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Noor Bank, a leading Shari’a-compliant bank in the UAE, today announced that its four-year Fixed Maturity Plan (FMP) managed by Arqaam Capital, has raised over US$125 million subscriptions within three weeks of its launch.
In line with its objective to constantly strive to bring innovative solutions to its clients, Noor Wealth launched this FMP last month. The initial offering period was open between 17 September and 11 October, the FMP drew investments from a number of Noor Wealth clients globally.
The FMP, structured as a DIFC-based Islamic Fund, aims to provide income through investments predominantly in global Sukuks, and offers an annual income of 5 per cent.
Speaking on the FMP, Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: “We are delighted with the overwhelming response to the Noor Bank FMP with Arqaam Capital, which clearly reflects the strong demand for products that offer stable and assured returns. Noor Wealth has been one of the fastest growing wealth management platforms in the UAE, which reinforces the investor confidence in us and the products we offer.”
The overwhelming response to the product clearly demonstrates the strength of the Noor Wealth platform to create innovative solutions which cater to their clients’ needs.
Speaking for Arqaam, its Head of Fixed Income Asset Management, Abdul Kadir Hussain, said: “Combining our strong track record in Sukuk Fund management with Noor Bank’s excellent distribution team has resulted in this very successful outcome.”
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