Dubai Islamic Bank (DIB) launched Shariah-compliant four-year capital protected global real estate income trust (REIT) notes.
The four-year capital protected REIT notes will have a minimum investment of $10,000 and no management fee. The notes are strictly supervised by Shariah adviser Dar Al Istithmar whose Shariah board comprises five of the world's leading Shariah scholars who continually monitor the entire investment and reporting process.
DIB reported Dh1.56 billion in net profit for the year ended December 31, 2006 rising by 47 per cent compared to Dh1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at Dh3.3 billion, an increase of 65 per cent compared to Dh2 billion for the year ended December 31, 2005. Source
The four-year capital protected REIT notes will have a minimum investment of $10,000 and no management fee. The notes are strictly supervised by Shariah adviser Dar Al Istithmar whose Shariah board comprises five of the world's leading Shariah scholars who continually monitor the entire investment and reporting process.
DIB reported Dh1.56 billion in net profit for the year ended December 31, 2006 rising by 47 per cent compared to Dh1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at Dh3.3 billion, an increase of 65 per cent compared to Dh2 billion for the year ended December 31, 2005. Source
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