National Bank of Kuwait (NBK) launched today the first Islamic-Sharia compliant investment fund specifically targeted for its valued Al-Thahabi customers.

 

Thahabi Ijara Fund I is a low risk, medium term fund that seeks to generate reliable and attractive monthly returns for investors. The Fund invests selectively in Ijara transactions that satisfy the requirements of local and international Sharia boards.

 

The concept of Ijara - Islamic leasing, along with Islamic Murabaha, has proved to be one of the fastest growing activities of Islamic financial institutions, and is a reflection of the tremendous interest and demand in recent times for alternative savings and non-conventional investment products and services.

 

NBK's Group General Manager for Consumer Banking, Adel Abdul Wahab Al Majed, commented: "Thahabi Ijara Fund is significant in that it represents the first investment product that we have introduced specifically to meet the needs of our valued Al-Thahabi customers. The Fund capitalizes on NBK's experience and successful track record in Ijara funds, and is a further reinforcement of our commitment to provide not only innovative and value-added products but, ultimately, financial solutions as well. We would like to welcome our Al-Thahabi customers to a new suite of savings and investment products, designed to make their money work harder for them."

 

Al Majed confirmed that the minimum subscription amount is US $ 20,000 and the offering period for the Fund will start on Sunday March 12 and will last for 4 weeks initially but may close sooner depending on demand.

 

Al-Thahabi is a premium package, designed by NBK to offer customers personalized and preferential products and services, delivered by professional and dedicated Personal Banking Officers. Furthermore, Al-Thahabi customers also enjoy many banking related discounts, fee waivers and value-added lifestyle benefits.

 

For investment and further information, customers are encouraged to contact their Thahabi Personal Banking Officer, call 801801, or visit www.nbk.com