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NBC Declares 7.07pc Annual Profit

In spite of a gloomy global economic outlook, National Bonds has succeeded in achieving the highest returns for 2008 compared to the annual profit rate of 6.03 per cent achieved at the end of its first financial year in 2007, said a statement of the corporation. Khaleej Times reported last week that the NBC had planned to announce a record 7 per cent profit distribution to bondholders.

Speaking to Khaleej Times, Mohammed Qasim Al Ali, Chief Executive Officer, said, “When making an investment people consider security of their funds and returns. We at NBC provide both, security and high returns.”

Since its inception, National Bonds has accumulated around Dh4 billion from half a million customers.

It was established in March 2006 as a private shareholding company.

The Government of Dubai holds a 50 per cent stake and the remainder is equally shared by Dubai Holding, Emaar Properties and Dubai Bank.

Announcing the annual profit disbursement Al Ali said, “Against the backdrop of a global economic slowdown, the highest return in 2008 has far exceeded peoples expectations for National Bonds as everyone’s favourite place to save along with being the safest, innovative and most rewarding saving scheme in the region.”

The annual profit rate of 7.07 per cent is the highest return against any comparable savings scheme offered by any financial institution in the UAE, and reflects the impressive growth achieved by National Bonds in just over a period of two years since it was launched, he added. Bondholders enjoyed the highest growth of 17.25 per cent in their profit rate in 2008 as compared to the previous year, along with the opportunity to win worth Dh5 million in 26,318 prizes every month.

In addition National Bonds Corporation enables one bondholder to become a millionaire every month.

Al Ali said, “We are committed to nurturing a savings culture by encouraging people to save in National Bonds and by re-investing their savings in development initiatives in the UAE.

As a Shariah-compliant institution, the Corporation adheres to strict Shariah guidelines regarding its investments, while at the same time focusing on generating the highest returns for its bondholders.”

The Mudaraba fund is being invested back into the UAE economy through its initiatives like Taleem an educational initiative to raise the level of education in the region, BCS a Strata Management company specialising in property management, its property development projects, Skycourts and Flamingo Creek and Souk Extra the community shopping chain.

· abdulbasit@khaleejtimes.com