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The United Bank launches Elite certificate “El Nokhbaa”, compliant with sharia provisions granting 19% rate adjusted at the certificate maturity date
Ashraf El- Kady: Chairman of The United Bank
Cairo: 8th of April, 2023
The United Bank announces launching Elite certificate “El Nokhbaa”, compliant with sharia provisions granting 19% rate to be paid under adjustment at the certificate maturity date.
The Elite certificate “El Nokhbaa” enjoys 8 features that made it the premium choice for investors in the market:
The first advantage: The Elite certificate “El Nokhbaa” is a saving certificate that is compliant with sharia provisions.
The second advantage: The certificate tenor is 3 years.
The third advantage: is the variable 19% return to be paid under adjustment at the certificate maturity date .
The fourth advantage: The return can be paid monthly until the end of tenor subject to adjustment.
The fifth advantage: The new compliant with sharia Elite certificate “El Nokhbaa” is available for natural individuals.
The sixth advantage: Investment in Elite saving certificate “El Nokhbaa” starts from one thousand Egyptian Pounds and its multiple.
The seventh advantage is the opportunity to get credit facility using the compliant with sharia elite certificate.
The eighth advantage: Purchasing the Elite certificate “El Nokhbaa” can be done through UB’s 68 branches, or through digital channels “Your Bank Online” package (Mobile Banking- Internet Banking- UB website).
Commenting on the compliant with sharia investing Elite certificate “El Nokhbaa” launch, Ashraf El- Kady- Chairman of The United Bank, stated that UB has recently launched many compliant with sharia investing certificates, that enjoy many variable tenors and different return withdrawal periods under adjustment.
As well as, launching innovative packages of compliant with sharia provisions funding solutions, that are based on Murabaha and Islamic economic financial systems. UB has operated many high quality digital solutions as per international standards, under the name of “Your Bank Online”: (Mobile Banking- Internet Banking- UB digital wallet) to meet the client’s needs, save effort and time, that let them to enjoy their banking experience with UB.
El Kady pointed out that UB is committed to innovate packages of solutions, investing forms, and developed funding forms in order to meet the contemporary and future needs of the clients. In addition, achieving competitiveness factors with excellent service and quality, the thing that is for the good of the client in the first place.
He mentioned that Islamic investing certificates are based on the individual participation in investment mechanisms to number of projects: real estate, productive projects, service projects, industry, many other well- studied projects. All of which have distinguished economic return on the investor, and on the economy in general with a developmental impact.
Investing in compliant with sharia saving certificates means that the individual enjoys a certificate or many that are invested with variable returns. These investments are licensed by UB Shariaa Supervisory board, that consists of senior scientist who have in-depth experience and specialization in legal, financial and banking matters. Coming on top Dr. Aly Gomaa, Chairman of Sharia Supervisory Board - The Former Grand Mufti of Egypt and a Senior Scientists Council Member.
El Kady says that the Islamic funding volume in Egypt represents 3% of the total Islamic finance in the world market, that is per to STANDARD & POORS credit rating agency report. This indicates the noticeable increasing demand on Islamic banking. The Egyptian market is promising as for the investments volume and the variety of compliant with sharia investment products.
He added that the goal of Islamic banking is economic and social development of the individual, society and for the whole nation. It is regarded an effective mechanism for economic development through providing the suitable climate to attract local and international investments and re- operating towards the projects that serve different economic sectors.
El Kady stated that Islamic banking seeks the welfare of the citizen and enhancing his/her economic state, eliminating the unemployment, and achieving higher economic growth rate. The Islamic banks works on expanding the social solidarity through developing different economic sectors.