First Gulf Bank (FGB), a publicly owned bank headquartered in Abu Dhabi, has announced its offer of a sharia-compliant deposit program for UAE citizens.
The bank took surveys of customers and found that the majority of its clients sought an Islamic deposit product. To fill the evident gap in offers, FGB created the Emirati Al Awwal Islamic Certificate. The certificate is completely sharia-compliant, offering returns based on mudaraba investments, or a scheme where one party contributes money and the other manages it, and earns a profit for doing so.
The official launch of the certificate took place on July 8th
, and bank managers hope the new products will encourage a culture of saving in the country. Returns will be offered on the investments, encouraging clients to invest in the certificates.
One of the FGB executives, Huda Abdulla, said of the new product, “As per our commitment to the local community and our efforts to ensure that we always provide products that meet their needs, we introduced the Emirati Al Awwal Islamic certificate to correspond with the values of our clients.”
She continued, “We expect a wider interest level in the product amongst customers, as it reflects local UAE Islamic traditions. In our aim to incentivize saving amongst Emiratis, we are also carrying out Emirati Al Awwal Islamic Certificate raffle draws on a regular basis, where weekly raffles will be held, in addition to monthly and quarterly events.”
Image credit: Flickr, Sarah_Ackerman