Dubai wealth fund takes over National Bonds saving scheme

Investment Corp buys remaining 50% stake, replaces board of directors at savings firm

The Sharia-compliant saving scheme saw sales of AED2bn in 2010

The Sharia-compliant saving scheme saw sales of AED2bn in 2010

Dubai's sovereign wealth fund, Investment Corporation of Dubai (ICD), acquired the remaining 50 percent stake in National Bonds Corp, taking full ownership of the Islamic savings scheme.

The fund has also appointed a new five-member board of directors, the state-owned company said in a statement Wednesday.

The remaining shares were bought from local shareholders, National Bonds Corp said, without disclosing the value of the acquisition.

The Sharia-compliant savings scheme made more than AED2bn in sales in 2010 and saw a nine percent rise in customers, the statement 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,” ICD chief executive Mohammed Al-Shaibani said in the statement.

ICD is one of the emirate's three conglomerates along with Dubai Holding and Dubai World.

Its unlisted investments were worth AED70.3bn ($19.14bn), while the listed firms were worth AED19.8bn ($5.39bn), a Dubai government bond prospectus last year showed.

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Posted by: Nina

Umm the move would make us ask, will national bonds remain a real Sharia-compliant savings scheme? ICD being part of Dubai world that has many questionable business abroad!
I do not understand this move.

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