Sharia compliance is the key factor driving savings decisions by UAE nationals, where an ageing population is expected to boost demand for Islamic savings products, the chief executive of Dubai-based National Bonds Corp said.
“Sharia compliance has been the number one driver of choice of savings instruments among Emiratis and Arab expats,” Mohammad Qasim Al Ali said in an interview late last week. “We are seeing a definite increase in product demand.”
The company, wholly owned by the Investment Corp of Dubai, the investment arm of the Dubai government, offers a variety of savings products including a mudaraba fund which now has Dh4.6 billion dirhams ($1.25 billion) in assets under management.
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