Dubai, UAE – 15 July 2024 - National Bonds, the UAE’s leading Sharia-compliant savings and investment company, proudly announces the onboarding of United Arab Bank (UAB) to its innovative Sharia-compliant Al Manassah platform, reflecting National Bonds’ commitment to supporting the UAE's vision for inclusive economic growth, setting a new standard in Islamic finance.
Since its inception in 2013, Al Manassah Platform has processed AED 189 billion worth of transactions, with more than AED 27 billion facilitated in 2023, affirming National Bonds’ efforts to enhance the appeal of Islamic banking and investments and addressing financial challenges faced by and financial institutions while providing a Sharia-compliant alternative.
"We are happy to onboard United Arab Bank to the Al Manassah Platform, which has a proven track record of over 10 years and extensive experience in this field with many banks on board. Leveraging advanced technology, it offers effortless integration and bespoke fintech solutions to partner banks and financial institutions, meeting the unique needs of Islamic finance." said Mohammed Qasim Al Ali, Group CEO of National Bonds.
Shirish Bhide, Chief Executive Officer of United Arab Bank, said: "In line with the bank’s strategy to strengthen its digital capabilities and Islamic banking product offerings, we are pleased to sign this partnership agreement with the Sukuk Trading Platform "Al Manassah."
"Al Manassah" is a reliable provider of innovative solutions to liquidity management requirements in accordance with the rules and regulations of Islamic Sharia. We are confident of Al Manasah’s ability to provide the necessary flexibility we need in managing all the bank’s Islamic financing operations."
The integration of United Arab Bank into the platform further enhances the bank’s capacity to offer robust Islamic liquidity solutions tailored to meet the diverse needs of its personal finance and credit card products. With National Bonds boasting 13 existing bank partners and financial institutions, the platform’s success has contributed significantly to its expansion and effectiveness in addressing the evolving needs of the Islamic finance industry. The wide range of Sharia-compliant products Al Manassah provides underscores National Bonds’ commitment to ethical and socially beneficial financial practices. It offers seamless integration powered by high-end technology to partner banks and financial institutions, providing bespoke fintech solutions tailored to the unique needs of Islamic finance.
For more information, please download the PDF here.
To know more about UAB, please visit www.uab.ae
For further information, please contact:
Sirine El Merhebi
Corporate Affairs & Marketing Department
Direct Line: +971 6 507 5415
Mobile: +971 556072929
sirine.elmerhebi@uab.ae