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National Bonds sales soar 109% in February

By Agencies

National Bonds, the Shariah-compliant national savings scheme of the UAE, on Wednesday revealed record-breaking sales for the second consecutive month in 2008. The company's sales reached Dh180 million at the end of February 2008, an increase of 109 per cent compared to Dh86 million for the same period in 2007.

This also represents a growth of 29 per cent from Dh140m in January 2008 to Dh180m in February 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 their 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," he 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 in 2008," Al Ali added.

He also stated that the company attracted over 25,000 new bondholders in the first two months of 2008. (Wam)