National Bonds sales jump 109% in February to Dh180m

(SUPPLIED)   

National Bonds Corporation, the Shariah-compliant national savings scheme of the UAE, yesterday said its February sales jumped a record 109 per cent to Dh180 million compared to Dh86m for the same month last year.

The firm recorded sales of Dh140m in January 2008. “What we are seeing through this exponential growth is that a savings culture is taking deeper root in the UAE, with Shariah-compliant saving schemes rising to the top of the agenda for consumers planning long-term financial goals,” said Mohammad Qasim Al Ali, Chief Executive Officer of National Bonds Corporation.

“Our focus on expanding distribution channels, combined with robust awareness campaigns and the great appeal of the monthly draws, has been the prime driver in making National Bonds the preferred choice of savings for a wide-range of audiences representing all walks of life.”

Al Ali added: “Our stellar performance in 2007 that led to the disbursement of an annual profit of 6.03 per cent, higher than that of any other comparable savings product in the market, instilled further confidence among individuals and businesses. We are confident of achieving robust growth this year.”

He added the company attracted more than 25,000 new bondholders in the first two months of 2008. Mohyuddin Khan, Head of Sales at National Bonds Corporation, said: “Clearly, the affordability and accessibility of National Bonds has widespread appeal, including people of all income groups and professional backgrounds.

“We are also witnessing steadily increasing demand from residents of other GCC markets and the wider region. The influx of visitors and tourists during the Dubai Shopping Festival has also helped drive sales of bonds this year.”