x Abu Dhabi, UAESunday 23 July 2017

National Bonds available to Noor Bank’s non-account holders

Noor Bank adds to National Bonds' growing distribution channels.

Investors can now purchase National Bonds investments from Noor Bank outlets across the Emirates.

Apart from the bank’s 12 branches in Dubai, Sharjah, Abu Dhabi and Al Ain, the bonds can be bought through the bank’s direct debit programme that does not require the purchaser to hold a Noor Bank account.

The National Bonds Corporation (NBC) certificates can be bought through its website, by cheques and through the direct debit programme at 11 other banks such as Dubai Islamic Bank, Abu Dhabi Commercial Bank, Emirates Islamic Bank, Emirates NBD and HSBC. There are about 700 distribution outlets for National Bonds.

The Sharia-compliant savings programme reported in March that there was a 23 per cent increase in the number of savers last year over the previous year. There were more than 740,000 registered bondholders across 200 nationalities.

It also lowered the minimum purchase of bonds to Dh100 from Dh3,000 last year to attract more blue-collar workers.

NBC distributed returns of up to 2.89 per cent last year, lower than its highest profit rate of 7.07 per cent in 2008.

The number of companies participating in the National Bonds Employee Saving Program increased by 67 per cent last year. While the number of minor bondholders grew by 40 per cent, the number of Emirati bondholders clocked an 18 per cent rise. Children can own bonds that their parents have purchased.

NBC gives out rewards such as Dh1 million in cash, BMW luxury cars, gold bars and school tuition fees.

ssahoo@thenational.ae

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