Sharjah Islamic Bank (SIB), a Sharia-compliant financial institution, has launched Shares Murabaha, a new service that gives customers easier access to stock markets in the UAE.
SIB, which is publicly listed, says Shares Murabaha will boost investment in companies listed on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), while giving investors the flexibility to sell their shares whenever they want.
"Stock markets are currently one of the most attractive investment destinations for investors, particularly as the UAE's securities markets have recovered from the impact of the global financial crisis," says Jassim al Baloushi, the head of SIB's retail banking group.
"However, a large number of investors are reluctant to enter this sector due to the complicated financial procedures and the required guarantees and commitment."
To qualify for an account with Shares Murabaha, you must be an SIB account holder and receive a minimum salary of Dh8,000 per month.
The bank says Shares Murabaha offers fast approval, simple and straightforward procedures, high financing amounts, long repayment tenures, instant purchase, and the ability to sell any time without shares pledge.
"Shares Murabaha will contribute to encouraging and stimulating investment in the stock market, and will help make the investment experience convenient and pleasant," says Mr al Baloushi. "We are expecting a high demand for this product, in line with the pace of investment in ADX and DFM."
Murabaha account holders must buy and sell shares through SIB's approved broker. The bank does not charge a fee for buying and selling shares. The broker will charge a fee, however.
To apply for a Shares Murabaha account, customers are required to provide the bank with a salary certificate, three months' worth of bank statements, a copy of their passport and UAE ID card, a copy of their residence visa and a security cheque.
SIB, which was known as National Bank of Sharjah, switched to Islamic banking in 2002.
The bank last month reported a boost in first quarter results, saying net profit rose 3.7 per cent to Dh70 million, from Dh67.5m in the previous corresponding period.
For more information about Shares Murabaha, go to www.sib.ae or call 06 599 9999.
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
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Install an air filter in your home.
Close your windows and turn on the AC.
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KILLING OF QASSEM SULEIMANI
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
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Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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