FINANCIAL NEWS

UAE’s National Bonds’ 2011’s profit up 2%

04 Mar 2012

(MENAFN) National Bonds Corporation’s (NBC) CEO, Mohammed Qasim Al Ali, said that the firm’s profit for last year rose 2 percent, compared with a rise of 3.78 percent in the previous year, reported Emirates 24/7.

Al Ali added that the decline resulted from the struggling global economy and the regional upheaval that destabilized many economies.

He also said that in the period, sales jumped 23 percent to exceed USD650 million, whereas repeat purchases hiked to 79 percent.

Moreover, the Mudaraba portfolio reached USD1.25 billion by the end of the year; on the other hand, customer base grew by 7.3 percent to 655,000 bondholders.

It is worth noting that National Bonds Corporation (NBC) is a UAE Shariah-compliant saving scheme.

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