Dubai Islamic Bank (DIB) yesterday launched two investment products linked to the fast-growing alternative energy sector.
Launched by DIB’s Wealth Management Division, both products are linked to the DWS New Resources Fund, which targets companies active in water, agrochemicals and renewable energies. DWS is the mutual fund arm of Deutsche Asset Management.
The two Shariah-compliant products are a 10-year non-capital-protected certificate and a five-year capital-protected note. Both products, which are priced in euros with a minimum investment of 10,000 euros, are structured with and issued by Deutsche Bank, and offer biweekly redemption.
Executives at the Press briefing said the products are the first of their kind in the region, and reinforced DIB’s commitment to innovation and socially responsible investment. More specifically, they said the products give exposure to basic resources, which are coming under increasing strain as the world’s population, and therefore consumption, continues to grow rapidly. For example, demand for potable water is expected to triple over the next 30 years. Similarly, the need for alternative energy sources continues to grow as the supply of fossil fuels fails to keep pace with worldwide demand. Source
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