Islamic Banking

Middle East Bank Launches Innovative Shariah-Compliant Wealth Management Product

Stephen Harris, 12 September 2006

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The wealth management division of Dubai Islamic Bank has launched a shariah-compliant 3-year commodity linked individually capped performanc...

The wealth management division of Dubai Islamic Bank has launched a shariah-compliant 3-year commodity linked individually capped performance note, which DIB believes is the first of its kind.

The notes will be linked to a basket of commodities comprising gold, crude oil, copper, aluminum and zinc.

The notes are capital protected and will be co-branded with Deutsche Bank. The minimum investment is $10,000.

"It is our endeavour to constantly innovate with different asset classes to provide a balanced wealth management solution to our retail customers," said Saeed Al Qatami, senior vice president, and head of wealth management at DIB.

"Globally commodities have emerged as a preferred alternate asset class with pension and hedge funds being most active in this area. We feel DIB customers can derive benefits from this trend and consider commodities in the same way they view equities," he said.

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