Mashreqbank has launched a fund aimed at risk-averse investors seeking a higher rate of return than those offered by fixed deposits. The investment is 100 percent principal guaranteed and offers investors a confirmed return of five percent per annum for the first six-month period of its five-year tenure.
For each subsequent six-month period, the Mashreq Star fund will pay a five percent return for each day the London Inter Bank Offer Rate (LIBOR) remains at or below preset barriers. During the second six-month period the preset barrier has been set at 2.5 percent, rising by half a percent for each subsequent six-month period, reaching 6.5 percent in period 10.
Over the past 18 months Mashreq Bank has launched over 60 investment products. The Mashreq Star investment is available until March 24, or earlier if fully subscribed. It has a minimum investment requirement of $5,000 and multiples of $5,000 thereafter. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
