Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) yesterday announced the launch of the third version of its two-year, 100 per cent capital-protected oil note, saying it was on the back of the successful placement and excellent return that accrued from its first oil note.
Business | Investment
ADIB announces third oil note
Sharia-compliant note open for subscription until September 9
- By Himendra Mohan Kumar, Staff Reporter
- Published: 18:22 August 4, 2012
The Sharia-compliant ADIB Oil Note III is open for subscription from end of July until September 9 this year.
“ADIB Oil Note III provides investors with an opportunity to invest in this commodity on a secured basis. As a benchmark, its predecessor, ADIB Oil Note I, earned investors almost 18 per cent over a two-year period, which is significantly higher than other risk-free products currently in the market,” ADIB said in a statement.
“This is a structured product from ADIB for retail customers. In terms of convenience, it’s a good product. Compared to a bank fixed deposit, this product may give customers higher returns on their capital should global oil prices rise significantly,” a Dubai-based stock trader told Gulf News, commenting on ADIB’s announcement.
On Wednesday, ADIB said its net profit for the fiscal second quarter rose 2.3 per cent to Dh322.6 million, even as net revenue for the period declined 2.4 per cent from the corresponding period a year ago to Dh888.6 million.
More from Investment
More from Business
Business Editor's choice
-
Ramadan food cost rise forbidden
Ministry of Economy to keep strict watch for consumer law violations
-
Microsoft unveils Xbox One with Spielberg
Xbox One is Microsoft’s first new gaming console in eight years
-
Mariner of the Seas in maiden call on Dubai
1,020-feet-long cruise ship en route to Singapore and China