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ADIB launches sharia savings plan

SavingsAbu Dhabi Islamic Bank (ADIB) has unveiled a new savings plan designed to boost the use of mutual funds among UAE residents. The new scheme is called Khuttati, the Arabic word for “my plan”, and its launch follows the publication of a survey conducted by ADIB into the savings habits of UAE residents which found that despite the fact more than half (51%) saved regularly, only 9% invested in mutual funds. According to ADIB, Khutatti will give retail investors exposure to range of sharia-compliant mutual funds across different asset classes and currencies. Furthermore, it involves no charges for withdrawals and is tailored to “meet the varying risk appetites of clients, said Saif Alkeem, head of wealth management & priority banking at ADIB. “It makes sense for savers to diversify across asset classes through a variety of funds with different risk-reward characteristics,” he said “The Khuttati savings plan is very well structured, to allow customers to put aside some money every month with the aim of taking advantage of international markets.” ©2019 funds global mena

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