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Dubai / WAM
Noor Bank has announced that it entered into a successful collaboration with Azimut (DIFC) Limited to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre (DIFC) domiciliation.
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 leading European independent asset manager with assets under management (AUM) in excess of $62.0 billion across a global network of 18 offices.
Raising AED507 million in subscriptions within two weeks of its launch, the FMP that will mature in four years is set to provide an income of five percent per annum through investing in a professionally managed sukuk portfolio. The move aligns with the bank’s strategy to leverage innovation to deliver outstanding customer experiences and establishes Noor Bank Wealth Management
as one of the largest distributors of Islamic mutual funds globally with total AUM reaching AED2 billion. Through this collaboration, Azimut confirms its commitment to being a key partner in Islamic investment solutions for institutions in the UAE and in the Middle East.