Sharia-compliant savings and investment company National Bonds onboards United Arab Bank to its Al Manassah platform
National Bonds, the UAE’s leading Sharia-compliant savings and investment company, have announced 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, the 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 address financial challenges faced by 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 per the rules and regulations of Islamic Sharia. We are confident of Al Manassah’s ability to provide the necessary flexibility we need in managing all the bank’s Islamic financing operations.”
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.
