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Dubai Bank and NBC tie-up for retail bonds distribution

DUBAI - Dubai Bank has formed a strategic alliance with National Bonds Corporation (NBC) to establish a stronger base for bonds distribution to retail and institutional buyers and add extra mileage in terms of services and reach, said a Press release on Tuesday.

The signing ceremony took place recently at the Dubai World Trade Club, Dubai World Trade Centre, and was attended by officials from both institutions. Dubai Bank is the fourth bank to partner with National Bonds and the first bank authorised to issue the bonds certificate instantly. With the increase in the number of Dubai Bank's strategically-located branches from five in 2006 to the current 20, this alliance enables National Bonds Corporation to expand its bond distribution network to over 320 associated outlets located across the UAE, with infinite growth potential.

Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation, said: 'This landmark agreement reflects the strengthened relationship of two leading Shariah-compliant entities in reinforcing the availability of reliable and convenient investment opportunities offering sustained financial growth to individuals, families and corporate.

Since its launch in 2006, National Bonds has continuously aimed to reach a wide cross-section of the UAE population. The company achieved record-breaking sales in the first six months of 2008, by attaining an increase of over 200 per cent as compared to the same period in 2007.

Salaam Al Shaksy, Chief Executive Officer of Dubai Bank, said: 'This alliance between two major Shariah-compliant financial institutions is significant for both organisations, representing a major step forward in the world of Islamic banking. At our branches, National Bonds customers will also have instant access to a variety of other financial related products they may require.