Media ININ Economy We Trust
Media IN Dubai 7th-07-2019
Noor Bank, the UAE’s leading sharia-compliant bank, announced it has partnered up with Azimut (DIFC) Limited to inaugurate the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre (DIFC) domiciliation.
The bank has raised AED 507 million in subscriptions two weeks after the launch of the FMP, according to a press release. Set to mature in four years, the FMP is expected to provide an income of 5% per annum through investing in a professionally managed sukuk portfolio, Noor Bank said.
This step comes in line with the bank’s strategy to support innovation in a bid to deliver remarkable customer experiences and set up Noor Bank Wealth Management as one of the largest distributors of Islamic mutual funds globally with AED 2 billion in total assets under management (AUM).
Azimut (DIFC) Limited affirms keenness to become a key partner in Islamic investment solutions for institutions through this partnership in the UAE and the Middle East.
Head of retail banking at Noor Bank, said: “Noor Bank’s retail banking strategy is centred around its high-net-worth clients. To ensure we are consistently meeting their requirements, we spare no effort to develop new products and services, and seek lucrative investment opportunities to benefit this segment.
He further stressed that the launch of this four-year FMP reaffirms its commitment to creating diverse investment opportunities for its high-net-worth customers
In a statement Giorgio Medda, Co-CEO and head of MENAT at Azimut Group, said: “Azimut is committed to bring innovative asset management solutions to leading financial institutions in the UAE aiming to cater to the needs of a sophisticated client base. The successful collaboration between Azimut and Noor Bank brings to light the relevance of our investment management setup in the country.”
Azimut (DIFC) Limited is a full subsidiary of Azimut Group Holding, a leading European independent asset manager, managed by the Dubai Financial Services Authority (DFSA), with $62.0 billion in AUM across a global network of 18 offices.
