Islamic saving scheme to dish out prizes quarterly

ABU DHABI // National Bonds, the Sharia-compliant savings scheme, has introduced a new prize structure for expats.

Financial planning products offered by National Bonds allow customers to invest their savings while having a chance to win prizes.

Under recently introduced changes, savers participating in the plan will have the chance to win a Dh1 million prize every three months. The prize was previously offered on a monthly basis.

In addition to the Dh1 million prize, seven monthly cash prizes worth Dh10,000 will be up for grabs to regular savers, one of which will go to a female winner and one to a minor.

Monthly giveaways of one BMW car and 30,000 cash awards worth Dh50 are included in the list of prizes.

Draws take place on the first Sunday of every month beginning in August, with the first Dh1 million grand prize draw expected to take place in October.

Draws are conducted under the supervision of the Dubai Department of Economic Development. Results will be announced on the National Bonds website.

A Sharia board oversees all financial aspects of the bond programme, including product-related operations and investments, which are made in education, real estate and retail.