Thursday 30 , March, 2023 | 08 , رمضان, 1444
Al Manassah is a fin-tech platform that provides asset backed (Sukuk as an asset) financing solutions with end to end documentation as per the sharia guidelines. The platform is practiced my major regional Islamic banks and FIs which is reviewed and authenticated by the global sharia scholars.
Al Manassah is owned by National Bond Corporation Sole Proprietorship P.S.C. National Bonds is owned by Government of Dubai, ICD (Investment Corporation of Dubai) & licensed by the Securities and Commodities Authority in the UAE.
The unit value of NBC Sukuk is AED 10.
Sukuk for individuals and corporates are issued automatically and immediately through distribution channels. An ownership certificate (Sukuk) is issued under the customer’s name. It has a unique number and an issue date. It also indicates the number of issued Sukuk.
The relationship will be through an agreement between the Financial Institution (FI) and Al Manassah which allows the FI to participate in Mudaraba pool of National Bonds by owning Sukuk that FI can later sell to its customers under the Murabaha structure.
The minimum period for investment in the pool is a Gregorian month. A customer is not eligible for profits if they keep their Sukuk for less than a month. If the customer holds the Sukuk then additional Sukuk equal to the profits are issued.
The sukuk are issued in a specific country’s currency. The value of the purchased sukuk will be added to the Mudaraba pool according to the exchange rate of that currency.
There is no deadline to resell.