Noor Bank announced that it has joined hands with Azimut to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre domiciliation.
The FMP which has raised Dh500 million in subscriptions within two weeks will mature in a period of four years. The FMP will provide an income of 5 percent per annum through investment in a professionally handled sukuk portfolio.
Speaking on the FMP, Mufazzal Kajiji, head of retail banking at Noor Bank, told the media that, “Noor Bank’s retail banking strategy is centered 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 added, “The launch of this four-year FMP reaffirms our commitment to creating diverse investment opportunities for our high-net-worth customers.”
Noor Bank, one of the leading Shariah-compliant banks in the UAE, plans to establish Noor Bank Wealth Management as one of the largest distributors of Islamic mutual funds globally.
Giorgio Medda, Azimut Group Co-CEO and head of the Middle East, North Africa and Turkey region, speaking about the FMP told the media that, “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.”
He added, “Azimut is one of the very few international asset managers that operate locally out of DIFC, designing and launching tailor-made investment solutions for Middle East investors.”
The collaboration with Noor Bank to launch an FMP confirmed Azimut’s plan to be a key player in providing Islamic investment solutions in the UAE and the Middle East.