ICD takes over National Bonds

The Investment Corporation of Dubai (ICD) has fully acquired National Bonds Corporation, the leading Shari’a-compliant saving scheme in the UAE, by buying additional 50 per cent stake in the company.

ICD also named five new members for board of directors.

Set up in March 2006 as a Dubai-based private joint stock shareholding company, National Bonds has gone from strength to strength. Offering the only Shari’a-compliant savings scheme of its kind in the world, National Bonds achieved a host of major mile stones during 2010. Sales excelled to over two billion Dirhams, while the total number of customers increased to more than 610,775, a growth of 9% over 2009.

Since its launch in 2006, NBC has achieved consistently positive annual results & attractive profit rates, achieving a cumulative profit rate for the bondholders from its Mudaraba fund of 26.45 % over the last five years - among the highest payouts in comparison to any other similar savings schemes in the UAE.

Mohammed I. Al-Shaibani, Executive Director & CEO of the Investment Corporation of Dubai, said: “Investment Corporation of Dubai’s move to acquire full ownership of National Bonds stems from our confidence in the company’s long-term potential as a dynamic and diversified savings scheme. We share National Bonds’ belief that a culture of saving is vital for a healthy economy, and are proud to join them in their journey towards helping to build a more stable economy based on responsible saving. We are also thankful to the previous shareholders for their valuable contribution in the scheme.”

Khalifa Al Daboos, Chairman of National Bonds Corporation, said: “ICD will bring more empowerment, progress  and growth to National Bonds Corporation, which in turn will translate into even more benefits for our bondholders and the UAE community. We are certain that the new ownership will play a pivotal role in achieving our vision to become a global player leveraging the uniqueness of our scheme to fill up the huge vacuum abroad.”

‘We are keen to work under the direction of ICD and with the new board to further strengthen the awareness and importance of saving in the UAE, taking NBC to the next level. This move reinforces NBC’s commitment to become everyone’s favorite place to save and invest.” said Mohamed Qasim Al Ali, CEO National Bonds Corporation.

The new Board is chaired by Khalifa Al Daboos and has four new board members are Saif Sulaiman Mohamed Al Yarabi, Abdulla Saeed Bin Majed Belyoahah, Ali Rashid Humaid Al Mazroe and Ghulam Moinuddin Malim.

Follow Emirates 24|7 on Google News.