NCB offers new Islamic investment products
The National Commercial Bank (NCB) and Deutsche Bank have announced the launch of its Islamic EquityBuilder CertificatesTM - a class of investment products for the Islamic investor, which are in full compliance with Shariah Islamic principles of investments.
Approved by the Shariah Control Committee of NCB as per a Shariah Fatwa released on October 30, the certificates are the result of two years planning and collaboration between NCB and Deutsche Bank and use an objective and transparent quantitative strategy rather than an active management strategy.
Islamic EquityBuilder CertificatesTM offer investors the choice of investing in one or more regions, or globally, and can be used as portfolio building blocks with the objective of building long term wealth and diversifying risk.
The new class of investment products provides liquidity, transparency, diversification and accessibility in one package. They are the first Islamic products to be listed in the conventional market on a mainstream stock exchange and are easily tradable.
Investors can invest in the largest stocks worldwide with the most improved 12-month earnings outlook. The stocks are rebalanced every quarter without the disadvantages of high transaction costs and taxes. The primary offering of the Islamic Equity Builder CertificatesTM closes on 31 January 2003.
Saudi Arabia’s NCB accounts for 47.2 percent of the Kingdom’s total investment funds. NCB provides a wide range of investment funds which are in full compliance with Shariah Islamic principles of investments. Al-Ahli Global Trading Equity Fund, which was launched in 1995, is the largest fund of its kind in the world with assets exceeding two billion Saudi riyals ($544.5 million). — (menareport.com)
© 2002 Mena Report (www.menareport.com)