National Bonds Corporation (NBC) has today announced that Emirates Islamic Bank (EIB) has been appointed as the lead bank for the private placement of Madaares, an AED 500 million private joint stock company, created to raise educational standards throughout the UAE. The announcement is the first financial move in the formation of Madaares which will open 14 new primary and secondary schools over the next 5 years.
EIB, who is also a leading investor in Madaares, will help to facilitate the subscription process of over 150 Madaares investors through its nationwide branches. With subscription commencing on 15th July 2006 and closing on 29th July 2006, EIB will play a key role in the subscription process.
Nasser Hassan Al-Shaikh, Vice Chairman and CEO of National Bonds Corporation and Chairman of the Madaares Founders Committee commented; “We welcome the opportunity to work with Emirates Bank Group through EIB, whose expertise in the banking industry is very highly regarded. EIB has been chosen as the lead bank for Madaress not only for its high quality, customer orientated approach but also for its Shari’a compliant policies. As with NBC, all Madaares’ financial transactions will also be Shari’a compliant.”
Mr. Abdulla Showaiter, General Manager Corporate and Investment Banking, EIB, said; “Emirates Islamic Bank is proud to be a part of the Madaares initiative which represents both a strategic investment and social opportunity for EIB, which will play a pivotal role in the subscription process as well as helping to contribute to the continued prosperity of the UAE through educational opportunities.”
About National Bonds
Priced at 10AED per bond and available in a minimum purchase of 100AED, National Bonds offer all participants a safe and credible savings option whilst simultaneously providing people with a unique opportunity to win millions of dirhams in monthly draws.
The scheme which is available to UAE residents and non residents aims to provide people with a unique and innovative Shari’a compliant savings mechanism based on the Islamic principle of Mudaraba. At the end of the financial year, profits made by National Bonds Corporation will be determined and 20% of this amount will be distributed amongst bond holders. The distribution will be according to the number of bonds held by an individual, and for the time period the bonds were held, during the related financial year.
About National Bonds Corporation
National Bonds Corporation is a private shareholding company. Established in Dubai, UAE in March 2006 National Bonds Corporation is licensed to operate throughout the UAE.
A new initiative, National Bonds Corporation is owned by Dubai Bank, Dubai Holding and Emaar Properties. National Bonds are a Shari’a compliant product with a dedicated Fatwa and Shari’a Supervisory Board to oversee all financial aspects including product related operations and investments.
For more information please contact:
Linsey Worgan G2 PR Department Tel: 04 3310331 Mob: 050 256 4001 Fax: 04 3310553 email: [email protected]
