National Bonds survey shows 17% of UAE nationals have takaful insurance

National Bonds, the shari'ah-compliant savings and investments company in the UAE, has announced the latest results of its ongoing financial health check survey*.

Source: National Bonds.

Findings indicate that 36% of UAE nationals save for a major purchase, while 34% save to buy a house and 24% save for retirement. However, only 7% save for their children’s education. As for other nationalities, 37% save to buy a house and 35% for retirement while 18% save for a major purchase and only 10% save for education. 

 
In additional findings, 56% of UAE nationals said they make monthly payments towards personal loans, 32% are settling credit card debts, while 12% are paying off mortgages. As for other nationalities in the UAE, the survey found 50% of the respondents are paying off personal loans, while 38% make credit card payments, and 13% are settling mortgages.

The results also indicate that 20% of UAE nationals among the respondents usually save monthly, as opposed to only 11% of single UAE nationals. Additionally, 52% of UAE-based women from all other nationalities do not have an emergency fund, against 6% of female UAE nationals who do. Further, 17% of UAE nationals said they have takaful insurance, compared to 14% of respondents from all other nationalities said they do.

Mohammed Qasim Al Ali, CEO, National Bonds Corporation, said: “Five months since our last financial health check, we are observing a major shift in our savers’ financial behaviour. We are happy to note that saving for retirement and homes is gaining precedence among customers of all nationalities. However, debts due to personal loans and credit cards remain the biggest challenge. We at National Bonds are well aware that bad habits die hard. This is why we offer a comprehensive financial planning strategy that helps customers achieve a balance between their needs and wants, their budgets and liabilities.”

Highlighting the low numbers of savers with takaful insurance across all nationalities including UAE nationals, Al Ali explained: “The significance of takaful does not only lie in being a means of protection against an uncertain future incurred through job and income loss. It serves as an expression of social and Islamic culture - reflecting its inherent values such as cooperation, solidarity and partnership even while ensuring a safe and sustainable future for all segments of society without discrimination.”

Takaful can also be a key to resolving the problems relating to Emiratisation policies in the private sector, where the advantages are less compared to the public sector. Thus, takaful is an effective alternative that provides financial security to the employee and his family. Takaful insurance is also expected to be one of the main drivers for financing development and ensuring stability of the financial sector.

The CEO of National Bonds also highlighted the debts paid by the majority of savers against personal loans and credit cards and said: “Despite the increased awareness today about the importance of savings and the burden of debt, the credit card culture continues to weigh heavily on many people, draining their income and severely impacting their financial security and the future of their children. The issue of debt is more related to habit than need if we consider the high income levels of individuals and consumption trends in society. This habit is reinforced by excessive consumption associated with earlier economic phases, but the same habits may not be appropriate for the upcoming economic phase if recession and its related challenges continue to adversely impact the global economy.”

National Bonds has created a number of innovative tools to encourage regular saving among bondholders. Of these, the new myPlan Rewards Program launched in August 2015 with the aim of encouraging customers to commit to a monthly savings plan is gaining popularity among bondholders that are mindful of the challenges they might face in the future.

National Bonds advises that financial plans should cover more than just investments, including retirement, taxes, insurance takaful, cash flow and debt management.

*Designed by financial advisors at National Bonds, the financial health check was launched in February 2014 as an online tool to help customers assess their financial status and take corrective action towards achieving a more resilient financial future. To date, the survey has received responses from more than 1,000 customers across cultures and nationalities. Respondents fall within the 26 to 40 age group.

Ooredoo Maldives and Huawei Marine to deploy National Submarine Cable in Maldives

Source: Ooredoo. 

Ooredoo Maldives has partnered with Huawei Marine to deploy a US$25 million nationwide fibreoptic submarine cable in line with the country’s broadband policy of making Maldives the most advanced country in ICT across the SAARC region. As Ooredoo ventures into new areas such as fixed line Internet and mobile money, the submarine cable will allow the company to address rising traffic needs arising from the surge in usage of mobile broadband and fibre access to homes and businesses.

The submarine cable utilises Huawei Marine’s 100G Technology and stretches across 1,200 km. It is expected to enhance the quality of Internet connectivity across the country. Combined with an escalated network capacity for the delivery of high bandwidth services, this will provide Ooredoo with an enhanced resilient network that can fully address the country’s increasing communication needs across developing islands and new resort locations.

Speaking at the launch ceremony the Maldives' Minister of Home Affairs Umar Naseer said: “The government has a strong vision of making Maldives one of the most digitally advanced countries in the region. Ooredoo’s National Submarine Cable will greatly contribute towards the delivery of this vision, and we thank Ooredoo for their support in bringing the benefits of digital to all our people.”

Ooredoo’s CEO, Vikram Sinha said: “As the Internet continues to bring remarkable value to individuals, families and businesses across the world, we are of firm belief that it is the right of each and every individual to be connected to the abundant benefits of the Internet. With this is mind, we are proud to take this revolutionary step that will enable us to connect our communities to a fast and reliable broadband internet and support their digital lifestyles from wherever they are in the Maldives."

Ooredoo took the lead in introducing 2G EDGE, 3G and the 4G LTE networks to the Maldives. The National Submarine Cable Project will further strengthen the role that Ooredoo is playing in developing the telecommunication infrastructure of the Maldives, and connecting the nation to a digital future when it is ready by the end of 2016.

NBK bring Eid Al Adha greetings and gifts to children at NBK hospital

Source: NBK.

Staff from the National Bank of Kuwait (NBK) family have paid a visit to NBK Hospital at Sabah Medical district to share Eid Al Adha with children suffering from permanent and incurable ailments. NBK has a tradition of comforting sick children and presenting them with felicitations and gifts as part of NBK’s corporate social responsibility programme.

"Sharing the happy moments of Eid Al Adha and other similar occasions with children is our pleasure. We are proud that NBK devotes such attention to supporting Kuwait society and providing compassion and support for those in need, including sick children. NBK's commitment to its corporate social responsibility was the basic motive that led NBK to build its children's hospital at Sabah Medical district many years ago," NBK Public Relations Officer Talal Al Turki said.

National Bank of Fujairah introduces dedicated banking for Emirati businesswomen

Source: NBF e-newsletter.

The National Bank of Fujairah (NBF) has launched NBF Elham, a department dedicated to supporting the banking requirements of female Emirati business leaders and entrepreneurs. Elham (إلهام) means 'inspiration' in Arabic.

Staffed by female Emirati corporate bankers and operating initially from the bank's Al Quoz branch, NBF Elham will provide Emirati businesswomen easy access to the bank's extensive knowledge and experience in multiple industries as well as its corporate banking services and growing suite of Islamic banking solutions.

While the UAE has issued countrywide directives committed to smoothening the transition of Emirati women into the corporate world, statistical and anecdotal evidence suggest that local female entrepreneurs, regardless of their strong ability and desire for success, still face challenges in receiving the appropriate support for their businesses.

Vikram Pradhan, NBF's Head of Corporate & Institutional Banking, said that NBF Elham reaffirms the bank's relationship-driven focus and commitment to the country's long term goal of cultivating a pipeline of Emirati business leaders.

"It is through my discussions with our Emirati lady clients and female relationship managers from my team that have made me realise that while the entrepreneurial spirit is very much alive in the UAE, many Emirati women entrepreneurs are not aware of, or do not have ready access to, the working capital, financial tools and expert guidance that would otherwise be available to other business owners.

"As a well-established local bank with one of the best track records in supporting businesses in the UAE, we are naturally the first to have identified this unique segment. By leveraging our highly trained and dedicated female Emirati relationship team and the bank's accumulated business experience and financial expertise, we hope to be able to level the playing field for aspiring Emirati female business leaders and thereby pave the way for their greater participation and success in the local economy."

Vince Cook, NBF's Chief Executive Officer, added: "The increasingly crucial role that Emirati businesswomen play in the future of the UAE requires little explanation, and as a customer segment, it is certainly deserving of greater attention from the local banking sector. Just as the government is actively pushing for greater inclusion of talented local women into the socio-political and economic spheres, we feel that there is much more that NBF can do on the ground to support the growing number of female Emirati businesswomen.

"With NBF Elham, we hope to not only encourage a stronger entrepreneurial culture within the country but to partner Emirati businesswomen as they achieve further breakthroughs in their respective industries."

NBF Elham is part of the bank's corporate and institutional banking division, which also has specialised teams focusing on various industries, from energy and marine, services and manufacturing to precious metals and diamonds.

Qatar National Library offers reading resources online prior to launch

Qatar National Library (QNL), a non-profit organisation under the umbrella of the Qatar Foundation for Education, Science, and Community Development (QF),  is currently offering free online access to a vast collection of online resources, including the latest bestsellers, classical works, concerts, top academic journals and documentaries. 

QF is supporting Qatar in its journey from a carbon-based economy to a knowledge-based economy by providing resources to students, researchers, and the community in Qatar. Announced in November 2012 by Her Highness Sheikha Moza bint Nasser, Chairperson of Qatar Foundation for Education, Science and Community Development, the QNL will eventually open in a library building designed by the architect Rem Koolhaas. 

QNL maintains a National Library, a University and Research Library, and a Metropolitan Public Library for the digital age. The National Library function collects and provides access to global knowledge relevant to Qatar and the region. It also collects, preserves, and provides access to heritage content and materials about Qatar and the region. The University and Research Library function supports education and research at all levels by providing printed and digital library materials for students and researchers. The Metropolitan Public Library delivers library services and information for everyone to enjoy reading, meet people, and become information-literate.

Included in QNL’s facilities will be a variety of collaborative and individual learning spaces, a Children's Library, 300 public computer workstations, digital media production facilities, performance spaces, a café, an adaptive technology center, Writing Center and Tutoring Center.

In addition to full-text databases, the QNL expects to have 1.2 million books, 500,000 e-books, periodicals and newspapers, plus special collections.

Interested?

Register. QNL's registered members can currently access the online resources. Anyone who lives in Qatar and has a valid Qatari ID/Residence Permit is eligible for free library registration. 

Prior to its opening, the QNL also maintains a list of Arabic and Islamic reading resources available elsewhere. Its top picks are the Adab website, which has classical and modern Arab poetry (Arabic and English), and Al Waraq (Arabic only), which lists where famous Arabic works in different subject areas may be found.

NBB announces Ramadhan hours

Ramadhan hours for the National Bank of Bahrain in 2015 are:

Saturdays to Wednesdays: 9am to 2pm

Hamad Town,Riffa Bukawarah, A’Ali, Isa Town, Sitra, Central Market, Al Muthanna Road, Palace Avenue, Exhibition Road, Muharraq Souq, Airport, Al Budayia Highway

Sundays to Thursdays: 9am to 2pm

Main Branch, Asry, Al Hidd, North Muharraq, Diplomatic Area, Salmaniya, Lulu Road, Souq Waqef, Al Istiqlal Highway, Riffa Souq, Awali

Sundays to Thursdays: 10am to 1pm, 8.30pm to 10.30pm

Al Seef Mall Branch

NBK announces its iftar tent is open

Source: NBK.  Picture taken on the occasion of the opening of the annual iftar tent.

The National Bank of Kuwait (NBK) has opened its annual iftar tent near the Grand Mosque in the Sharq area to offer fasters iftar banquets during Ramadhan. The iftar tent is part of NBK`s annual Ramadan programme, Do Good Deeds in the Holy month of Ramadan. 

Talal Al Turki, NBK Public Relations Officer said: “NBK staff volunteers finalised all necessary arrangements for Ramadan tent to receive fasting people on the eve of the first day of Ramadhan. NBK staff volunteers will manage and supervise the fast-breaking. The distribution scale of NBK iftar banquets this year also includes hundreds of fast-breaking meals via special convoys to numerous mosques, hospitals and crowded locations in Kuwait.” 

NBK hosting iftar meals all across Kuwait

The National Bank of Kuwait (NBK) has shared that its annual Doing Good Deeds programme for this year's Ramadhan will include hosting iftar banquets that will be held near the Grand Mosque. 

Fast-breaking meals will also be offered at various mosques and other locations throughout Kuwait. NBK will also distribute iftar meals via special convoys that will tour the more crowded areas in the country. NBK staff volunteers will manage and supervise the fast-breaking banquets.

Abdelmohsin Al Rushaid, NBK Public Relations Manager said: “NBK will ramp up its charitable activities as a good corporate citizen of Kuwait. NBK hopes to encourage a greater sense of community and charity during Ramadhan and encourages its customers and staff to participate by ‘doing good deeds’ all month long.

“It is a well rooted tradition that has been carried out by NBK each year in its efforts to continuously have an active role in the Kuwait society. NBK believes in the power of doing good.”

The NBK Ramadan Social Program will also include several visits by volunteers to NBK Children’s Hospital and other social institutions.

Abu Dhabi's Ramadan and Eid Festival opens in July

Source: Ramadan and Eid Festival website.

The Abu Dhabi National Exhibition Centre (ADNEC) will host a Ramadan and Eid Festival from 7 to 28 July. Organised by Al Multaqa Local and International Exhibitions, the festival is an opportunity for family shopping and entertainment after iftar in the evenings throughout Ramadhan. 

This year's event features larger shopping and entertainment areas in addition to the traditional performances, food and games. Special sections include arts and crafts, a heritage village, folk theatre, green products, and early learning zone. About 8,000 visitors a day are expected. 

National Bonds launches Sukuk Express in the UAE

Source: National Bonds website.

National Bonds Corporation, a shari'ah-compliant savings and investments company in the UAE, has launched Sukuk Express, a new service that allows customers to deposit up to AED20,000 daily in their National Bonds accounts via 1,000 quick payment machines that have been installed across the country. A sukuk bond is issued for each deposit.

The new service makes use of MBME - The Cube kiosks and complements 1,700 National Bonds distribution centres that were established in cooperation with money exchange centres and local banks.

Hani Hussein, Chief Operating Officer at National Bonds Corporation, said: “At National Bonds, we consider it a core priority to boost the culture of savings in the UAE and encourage our customers to stay committed to financial planning. The quick payment machines are efficient, safe and easy to use and enable customers to deposit up to AED20,000 daily in their National Bonds accounts.”

Ahmed Bibars, Executive Director of Retail & Distribution at National Bonds, said: “We are keen to provide our customers with access to smart services that save them time and effort and help them put in place a regular financial saving process regardless of where they are located. Our efforts are also aligned with the UAE's vision to offer the highest levels of customer service by continually developing innovative ideas to meet the dynamic demands of the new generation customer.”

Click here for Sukuk Express locations.

Abu Talib Ahmad explores museums, history and culture in Malaysia

Source: NUS Press website.
ISBN: 978-9971-69-819-5

In the half century following Malaysian independence in 1957, Malaysia's National Museum shifted from mounted butterflies, stuffed animals and accounts of the colonial experience to presenting an overarching national narrative. 

The narrative is often disputed, with many of the country's other museums offering alternative treatments of topics such as Malaysia's pre-Islamic past, the history and heritage of the Melaka sultanate, and cultural differences between states.

In Museums, History and Culture in Malaysia, published by NUS Press, Abu Talib Ahmad, Professor of Southeast Asian History at the School of Humanities, Universiti Sains Malaysia, offers insights into differing versions of the country's character and historical experience, and of efforts to reconcile sometimes disparate accounts. 

The author's thoughts combine textual analyses of museum publications and interviews with both serving and retired museum officers to evaluate the changing approaches to exhibits. In addition to the National Museum, he considers museums and memorials in Penang, Kedah, Perak, Selangor, Kuala Lumpur, Sabah, Kelantan and Trengganu, as well as memorials dedicated to national heroes. 

The paperback, published 2014, is 344 pages long and costs US$30, S$34, or RM48. Order the book here.

About 10% of the world's flags carry Islamic symbols

Source: Pew Research website.

A third of the world’s 196 countries have national flags with religious symbols on them, according to a new Pew Research analysis. According to Pew Research, there are 64 countries in this category, with about half including Christian symbols (48%) and about a third including Islamic religious symbols (33%).

Islamic symbols are found on the flags of 21 countries in sub-Saharan Africa, the Asia-Pacific region and the Middle East and North Africa, the thinktank said. The national flag of Bahrain features five white triangles, symbolising the Five Pillars of Islam, Pew noted. Turkey, Brunei and Uzbekistan are some of the other countries that include an Islamic star and crescent on their national flag.

Although Singapore has a crescent and stars on its flag, they do not have religious significance, Pew added. The crescent moon “represents a young nation on the ascendant, and the five stars depict Singapore’s ideals of democracy, peace, progress, justice and equality,” according to the Singapore government.

National Conference On Marketing Halal 2014 in KL postponed

UCSI University announced on May 16 that the National Conference On Marketing Halal 2014 that had been scheduled for May 20 at the KL Campus, UCSI University has been postponed.

The university apologises for any inconvenience caused and said an alternative date would be announced later.

Enquiries can be directed to the corporate affairs team at the UCSI Group at +603 9101 8880.

Islamic banks in the UAE looking at new ways to develop

An article in The National reports that Islamic banks in the UAE, which currently have 25% market share, are among the most aggressive of all banks in seeking out new markets and customers. 

The country is overbanked, pushing banks in general to diversify and expand their reach. Islamic banks are, looking outside of the country to the Muslim populations in Egypt, Libya, Tunisia and Morocco, for example, notes the article.

ADNIF to offer Islamic banking services at second branch in Al Ain, UAE

Abu Dhabi National Islamic Finance (ADNIF) has opened its second branch in Al Ain, and its sixth in the UAE.

ADNIF, the shari'ah-compliant finance arm of the National Bank of Abu Dhabi (NBAD), operates branches in Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah in the UAE. It is regulated by the UAE Central Bank and supervised by an independent shari’ah Fatwa and Supervisory Board.

According to the Emirates News Agency, WAM, (Wakalat Anba'a al-Emarat), Fahad Ahmed Al Shaer, the Managing Director of ADNIF commented: "ADNIF will follow an ambitious plan of growth and thus increase our reach to customers who desire accessible and purely shari'ah-compliant products and services." 

The branch was inaugurated by Alex Thursby, the Group Chief Executive Officer of NBAD; who was accompanied by Abdulla M. S. AbdulRaheem, the Deputy Group Chief Executive Officer of NBAD; Khalaf Al Dhaheri, the Senior Managing Director and Group Chief Operating Officer; Abdulla Al Otaiba, Senior Managing Director of Retail and Commercial - Gulf; and several other members of the ADNIF and NBAD senior management.