ADIB launches cybersecurity-focused equity basket note

The note provides clients with the opportunity to invest in an equity basket of notable global cybersecurity companies, including Imperva, Splunk, Proofpoint and Palo Alto Networks.
ADIB launches cybersecurity-focused equity basket note
By Staff writer
Thu 15 Mar 2018 08:35 AM

Abi Dhabi Islamic Bank (ADIB) has launched a 100 percent, capital-protected, Sharia-compliant equities basket note designed to capture the growth potential of cybersecurity companies, the bank announced on Wednesday.

The investment note matures in 12 months and provides 100 percent protection at maturity to minimise investment risk. The note is open for subscription until March 24, with a minimum investment requirement of $30,000.

According to ADIB, customers will have the option to redeem the investment after a three-month lock-in period on a monthly basis. The note provides clients with the opportunity to invest in an equity basket of notable global cybersecurity companies, including Imperva, Splunk, Proofpoint and Palo Alto Networks.

"We continue to see strong demand for our equity structured notes as they offer compelling returns by capturing the growth potential of exciting companies operating in dynamic sectors,” said Saif Alkeem, ADIB’s head of wealth management and priority banking. “ADIB’s investment note provides exposure to proven companies at the cutting-edge of cybersecurity, an industry that is constantly evolving due to technological advances and heightened risks.”

Alkeem added that the cybersecurity industry is growing rapidly, and that it is expected that $1 trillion will be spent on cybersecurity products and services by 2021.

Security firm CybersecurityVentures estimates that the cost of cybercrime may reach as much as $6 trillion by 2021. In May 2017 alone, the WannaCry ransomware attack affected more than 200,000 computers across 150 countries, leading to billions of dollars of damage.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.