02-05-2011
5 years Sukuk Plus
A new safe saving product launched by ADIB Egypt
“5 years Sukuk plus” offers annual expected profit rate ranging between 9% to 9.25% posted monthly
Cairo, June 06, 2011 – ADIB Egypt launched “5 years Sukuk plus”, an Islamic Shari’a compliant medium term saving product in Egyptian pound. The “5 years Sukuk plus” offers customers annual profit posted on monthly basis with expected profit rate ranging between 9% and 9.25%.
“Launching the “5 years Sukuk plus” reflects ADIB Egypt’s strategy to continuously launch new Shari’a compliant products tailor made to meet customers’ needs in the Egyptian market which comes as a result of the periodical studies of the trends in the Egyptian market that the bank conducts in order to cater to the wide variety of the changing customers’ needs. Accordingly, ADIB Egypt now occupies a leading position in offering new retail Shari’a compliant banking products” said Nevine Loutfy, ADIB Egypt Managing Director and CEO.
“The 5 years Sukuk plus is a safe means for investment providing anticipated 9% to 9.25% annual profits higher than the other short term investments. The customer enjoys additional advantages such as pledging Sukuk as collaterals for Al-Yosr finance, and auto finance,” added Loutfy.
The minimum value of “5 years Sukuk plus” is EGP1000 and multiples. The Sukuk profit is posted on the customer’s account on the first day of each month. In case that the customer wishes to redeem the whole value of “5 years Sukuk plus”, he can do that after 6 months from the date of issuance. The bank invests Sukuk funds as per the terms and conditions of Wekala contracts where the bank acts as the legal agent to invest on behalf of the client and to define the ways of investment and the profit rate.
