Dubai Bank and National Bonds form strategic alliance

The signing ceremony took place recently at the Dubai World Trade Club, Dubai World Trade Center, and was attended by officials from both institutions.

Dubai Bank is the fourth bank to partner with National Bonds and the first bank authorised to issues the bonds certificate instantly.

With the increase in the number of Dubai Bank's strategically-located branches from five in 2006 to the current 20, this alliance enables National Bonds Corporation to expand its bond distribution network to over 320 associated outlets located across the UAE, with infinite growth potential.

Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation, said:

"This landmark agreement reflects the strengthened relationship of two leading Shari'a-compliant entities in reinforcing the availability of reliable and convenient investment opportunities offering sustained financial growth to individuals, families and corporate.

"Our success as the National Savings Scheme is linked to a well-connected distribution network. To this effect, our strategic relationship with Dubai Bank not only provides more distribution points, but is also an innovative move, as for the first time ever, our bonds will be issued instantly at the time of purchase. We are confident that offering a seamless service for our bondholders, their confidence in National Bonds as 'everyone's favourite place to save' is further boosted," added Al Ali.

Since its launch in 2006, National Bonds has continuously aimed to reach a wide cross-section of the UAE population.

The company achieved record-breaking sales in the first six months of 2008, by attaining an increase of over 200% as compared to the same period in 2007.

Commenting on the partnership, Salaam Al Shaksy, Chief Executive Officer of Dubai Bank, said:

"This alliance between two major Shari'a-compliant financial institutions is significant for both organizations, representing a major step forward in the world of Islamic banking. At our branches, National Bonds customers will also have instant access to a variety of other financial related products they may require.

"Attaining the bonds from any of Dubai Bank's 20 branches throughout the UAE will be simple and hassle-free. Every branch will have a teller specifically assigned to issue the bonds and deal with related issues in order to minimize the amount of time that customers will need to spend on the process. Since Dubai Bank is authorised to issues the bonds certificate instantly, this will make the process even less time-consuming," Al Shaksy added.

National Bonds can be purchased from over 320 associated outlets nationwide, including any of Dubai Bank's 20 branches, as well as from Emirates Islamic Bank, Dubai Islamic Bank, Sharjah Islamic Bank, and the Al Ansari, Al Fardan, Al Ghurair, Redha Al Ansari, Al Rostamani International, UAE Exchange, Lari Exchange, Wall Street and Habib exchange houses.