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Tuesday, 14 July 2009

Dubai Islamic Bank Launches One-year Islamic Cert

DUBAI, July 14 (Bernama) -- Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates (UAE), on Monday launched its one-year Islamic certificate linked to the Crescent Commodity Twister Strategy developed by ABN Amro Bank, Emirates News Agency (AM) reported Tuesday.

This US dollar-denominated certificate, which offers investors ideal exposure to the global commodities market based on a strategy that has been designed to generate positive returns in both bull and bear-trending markets, seeks to generate 96 per cent capital protection upon maturity.

This certificate is issued by ABN Amro, which is 100 per cent owned by the Royal Bank of Scotland Group, and is available for subscription between July 11-August 15, 2009 with minimum investment of US$10,000 (Dh36,730).

Distributed by DIB's Wealth Management division, this fully Sharia-compliant product aims to benefit from the trends of the Rogers International Commodity Index (Rici) Enhanced ex-Lean Hog Index, which tracks agriculture, energy, industrial and precious metals commodities.

The underlying Crescent Commodity Twister Strategy aims to generate returns in any market condition by assuming long or short positions in the Rici at regular intervals.
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