Abu Dhabi Islamic Bank-Egypt launches 2nd tranche of healthcare note

Big 5

Abu Dhabi Islamic Bank-Egypt (ADIB) has launched a second tranche of its Healthcare Pharmaceuticals Equities Basket Note following, according to a press release.

The bank said in a statement on Saturday that the moves comes due to popular demand from customers and investors on the first tranche that was launched in May 2017.

The Shariah-compliant note matures in one year and provides 100 percent capital protection at maturity to minimise investment risk, and is designed to capitalise on projected growth in the healthcare industry.

The product provides investors with exposure to a basket of leading international companies operating across the healthcare and pharmaceutical sectors, including Pfizer, Merck, Celgene, Novartis, and Novo Nordisk.

The note is open for subscription until 24 August and offers a three-month lock-in period.

The minimum investment for the note, which has a maturity date of 30 August 2018, is $30,000, the statement noted.

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