National Bonds Corporation (NBC) is aiming to announce the 2010 profit rate by January next year as it has amended its profit distribution calculation methodology for 2011 onwards with a view to reward its "loyal" customers, company CEO told.
As per the statement posted on the company website, the profits earned by bondholders at the end of 2011 and beyond will be according to the following tiers and weightage.
All Bonds will be divided into four tiers based on the length of their investment in the Mudarabah and will have the following allocation of weightings for distribution of profit:
Tier 1: Bonds invested in the National Bonds Mudarabah for less than three months will get 40 of the profit declared;
Tier 2: Bonds invested in the National Bonds Mudarabah for three months and less than six months will get 60 per cent;
Tier 3: Bonds invested in the National Bonds Mudarabah for six months and less than one year will get 80 per cent; and
Tier 4: Bonds invested in the National Bonds Mudarabah for one year or more will get 100 per cent.
The change in the profit distribution method is also aimed to encourage others to hold their investments with us for a longer period,” Al Ali said.
However, for the financial year 2010 profit payout will be still be based on the existing profit calculation basis. Currently, all the company’s 590,000 savers receive an equal annual profit, declared early in the New Year. In February, NBC declared a 3.54 per cent annual profit payout for 2009, giving a cumulative profit rate of 16.64 per cent over three years.
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