National Bonds Corporation, the leading sharia’a-compliant savings and Investments Company in the UAE, has scooped the award for ‘Best Islamic Savings Product in 2014’ at the Global Islamic Finance Awards ceremony held in Dubai on 27 October.
The Global Islamic Finance Awards highlight the success and achievements of institutions and individuals in the Islamic banking and finance domain.
Receiving the award for the second consecutive year, National Bonds was recognized for its ongoing efforts in instilling a sustainable culture of savings among all segments of society in the UAE and the wider region through offering a range of products that are compatible with Islamic principles.
The award ceremony, organized during the 10th World Islamic Economic Forum, was attended by global prominent Islamic banking and finance practitioners. Some of the notable dignitaries included Najib Razak, Prime Minister of Malaysia, and President of Kazakhstan Nursultan Nasarbayev.
Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said: “We are delighted to win this prestigious award that articulates our aim of fostering financial stability for the UAE as a whole and the wider region by encouraging individuals and families to take the crucial step towards developing a regular savings habit. We are glad that our efforts are receiving industry accolades. Such recognitions incentivize us to continue delivering innovative solutions forraising the financial literacy of the communities we engage with.”
The award particularly highlights National Bonds as the first scheme of its kind in the Muslim world to offer Sukuk Al Mudaraba on a retail basis and at an affordable price starting from Dhs100 to citizens, residents as well as non-residents in the UAE with the ‘National Bonds savings program’.
The award additionally recognizes National Bonds’ rewards program – the largest and richest of its kind in the region. The savings programs offered secures competitive annual returns in addition to daily and weekly prizes distributed of more than Dhs49 million.
In the award citation, National Bonds was also commended for its commitment to educate and promote a culture of savings among all segments of the society in the UAE and beyond through offering a range of products including the monthly savings program via the Direct Debit platform with banks or the popular monthly salary deduction program for employees from the private and public sectors.
Mohammed Qasim Al Ali added: “The innovative initiatives offered through our strategic partnerships with financial institutions and local takaful companies enable us to offer a richer savings experience and support the efforts to ensure a sustainable financial future for our bondholders. This award is another significant validation ofour role in supporting Dubai to becoming the global capital of Islamic economy.”
The Global Islamic Finance Awards, organized by Edbiz Consulting, are presented annually under the auspices of the Banking Conference Group.
National Bonds, licensed and regulated by the UAE Central Bank, is a sharia’a compliant saving compliant savings scheme that provides UAE nationals, UAE residents and non-residents with a credible and safe savings opportunity. Minors can also own National Bonds, provided the bonds are purchased by the parent/guardian. Each bond costs AED10, with a minimum purchase limit of AED100.