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Noor Bank announces AED500m raising for Azimut's Fixed Maturity Fund.

BANKING AND CREDIT NEWS-July 9, 2019--Noor Bank announces AED500m raising for Azimut's Fixed Maturity Fund

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Global Banking News - 09 July 2019

Noor Bank has entered into a partnership with Azimut (DIFC) to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre (DIFC) domiciliation, Khaleej Times has reported.

The FMP, which raised AED507m in subscriptions within two weeks of its launch, will mature in four years and will provide an income of 5 percent per annum through investing in a professionally managed sukuk portfolio. It is claimed that the move will establish Noor Bank Wealth Management as one of the largest distributors of Islamic mutual funds globally with total AUM reaching AED2.0bn.

Mufazzal Kajiji, 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. The launch of this four-year FMP reaffirms our commitment to creating diverse investment opportunities for our high-net-worth customers.'

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Publication:M2 Banking & Credit News (BCN)
Date:Jul 9, 2019
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