National Bonds Corporation fund grows 23% - The National

The National Bonds Corporation (NBC), a Sharia-compliant savings scheme, has announced that its Mudaraba Fund grew by 23 per cent last year.

Bond sales hit Dh2.39 billion (US$650.7 million) last year, increasing the Mudaraba portfolio to Dh4.6bn. NBC bondholders, whose numbers rose 7.3 per cent to total 655,000 last year, will receive an annual profit of up to 2 per cent, the company said. They are likely to be relieved at the news. NBC delayed the announcement, which was due in January, raising concerns about profits.

Mohammed Qasim Al Ali, the chief executive of NBC, said the prospects for the fund remained strong.

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