National Bonds achieves 6.03% annual profit rate for its bondholders

Accordingly, bond holders will be entitled to an annual profit rate of 6.03% for the financial year ending 2007, which would translate into even higher profit entitlement for those holding bonds also for the few months of the year 2006.

Commenting on the profit disbursement, Nasser Bin Hassan Al-Shaikh, Vice Chairman & CEO of National Bonds Corporation said that people of all nationalities have received the savings scheme with great enthusiasm since its launch in the UAE.

"Thanks to the support and faith of our bond holders, who have now grown past 325,000 in numbers, total bond sales currently stand above Dhs1.7bn, and our achieved annual profit rate of 6.03% is higher than that of any other comparable savings product in the market, in addition to the generous monthly prizes distributed worth Dhs5m. Our investment and development initiatives have also evoked tremendous response, which in future will translate into more revenues," he said.

National Bonds seeks to promote a savings culture among people by encouraging them to save and by investing the bond holders' savings in rewarding development initiatives.

Since its launch, National Bonds has initiated and promoted various investment opportunities offered exclusively to its bondholders through its real estate arm, National Properties, such as Skycourts, a medium income targeted freehold residential development comprising over 2,300 apartments

Most recently, National Bonds joined hands with Amlak Finance, the region's premier Islamic home finance provider, to introduce a revolutionary concept in the market whereby the customers could pledge their bonds as security with Amlak as a substitute for cash down payment on properties.

Meanwhile, Madaares, an educational initiative launched by National Bonds to raise the level of primary and secondary education in the region is now consolidating its position through high-profile acquisitions and partnerships.

"National Bonds aims to be "everyone's favourite place to save." Following our huge success in the UAE, we will be looking at expanding to other countries in the near future" noted Mr. Al-Shaikh.

"We will also explore more strategic alliances and distribution channels to bring National Bonds closer to a wider audience through expanding the existing extensive network of nearly 300 distribution outlets. A loyalty scheme to offer more value for our bond holders is another offering under study," he added.

"In addition to these, we intend to continue to play an active role in contributing to social causes that will help us give back to the community," Mr. Al-Shaikh concluded.