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Palestinian Ambassador to UNESCO Monir Anastas said the 'inscription is a message of hope to our people in Gaza, who are fleeing bombs with no shelter, no food or water'
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Canada bank launches equity-linked note
DUBAI - The Royal Bank of Canada (RBC) has announced a new investment opportunity, the RBC Shariah-Compliant Equity-Linked Note for its customers in order to meet the special requirements of Muslims residing in Canada.
This Equity-Linked Note has been introduced after an extensive period of research and consultation, and is supported by a fatwah, confirming its suitability, issued by three prominent Islamic scholars.
This note is the first of its kind in Canada and its value matures in approximately five and a half years, is designed to provide a competitive investment opportunity compatible with the precepts of Islamic law. The minimum investment is Canadian $5,000, investors with a stake of $50,000 or more are offered the free services of personal investment advisor from the experienced team at RBC Dominion Securities.
RBC protects the capital investment if the note is held to maturity, with potential returns calculated using the percentage change in value of the underlying equity basket.
Andrew Tice, Middle East regional director of the Royal Bank of Canada, said: "Until now, Islamic investors had few attractive investment opportunities due to the absence of low-risk investments following Shariah guidelines. With the RBC Shariah-Compliant Equity-Linked Note, they have a capital-secured, Shariah-compliant opportunity with a high growth potential.''
The Shariah Finance Group at RBC Capital Markets developed the initiative, which has been approved by three independent Shariah scholars. These experts - Shaikh Nizam Yakuby from Bahrain, Shaykh Yusuf Talal DeLorenzo from the US, and Shaikh Dr Mohd Daud Bakar from Malaysia - are internationally recognised as authorities on Islamic finance, and between them advise many banks, governments and other institutions. All three are on the Shariah Supervisory Board of the Dow Jones Islamic Market Index.
Andrew further added, "With the Dow Jones Islamic Market Index tracking Shariah-compliant stocks internationally, we are able to offer Canadian-Muslim investors a potentially high-yield investment opportunity that is compatible with their obligations under Islamic law.''
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