National Bonds Corp. sees asset growth of as much as 30 percent in the next two years as the Dubai government-controlled Islamic fund manager targets women and immigrants, typically ignored by banks.
The Shariah-compliant company, with about 5 billion dirhams ($1.4 billion) under management, plans to introduce savings plans for the country’s female population and retirement funds for the United Arab Emirates’ 6.5 million foreign workers, Chief Executive Officer Mohammed Qasim Al Ali said in an interview.
“There is a big vacuum when it comes to saving in the U.A.E.,” Al Ali said in an interview in Dubai Sept. 28. “We’re brainstorming with our Shariah board to launch new funds to target different segments of the society that have been ignored by commercial banks.”
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