National Bonds, the national savings scheme of the UAE, celebrated its second year of achieving significant growth at a gala dinner attended by hundreds of guests including key dignitaries, business partners, and staff members.
The second anniversary celebration, hosted by His Excellency Mohammed Ibrahim Al Shaibani, Chairman, National Bonds Corporation, was held on March 18, 2008, at Le Royal Meridien Beach Resort and Spa, Dubai.
His Excellency felicitated National Bonds’ key partners namely Emirates Islamic Bank, Dubai Islamic Bank, Sharjah Islamic Bank and exchange houses such as Al Ansari, Al Fardan, Al Ghurair, Redha Al Ansari, Al Rostamani International, UAE Exchange, Wall Street Exchange and Lari Exchange.
Addressing the gathering, Mohammad Qassim Al Ali, CEO, National Bonds, expressed his gratitude to business partners, shareholders, and staff, and said that they were instrumental in making National Bonds become part of the lives of 380,000 bondholders, within a short span of time. “We have instilled a strong savings culture in the UAE and supported the personal aspirations of thousands of families. The trust that our bondholders place with us, the wealth of knowledge of our Sharia-scholars, the wide-reaching network of approximately 300 distributing partners and the innovative spirit and dedication of our staff, has made the journey of National Bonds a great success,” he said.
Since launch in 2006, National Bonds has achieved sales exceeding two billion Dirhams. In tandem with the phenomenal sales growth, the total value of monthly prizes has been increased to five million dirhams beginning this year. To date AED 90 million has been distributed in the monthly draws.
National Bonds recorded stellar performance in 2007, which led to the disbursement of an annual profit of 6.03 per cent, higher than that of any other comparable savings product in the market.
As a responsible corporate citizen, National Bonds has been involved in the social development of the UAE through various housing and education initiatives. In an effort to expand their reach, National Bonds will support more countries in their drive towards integrating savings into their community.
Al Ali concluded: “Our aim is to make National Bonds a truly global brand, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. We expect to announce significant developments in this area in 2008 to make National Bonds ‘Everyone’s favorite place to save.”
About National Bonds Corporation:
A private shareholding company, National Bonds Corporation (NBC) is a Dubai-based entity that was launched in March 2006. The Government of Dubai holds a 50 per cent ownership in the company with each of its local shareholders, comprising Dubai Bank, Dubai Holding and Emaar Properties, holding 16.6 per cent ownership respectively. National Bonds Corporation is Sharia compliant, with a dedicated Sharia Board to oversee all financial aspects, including product-related operations and investments.
Since its launch in 2006, National Bonds has come up with various successful initiatives in community development. In December 2006, it launched “Skycourts,” the elegant and affordable freehold residential community in the heart of Dubailand Residence Complex. In 2007, National Bonds launched National Properties, a wholly owned, full-service real estate subsidiary that offers distinctive homes and lifestyle options to the multinational UAE community. They also launched Madaares PJSC, an initiative aimed at raising quality standards in the region’s education sector. Madaares has acquired Taaleem and its associate Beacon Education, a leading provider of high-end primary and secondary education in the Gulf region consolidate its position in the fast-growing education sector
About National Bonds:
National Bonds is the National Saving Scheme of the UAE that provides UAE nationals, UAE residents and non-residents over the age of 16 with a credible, safe and Sharia-compliant 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; bonds are available in over 200 outlets across the UAE.
National Bonds offers all participants the opportunity to win up to AED 1 million in monthly draws. The programme is based on the Islamic principle of Mudaraba, whereby at the end of the financial year 20 per cent of the profits made by the National Bonds Corporation (NBC) will be distributed among bondholders.
