A Noor Bank branch at Deira 1
A Noor Bank branch at Deira. Image Credit: Virendra Saklani/Gulf News

Dubai: 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 US$62.0 billion (Dh227 billion) across a global network of 18 offices.

Raising Dh507 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 per cent 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 Dh2 billion.