National Bonds, the Sharia-compliant investment company, plans to help customers of Aafaq Islamic Finance become more orientated towards saving money through a strategic tie-up with the firm. The move comes amid efforts by the nation’s policymakers to promote a savings culture among nationals and residents.
Under the agreement, the Dubai-based companies said they would work to develop financial services for customers that would encourage them to adopt a sustained habit of saving.
“Our efforts are designed to encourage more people from different segments of the society to adopt a financial plan for their future,” said Mohammed Qasim Al Ali, the chief executive of National Bonds.
“This agreement contributes to strengthening the position of Sharia-compliant financial products that are increasingly attracting customers across mixed-income groups and nationalities.”
Aafaq, which provides Islamic loans for homes and consumer items including cars, will use National Bonds’ electronic trading platform to enhance its sukuk trading services and support so-called murabaha-based personal financing. In addition, Aafaq will have the option to place its treasury deposits in the long-term investment products offered by National Bonds. Murabaha is a form of Islamic financing whereby a financial institution buys a commodity and agrees to sell it back to a client at a pre-agreed upon profit rate that is paid back in instalments.
A survey by National Bonds this month showed that almost four in five UAE residents do not believe their current savings will meet future needs. Rising housing and utility costs have pushed residents into deeper debt, the 2014 Savings Index from National Bonds found. A rise in house rents and utility bills have caused the most pressure on households, according to 78 per cent and 64 per cent of the respondents polled. More than half the respondents said they had outstanding loans with credit card use on the rise.
Price inflation in Dubai has been rising at the quickest pace in five years, boosted by increasing accommodation costs. The emirate’s inflation rate jumped to an annual high of 4.38 per cent in October, although it grew at a slower rate of 4.15 per cent in November as food costs dropped amid a weakening of global commodity prices. National Bonds is owned by the Investment Corporation of Dubai, one of the country’s sovereign wealth funds.
mkassem@thenational.ae
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MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Tomb Raider I–III Remastered
Developer: Aspyr
Publisher: Aspyr
Console: Nintendo Switch, PlayStation 4&5, PC and Xbox series X/S
Rating: 3/5
Islamic Architecture: A World History
Author: Eric Broug
Publisher: Thames & Hudson
Pages: 336
Available: September
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
The specs
Engine: 6-cylinder, 4.8-litre
Transmission: 5-speed automatic and manual
Power: 280 brake horsepower
Torque: 451Nm
Price: from Dh153,00
On sale: now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Frida
Director: Carla Gutierrez
Starring: Frida Kahlo
Rating: 4/5
The five pillars of Islam
Getting there and where to stay
Fly with Etihad Airways from Abu Dhabi to New York’s JFK. There's 11 flights a week and economy fares start at around Dh5,000.
Stay at The Mark Hotel on the city’s Upper East Side. Overnight stays start from $1395 per night.
Visit NYC Go, the official destination resource for New York City for all the latest events, activites and openings.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Fixtures
Wednesday, April 3
Arsenal v Luton Town, 10.30pm (UAE)
Manchester City v Aston Villa, 11.15pm (UAE)
Thursday, April 4
Liverpool v Sheffield United, 10.30pm (UAE)