National Bonds, the Sharia-compliant national savings scheme of the UAE, today announced record-breaking sales for the second consecutive month in 2008. The company's sales reached AED 180 million at the end of February 2008, an increase of 109 per cent compared to AED 86 million for the same period in 2007.
This also represents a growth of 29 per cent from AED 140 million in January 2008 to AED 180 million in February 2008.
"What we are seeing through this exponential growth is that a savings culture is taking deeper root in the UAE, with Sharia-compliant saving schemes rising to the top of the agenda for consumers planning their long-term financial goals," said Mohammad Qasim Al Ali, Chief Executive Officer of National Bonds Corporation.
"Our focus on expanding distribution channels, combined with robust awareness campaigns and the great appeal of the monthly draws, has been the prime driver in making National Bonds the preferred choice of savings for a wide-range of audiences representing all walks of life," he added.
"Our stellar performance in 2007 that 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, instilled further confidence among individuals and businesses. We are confident of achieving robust growth in 2008," Al Ali added.
He also stated that the company attracted over 25,000 new bondholders in the first two moths of 2008.
Mohyuddin Khan, Head of Sales, National Bonds Corporation, said "Clearly, the affordability and accessibility of National Bonds has widespread appeal, including people of all income groups and professional backgrounds. We are also witnessing steadily increasing demand from residents of other GCC markets and the wider region. The influx of visitors and tourists during the Dubai Shopping Festival has also helped drive sales of bonds this year." National Bonds can be purchased from various banks and exchange houses, including Dubai Islamic Bank, Emirates Islamic Bank, Sharjah Islamic Bank, Lari Exchange, Al Ansari Exchange, Al Ghurair Exchange, Al Fardan Exchange and Al Rostamani International Exchange Company.(WAM)
This also represents a growth of 29 per cent from AED 140 million in January 2008 to AED 180 million in February 2008.
"What we are seeing through this exponential growth is that a savings culture is taking deeper root in the UAE, with Sharia-compliant saving schemes rising to the top of the agenda for consumers planning their long-term financial goals," said Mohammad Qasim Al Ali, Chief Executive Officer of National Bonds Corporation.
"Our focus on expanding distribution channels, combined with robust awareness campaigns and the great appeal of the monthly draws, has been the prime driver in making National Bonds the preferred choice of savings for a wide-range of audiences representing all walks of life," he added.
"Our stellar performance in 2007 that 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, instilled further confidence among individuals and businesses. We are confident of achieving robust growth in 2008," Al Ali added.
He also stated that the company attracted over 25,000 new bondholders in the first two moths of 2008.
Mohyuddin Khan, Head of Sales, National Bonds Corporation, said "Clearly, the affordability and accessibility of National Bonds has widespread appeal, including people of all income groups and professional backgrounds. We are also witnessing steadily increasing demand from residents of other GCC markets and the wider region. The influx of visitors and tourists during the Dubai Shopping Festival has also helped drive sales of bonds this year." National Bonds can be purchased from various banks and exchange houses, including Dubai Islamic Bank, Emirates Islamic Bank, Sharjah Islamic Bank, Lari Exchange, Al Ansari Exchange, Al Ghurair Exchange, Al Fardan Exchange and Al Rostamani International Exchange Company.(WAM)
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