during the National Day weekend.

“Through the special prepaid card, Emirates Islamic wants to participate in the celebrations of the UAE National Day and salute the nation for what it has achieved in such a short period of time,” said Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic.“The prepaid card with the unique design of the UAE National Flag is also in line with Emirates Islamic’s commitment to launch innovative products with new features from time to time. This move is also in keeping with our newly launched identity, which emphasises simplicity, modernity and innovation.”

The launch of the new product will augment Emirates Islamic’s existing product line up, and is in line with the bank’s strategy to provide innovative Shari’a compliant solutions and products to customers from all segments of the society.


National Bonds wins 'Best Islamic Savings product for 2013' award

Honoured at Global Islamic Finance Award Ceremony in Dubai.

National Bonds wins 'Best Islamic Savings product for 2013' award

National Bonds wins ‘Best Islamic Savings product for 2013’ award

Dubai-UAE: November 27, 2013 – National Bonds , a leader in sharia compliant savings and investment schemes, has scooped the award for ‘Best Islamic Savings Product in 2013’ at the Global Islamic Finance Awards ceremony held in Dubai.

National Bonds Corporation was recognized for its ongoing efforts to foster a culture of savings through offering a range of products compatible with Islamic principles and accessible to all segments of the society in the UAE, as well as globally.

The Global Islamic Finance Awards, organized this year by Edbiz Consulting, are presented annually under the auspices of the Banking Conference Group in the Muslim world. The awards highlight best practices in the field of Islamic banking and finance. The award ceremony, which formed the highlight of the fifth World Islamic Retail Banking Conference in Dubai, witnessed the participation of prominent world leaders including the Crown Prince of the Malaysian state of Perak, Prince Dr Raja Shah Nzeran, and the former Prime Minister of Pakistan, Shaukat Aziz.

Mohammad Qasim Al Ali, CEO of National Bonds Corporation , said: “We are delighted to win this prestigious award that underlines our continued commitment to promoting a culture of savings and encouraging individuals and families to take the crucial step towards developing a regular savings habit. We provide our bondholders with updated products and services that keep pace with the changing requirements of our existing and new customers. We also offer innovative initiatives through strategic partnerships with financial institutions and local Takaful companies that in turn enable us to share best practices and support the efforts of individuals to ensure a secure financial future for themselves and their families.”

The award particularly highlighted the uniqueness of National Bonds as the first scheme of its kind in the Muslim world that offers Sukuk Al Mudaraba on retail basis and at affordable price starting from AED100 to citizens, residents as well as non-residents in the UAE with the National Bonds savings program. The award also recognized the prize linked savings scheme for being the largest and richest rewards program of its kind in the region.

National Bonds ‘ Rewards Program allows bondholders to win daily and weekly prizes of more than AED46 million annually. It also provides competitive annual returns that are higher than those granted by other savings programs. The company’s sustained efforts to educate and raise awareness on the importance of regular savings through initiatives such as the monthly savings program via issuing a standing instruction with banks or the monthly deduction program for employees from the private and public sector were also acknowledged.

Mohammad Qasim Al Ali added: “We thank the organizers of the Global Islamic Finance Awards for creating a knowledge-sharing platform that informs the public about the opportunities Islamic banking provides in the region as an ethical alternative to conventional banking. We would also like to thank our bondholders and our entire team including the company’s board of directors and of course our shareholders for their conviction and continued support to the scheme. We believe this award will definitely serve as a value-addition to Dubai’s bid to becoming the global capital of Islamic economy.”

National Bonds , licensed and regulated by the UAE Central Bank, is a sharia 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 limit of AED100.


About National Bonds Corporation PJSC:

National Bonds , which is licensed and regulated by the UAE Central Bank, 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 AED 10, with a minimum purchase of AED 100 National Bonds Corporation PJSC announced an annual profit up to 2.62% for 2012. The scheme has distributed an annualized rate of return of 5.6% since inception, which is a combined average of annualized profits and prizes distributed till 2012. National Bonds is a unique savings scheme with a huge and diversified client base with over than 690,000 customers, offering:

Customers will have the opportunity to win 43,207 prizes every month. These prizes include a double number of weekly awards distributed across two categories of citizens and residents. The first week prize is the million dirham awards that allow all bondholders to enrol in regardless of the savings they have. The million dirham award is followed by two BMW cars in the second week and two gold bars to two women bondholders worth AED100,000 each during the third week. In addition to two scholarships worth AED 50,000 each to two student bondholders.

The prizes also includes give away cash award every minute of every day. The total number of cast award in a day is 1,440 valued at AED50 each, 600 prizes will be reserved for bondholders in specific sub-categories: 200 for women bondholders, 200 for children bondholders and 200 for bondholders who have a direct debit arrangement with their respective banks.

Savings with National Bonds can be redeemed easily after an initial 90-day holding period by calling 600522279 or for instant cash redemptions up to AED 10,000 per day through visiting selective branches of Al Ansari exchange and UAE Exchange houses across the UAE.
National Bonds does not charge any transaction fee from its customers. One can open an account for free and also close the account at any time without paying a penalty.

The National Bonds Employee Saving Program offers government and private sector employees an opportunity to save a portion of their salary on a monthly basis and also be entitled to all benefits and rewards offered by National Bonds
National Bonds can be purchased from nearly 620 outlets across the UAE, including Emirates Post offices, exchange houses and banks.

National Bonds can also be purchased online at www.nationalbonds.ae or call 600 522 279
© Press Release 2013

© Copyright Zawya. All Rights Reserved.


Noor Islamic Bank, DMCC Offers UAE gold bullion coins investment

Noor Islamic Bank has rolled out sales of the UAE gold bullion coins for retail buyers in denominations of one, half, quarter and one/tenth ounce in 99.99 per cent purity (24 karat). Noor is the first Islamic bank in the UAE to offer a fully-fledged product in the precious metals segment. The initiative has been launched in partnership with the Dubai Multi Commodities Centre (DMCC), which designed and launched the UAE gold bullion coins in April 2012.

Noor Islamic Bank, DMCC Offers UAE gold bullion coins investment

Noor Islamic Bank, DMCC Offers UAE gold bullion coins investment

Chamieh Ahmad Yaseen Al Mokdad (second right) receives the first kilo gold bar purchased under Noor Islamic Bank’s physical gold product offering, from Omar Anwar, Acting Head of Treasury, Noor Islamic Bank. Also pictured are Ahmad Yousef (left), Senior Manager – Treasury Sales and Tamer Mohamed (right), Relationship Manager – Wealth Management, at Noor.

Omar Anwar, Acting Head of Treasury, Noor Islamic Bank, said, “Gold is primarily a long-term investment that holds the potential to offer multiple returns. However, most investors are wary of gold securities, which do not give the same assurance as physical gold as there is always a question on the ratio of global gold stocks and the issuance of certificates. On the other hand, storing physical gold has always posed a critical concern for investors. With the option of storage facilities, our product effectively extends a safe investment option to individuals looking for profitable yet secure avenues to park their funds.”

The coins are minted by Swiss refinery Argor-Heraeus, one of the world’s largest processors of precious metals and are accredited by DMCC’s Dubai Good Delivery Standard (DGD). Noor also offers gold kilo bars for larger trade quantities, which could be sourced from suppliers of choice including Argor-Heraeus, Swiss Gold, Emirates Gold and Al Etihad Gold Refinery.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said, “We congratulate Noor Islamic Bank on becoming the first Islamic bank distributor of the UAE Gold Bullion Coins. These coins celebrate the accomplishments of the UAE’s visionary rulers. We are proud to see the UAE Bullion Coins further contribute to the growth of the Islamic economy in line with His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai’s Islamic Economic Strategy to make Dubai the Capital of Islamic Finance.”

As a value-added service, Noor is also offering storage custody through an insured third party vault operator. In return, clients will be provided with certificates for physically-backed gold product. Alternatively, clients can take delivery of the gold, both coins and bars, through an agreed third party delivery method. The bullion can also be collected directly from the vault with prior confirmation.

Gautam Sashittal, Chief Operating Officer, DMCC, said, “DMCC is proud to partner with institutions such as Noor Islamic Bank, which are committed to developing innovative Islamic banking solutions. Noor represents the culture of change that is taking place in Dubai by incorporating bullion trading into its activities.”


Malaysia and UAE tie up to boost economic ties, Islamic finance

(Reuters) – The central banks of Malaysia and the United Arab Emirates signed a pact on Friday to foster closer economic ties between the two countries, including in the area of Islamic finance.

The pact signals stronger cooperation between the two financial hubs, which held a combined $181 billion in sharia-compliant banking assets as of 2011, despite growing competition for a share of Islamic business.

Malaysia and UAE tie up to boost economic ties, Islamic finance

Governors of both central banks signed the memorandum of understanding on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.

It follows stronger cooperation between the Islamic finance centers, in particular the Gulf and Southeast Asian regions, despite traditional differences in the design and implementation of sharia-compliant financial products.

Both central banks are key backers of the Malaysia-based International Islamic Liquidity Management Corp, an institution tasked with addressing a shortage of interbank lending products for Islamic banks.

Malaysia and UAE tie up to boost economic ties, Islamic finance

Malaysia and UAE tie up to boost economic ties, Islamic finance

Last year, Malaysia’s securities commission revised its guidelines for screening equities that qualify for Islamic investment, moving them closer to the approach used in the Gulf.

The global Islamic banking industry is expected to tip $1.3 trillion by year-end. It follows religious principles such as a ban on interest and pure monetary speculation.

(Corrects to fix spelling of Malaysia in headline)

(Reporting by Bernardo Vizcaino and Al-Zaquan Amer Hamzah; Editing by Clarence Fernandez)