2003
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UNB offers 5-year Islamic notes
Union National Bank is offering its Investment Guaranteed Note that is linked to Islamic indices. It is a principal protected 5-year note with returns based on the performance of diverse Dow Jones Islamic indices aross US, Europe and Asian markets. The offer closes on Novmber 8.
NBAD loan scheme offers 9.5pc rate
National Bank of Abu Dhabi is offering a personal loan of up to 10 times an expatriate's gross monthly salary. Repayment is over 72 months at an annual interest rate starting from 9.5 per cent. There is also 60-day grace period at the start and as many as three deferment payments per year.
Man offers investment scheme
Man Multi Strategy Series 6, a capital guaranteed structured product, has been offered by Man Investmnents in the Gulf. It is available in US dollars and Euro class bonds. It guarantees a return of at least 120 per cent of the face value of initial investment at maturity. Offer is open until December 5.
Omani firm to offer bonds
An Omani firm, United Finance, is planing to come out with an issue of 4m bonds of USD2.6 each. The three-year bonds will carry an interest of 2 per cent over six-month US dollar Libor rate subject to a floor of an annual 4.5 per cent. The Omani riyal bonds will be fully underwritten by Kuwait's Global Investment House.
NRE gifts are tax free, expert
Expatriate Indians can gift funds from their non-resident rupee accounts in India to close relatives without attracting any tax liabilities on themselves or the recepients, said Khaleej Times quoting a law expert. Neither Foreign Exchange Management Act nor Income Tax Act, restrict such transfers, he said.
Taib launches two Islamic funds
Bahrain-based Taib Bank has launched two Islamic equity funds targetting regional and UK stocks. Taib Islamic GCC Index Fund will have 20-30 Sharia-compliant Gulf stocks. Taib Islamic Index will invest in 30-50 Sharia-compliant UK-listed stocks. Minimum investment in each fund is USD200,000.
EBG opens Al Shaheen Club
Affluent customers of Emirates Bank Group can now have their transactions processed from the comfort of priority banking branch, Al Shaheen Club, that has opened at the bank's main branch on Baniyas Road. Another Al Shaheen Club operates at the bank's Jumeirah branch. Members are offered a host of privileges.
Healthcare insurance from Aman
Aman has launched a new family of healthcare-cover packages for UAE clients. It is offering family Takaful in all classes. Five schemes are offered. Flagship Al Shamel is for senior management executives offering global coverage(excluding USA and Canada) and up to USD270,000 cover per policy per year.
Stanchart targets RIB proceeds
Standard Chartered Bank is offering NRIs with RIB maturity proceeds, its Fixed Coupon Currency Deposit which can earn guaranteed returns of 3.5 per cent annually and potential returns of as high as over 7.5 per cent. It is also promoting a range of high yield products.
NBAD offers to defer loans
National Bank of Abu Dhabi said to celebrate the advent of Ramadan, it will offer customers the option to defer personal loan insallments for October and November. This will be without any additional charges. Customers with personal loans wishing to avail of the facility, will need to write to the bank.
Privilege offer from Mashreqbank
Mashreqbank is offering up to 5 per cent returns with 100 per cent capital protection in its Privilege scheme. Returns are linked to 6-month USD Libor and maturity is in five years. The bank also offers overdraft facilities against the scheme which has no signing up or maturity fee. It is open until November 5.
Instant money transfer to Egypt
MasterCard and National Bank of Egypt have launched the world's first receiver focused instant money transfer pre-paid card. It targets Gulf-based Egyptians. One card is for those who send money home and the other for the receiver. The sender transfers fund through Al Fardan Exchange outlets and the receipient can draw them at any ATM or use them at merchant locations.
NRIs urged to invest in stocks
Gulf NRIs were advised to turn to Indian equities now that interest rates are coming down fast. Tata Mutual Fund officials at a roadshow in Dubai, said mutual funds are the best route and offered group schemes which are subscribed to by 230,000 investors.
Daman declares dividend
Closed-ended offshore mutual fund focused on UAE stocks, Daman UAE Value Fund, has declared a dividend of USD0.68 per share for the third quarter, in which the fund has seen a growth of 15.6 per cent. The fund has risen 26.8 per cent so far this year and by 67.8 per cent since its inception in July 2001.
India mutual fund targets NRIs
Principal Mutual is the latest Indian fund firm to target Gulf NRIs with its low-risk debt funds. It claims its flagship, Principal Mutual Monthly Income Fund to be among the top-five funds in India. Gulf NRIs are looking for avenues to park the proceeds of Resurgent India Bonds that matured recently.
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