First Gulf Bank, or FGB, has launched a Shariah-compliant deposit scheme for the UAE nationals.
Emirati Al Awwal Islamic Certificate has been developed based on a recent survey conducted by the bank, which showed a preference amongst the majority of the UAE nationals for an Islamic deposit product. The Shariah-compliant Islamic Certificate coincides with Islamic traditions and the beliefs adopted by the UAE.
The saving instrument will encourage UAE Nationals to saving by offering returns from Mudaraba investments.
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 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.