National Bonds Corporation, the UAE's innovative Shariah-compliant National Saving scheme has announced a major revamp to the draw format of its popular saving scheme by changing the draw from a monthly to a weekly format.
This new structure is aimed to encourage more people to save and reward them by becoming Millionaires every week, it said in a statement.
National Bonds Corporation has taken the lead role to promote the savings culture and strongly believes that increasing the draw frequency will help bondholders to achieve their short- and long-term goals, it added.
The first weekly National Bonds Millionaire will be announced on May 9 and from then on every Saturday of the week.
The increase in the frequency of its draws follows the remarkable success that National Bonds achieved for all its bondholders with the highest annual profit rate of 7.07 per cent in 2008, up from an 6.03 per cent in 2007.
At present, National Bonds has a customer base of more than half a million bondholders across 91 nationalities, and expects sales to grow by 100 per cent in 2009.
Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said: "National Bonds has just got more rewarding. We already have 37 millionaires since our launch in March 2006, and with this new weekly draw structure we hope to fulfil the aspirations of many more and see even more millionaires in the National Bonds family. Through our new weekly prize draws, we will reward over Dh60 million in prize money and make 39 millionaires in 2009."
Under the new format, there will be 101 prizes every week and will be distributed across different prize categories Dh1m, Dh10,000, Dh5,000, Dh1,000 and Dh500.
This amounts to an impressive Dh1,155,000 in total prize money each week.
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