Mashreq, the UAE’s leading financial institution, has announced the launch of its ‘Dual Currency Product’, a ‘structured deposit’ designed to provide higher interest rate compared to a ‘fixed deposit’. Indeed, in comparison to a traditional ‘fixed deposit’, a ‘structured deposit’ gives investors a higher interest rate, because it allows two income streams: interest income plus an option premium.
Specifically, Mashreq’s ‘Dual Currency Product’ is a short-term, currency related investment product which involves a currency option. This means that on maturity, the bank is given the right to repay the client’s principal and interest earned in either the base currency or the alternate currency. The product is suitable for sophisticated customers and offered in the following major currencies: USD, EUR, GBP, AUD and XAU.
Tooran Asif, Head of Personal Banking at Mashreq commented, “Mashreq has always been at the forefront of product innovation, and has continually worked towards offering the finest opportunities and products to its clients. Therefore, we are delighted to be launching the ‘Dual Currency Product’, through which our customers will be able to invest and earn higher interest. The 24X7 treasury desk will assist booking over the phone. The launch confirms that Mashreq continues to present its customers with such value added services and evolve its products to be in line with new developments.”
Designed for both savers and investors, the Dual Currency Product is ideal for customers who do not want to lock their funds for a very long time as the product offers a fixed tenor of 1 month, and thus they are able to maintain their liquidity.
What really makes this solution unique is that Mashreq’s Dual Currency Product is tailored made to suit each individual views and needs. Particularly, it is ideal for individuals who have a natural need for both currencies and are therefore indifferent to holding any of the two currencies. Importantly, subscribers to this product can also expect to benefit from higher interest rates even if they are holding a currency that is expected to weaken.
Among other benefits, the Dual Currency Product helps individuals diversify across currencies and, above all, offers customers the exciting opportunity to be a part of the FX markets.
Public Relations, Mashreq
Tel: 04 –6083629