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First Gulf Bank (FGB), the leading financial partner of choice in the UAE, recently launched a Shariah Compliant deposit scheme, Emirati Al Awwal Islamic Certificate. The Emirati exclusive product has been developed based on a recent survey conducted by the bank, which showed a preference amongst the majority of Emirati customers for an Islamic deposit product.
Officially introduced on July 8th, 2012, the Shariah Compliant Emirati Al Awwal Islamic Certificate coincides with Islamic traditions and the beliefs adopted by the UAE. Emirati Al Awwal Islamic Certificate continues to encourage UAE Nationals to practice healthy saving habits, by offering returns from Mudaraba investments. Furthermore, it will provide customers with opportunities to win cash prizes, as it will offer regular draws on a weekly, monthly and quarterly basis.
Commenting on the launch, Huda Abdulla, Executive Vice President of Branch Distribution, FGB, said: “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. We are always seeking to develop the best, tailor-made products possible, and as per market trends, we found that a Shariah complaint product would be more suitable to the UAE National community.”
“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,” she added.
Deposits to this scheme can be made from FGB branches and our partner exchange houses throughout the UAE. Customers can also purchase Emirati Al Awwal Islamic Certificates through FGB’s call centre. Depositors can start with a minimum of AED 1,000 where additional deposits can be made in multiples of AED 1,000, with no maximum limit.
The Emirati Al Awwal Islamic Certificate offers certificate holders a range of prizes of hundreds and millions through its regular draws. Every AED 1,000 enables the investor to earn one chance in the raffle draw. Hence, the more customers save, the more chances they have of winning.
In line with its efforts to maintain transparency with its customers; all FGB draws are conducted under the supervision of Economic Department of Abu Dhabi.
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