Shari’ah focused Noor Bank has partnered with asset management company Azimut (DIFC) to launch a US dollar Islamic fixed maturity plan domiciled in the Dubai International Financial Centre.
Raising AED507m in subscriptions within two weeks of its launch, the four-year maturity plan comprises a managed sukuk portfolio offering an income of 5% per annum.
Mufazzal Kajiji, head of retail banking at Noor Bank, said: “The launch of this four-year FMP reaffirms our commitment to creating diverse investment opportunities for our high-net-worth customers.”
Giorgio Medda, Azimut group Co-CEO said: “Azimut is one of the very few international asset managers that operates locally out of DIFC, designing and launching tailor-made investment solutions for Middle East investors.”
Azimut (DIFC) Limited is an asset management company regulated by the Dubai Financial Services Authority (DFSA) and a full subsidiary of Azimut Group Holding, a European independent asset manager with assets under management (AUM) in excess of $62bn across a global network of 18 offices.
Noor Bank Wealth Management is one of the largest distributors of Islamic mutual funds globally with a total of AED2bn under management.
FMPs see strong demand
Meanwhile Eastspring Investment raised $417m for its latest fixed maturity plan, distributed through Standard Chartered Private Bank.
Investors were drawn from the Middle East, Singapore, Hong Kong and the UK, it said.
Xavier Meyer, head of distribution at Eastspring, said: “Heightened market volatility drives demand for steady income and certainty in investment outcome. FMPs continue to be in strong demand by investors. In the development of this unique FMP, we recognise the need to provide a differentiated offering with wide appeal.”
