By Claire Valdini
Saving scheme may expand outside of home market after increase in foreign savers
National Bonds Corp has seen a 14 percent increase in the number of foreigners investing in its Islamic savings scheme and may look to expand its presence outside of the UAE in future.
The Dubai government-controlled firm said it has seen a 40 percent rise in the value of funds being saved by investors outside the UAE.
“We are seeing an increase in the number of customers living outside the UAE who opted to start their savings plan with National Bonds mainly during their visit to the UAE,” Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said in a statement.
“It is impressive when you note that we do not yet have a physical presence abroad, which could be of potential for us in the future,” he added.
Recent instant National Bonds millionaires have included savers from neighbouring Arab and Asian countries as well as the Philippines, Canada, Ireland, UK and Sudan, said the firm.
National Bonds Corp in March announced an annual profit rate of two percent in 2011, down from 3.78 percent the previous year. Despite the decline, the firm said profit for its Mudaraba fund rose 23 percent while its bond sales hit AED2.39bn (US$651m).
The firm grew its customer base by 7.3 percent to 655,000 bondholders, it added.