Qatar's Al Khaliji bank has closed the offer period of a recently-launched, capital-guaranteed gold deposit due to over-subscriptions. The product, the first in a planned series, has exceeded expectations, said the bank.
"Our aim was to produce a risk-free, high-value product with no strings attached. We wanted to offer a product which would appeal to the fundamental needs of all investor safety of capital coupled with a highly competitive rate of return and no fees," said acting head of consumer banking Andrew Ball. "We believe that this product typifies the Al Khaliji promise of next generation banking."
Gold Deposit repays capital plus a minimum 4% plus up to a potential further 9% if the underlying gold price is positive. The bank said it is preparing the next product in this series which will have similar terms.