Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Save and be saved with National Bonds  Join our daily free Newsletter

MENAFN - Khaleej Times - 11/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) As much as its clients see a brighter future thanks to its savings programmes, National Bonds Corporation is looking at a similar prospect as it looks to further advance its growth this year, riding high on a very encouraging 2013 and positive sentiments in the UAE and the wider region



The company, a pioneer via its first-of-its-kind Shariah-compliant Mudaraba-based savings scheme, plans to rev up its focus on educating the public and raising awareness on the importance of saving up for the future, its top official said



"We believe such awareness will lead to the community adopting an even more regular habit of saving and making it an integral part of their everyday lives," Mohammed Qasim Al Ali, chief executive officer of National Bonds Corporation, told Khaleej Times in an interview



"This will ensure the fulfillment of our mission to offer a secure, rewarding and memorable savings experience for the community.



Al Ali, appointed CEO in 2008, is at the forefront of National Bonds' growing portfolio of enterprises, as well as the development of innovative savings schemes



So far, all of his efforts have paid off; not only for the corporation, but more importantly for its clients



"We have created a wide range of diverse tools to encourage our bondholders to develop a savings habit," he said. "We have observed a significant increase in the number of people that showed interest in our savings programmes [last] year compared to 2012.



National Bonds' total percentage of bondholders reached a seven per cent increase in 2013 compared to the previous year. And to make it sweeter for everyone, the company gave away over 510,000 prizes last year



"We are very optimistic about sustaining and advancing our growth curve in 2014. [Last] year showed potential and helped in fulfilling our initial vision of inculcating a savings culture in the region," Al Ali said, pointing to two major factors influencing National Bonds' bullishness: more positive growth in store for the UAE and Dubai's victory in World Expo 2020







Making it bette



One of National Bonds' strategic goals is its commitment towards improving the savings culture in the UAE. Last year was a very productive year for the company, and 2014 will see more initiatives come to fruition



While developing strategies is one thing, implementing these is another; National Bonds has periodically conducted surveys to identify people's attitudes towards achieving the objective of instilling a savings culture in them. It launched the National Bonds Savings Index in 2011 with the aim of providing a comprehensive study on the saving and spending habits of people in the GCC, which highlighted that the primary factor taken into consideration when choosing a savings instrument was its conformity to Shariah principles



"These surveys help up gain an understanding of what obstacles people face in developing a regular savings habit," Al Ali said. "Based on the feedback we received... we decided to shift the focus of our rewards structure towards helping our bondholders fulfill their needs in 2013. This small step has helped us reap rich dividends.



And thanks to the index, National Bonds has several initiatives in the pipeline. Al Ali says that the company is confident that the index will stimulate public opinion and encourage organisations to seek solutions for developing a sustained savings habit among employees



"It has been equally gratifying to hear from our customers that the new structure has helped them achieve their dreams. Other strategies such as the financial well-being initiative, as well National Bonds' participation in the country's prominent human resource summits have helped us promote our ongoing Emiratisation drive and internal CSR initiatives and employee savings programmes across the UAE.



Al Ali pointed out that National Bonds is planning to improve its Employee Savings Programme and promote in consistently throughout 2014, "to make sure that the majority of the UAE's employees save for their future well-being and for their families"



"We were happy to partner with a number of private and public organisations that went the extra mile with us through our Employee Savings Programme," he said. "It helped their employees plan their financial affairs; the direct salary deduction initiative helped in spreading the savings culture, which had a positive impact on the economic health of the UAE.







Simple reminder



As with any other activity, saving up is an exercise in responsibility and discipline. Al Ali, having the expertise of the ins and outs of it, offered some advise



"To build financial responsibility and security, you must first know how much money you have coming in and how much you have going out. The 'going out' must include your own savings. Listing your savings as an expense, just as you would any other bill, is a great way of enforcing the habit of saving and incorporating it into your monthly expenditure," he said



"Ideally, a person should save a minimum of 10 per cent of their monthly income and have at least three months of salary in their bank accounts. Unfortunately, most people are not consistent about following such margins. So 10 per cent may be unrealistic, but the important point is to start with something. Saving is usually easier than it seems once you set your mind to it.



He stressed that one of the most common mistakes committed is "living in an illusion of financial security", and the lack of proper planning as a result



"The truth is we never know when we may lose our jobs or when economic crises might strike again. When we are faced with such situations, the brighter picture would be to have enough savings to guarantee a decent living standard, as opposed to realising that we are left not only penniless but also in debt," Al Ali said



"Think of your goals, especially the long-term ones. Whatever they are, you will reach them sooner by starting to save now. Saving not only helps fulfill your responsibilities to yourself and family, it also builds security and ensures your peace of mind.

 






  MENA News Headlines
 Aug 20 2014 - Saudi- Red Sea Housing net profit rises 23.13 to SR40.78m in Q2Arab News
(MENAFN - Arab News) Red Sea Housing Services Co. (RSH) has posted outstanding performance for the first half of 2014 revealing operating income of SR41.59 million a growth of 17.69 percent compared ...

 Aug 20 2014 - Saudi- Shelter for minors reduces beggaryArab News
(MENAFN - Arab News) Child beggary on the streets of Jeddah has decreased by more than 50 percent thanks to the opening of a juvenile shelter in association with Al-Birr Charitable Society said Hani ...

 Aug 20 2014 - Saudi Aramco's iThra program attracts thousands of visitorsArab News
(MENAFN - Arab News) Saudi Aramco's iThra Knowledge Program has attracted 300000 visitors during the first two weeks of the event. The program which is being held at the city's International ...

 Aug 20 2014 - Saudi- New office to oversee Haj-related activitiesArab News
(MENAFN - Arab News) The Haj Ministry has approved a new management office aimed at monitoring Haj-related programs and arrangements more effectively.The 'strategic initiative management office' ...

 Aug 20 2014 - Saudi- SFDA warns against contaminated chocolate drinksArab News
(MENAFN - Arab News) Before consuming any of the chocolate drinks produced by Milchwerke Mittelelbe GMBH and listed below check the expiry date first. If the product is packed in plastic containers ...

 Aug 20 2014 - Saudi- JCCI bridges gap between courts and businessmenArab News
(MENAFN - Arab News) A delegation from Jeddah Chamber of Commerce and Industry (JCCI) visited the headquarters of General Court in Jeddah.The delegation consisting of Vice Chairman of JCCI Ziyad bin ...

 Aug 20 2014 - Saudi- Holmstrom named as new US CG in JeddahArab News
(MENAFN - Arab News) New US Consul-General Todd Holmstrom arrived in Jeddah on Aug. 6 to assume his post.Prior to his appointment Holmstrom served as deputy chief of mission in N'Djamena Chad from ...

 Aug 20 2014 - Saudi- KACST scientist wins US physics awardArab News
(MENAFN - Arab News) Dr. Ibtesam Saeed Badhrees a leading woman research scientist in experimental particle physics at the National Center for Nanotechnology King Abdulaziz City for Science and ...

 Aug 20 2014 - Saudia staff urged to improve servicesArab News
(MENAFN - Arab News) A leading Saudi Arabian Airlines official has urged Saudia executives and field workers at King Abdulaziz International Airport (KAIA) as well as other employees in maintenance ...

 Aug 20 2014 - Saudization poses challenge for surface transport sectorArab News
(MENAFN - Arab News) Saeed Al-Bassami vice president of the National Transportation Committee at the Saudi Council of Chambers and Industry has revealed that Saudization is one of the main challenges ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help