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Noor Bank raises over Dh500m for Azimut's Fixed Maturity Fund.

Summary: Noor Bank entered a successful collaboration with Azimut (DIFC) to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE...

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Noor Bank entered a successful collaboration 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.

Raising Dh507 million in subscriptions within two weeks of its launch, the FMP that will mature in four years is set to provide an income of five per cent per annum through investing in a professionally managed sukuk portfolio. The move aligns with the bank's strategy to leverage innovation to deliver outstanding customer experiences and establishes Noor Bank Wealth Management as one of the largest distributors of Islamic mutual funds globally with total AUM reaching Dh2 billion.

Through the collaboration, Azimut (DIFC) confirms its commitment to being a key partner in Islamic investment solutions for institutions in the UAE and in the Middle East. The strategy is supported by Azimut's ongoing expansion in the region, as evidenced by the addition of investment capabilities in Abu Dhabi in 2019, complementing the existing asset management setups in Istanbul and Dubai.

Speaking on the FMP, 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."

Giorgio Medda, Azimut Group co-CEO and head of Menat, added: "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."

- business@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Jul 7, 2019
Words:338
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