PCI and Fexco develop Prize Bonds for the United Arab Emirates (UAE) and greater Middle East market.

Following the success of the Irish Prize Bonds System, Kerry-based Fexco was contracted by the National Bond Corporation, with the approval of the United Emirates Bank, to develop a Prize Bonds product for the United Arab Emirates (UAE) and greater Middle East market.

Fexco, who operate the Irish Prize Bonds company with An Post, supplied a back office system for the draw while PCI was sub-contracted to supply the draw application. The scheme is the first of its kind in the UAE to provide a savings product which complies with the Islamic religious code – sharia. Bond holders are eligible to win huge cash prizes with prizes totaling 4 million dirhams (approx €850,000) awarded each month.

Karl Coffey, Chief Technology Officer PCI, who attended the first draw at the Dubai Financial Market, said that the project took approximately nine months to deliver. “Sales were launched in March and following a very extensive and high profile marketing drive in Dubai and other Emirates, AED 130 million worth of Bonds were sold in the first month. The first of the monthly draws took place on May 6th and the 16,318 winners were announced in less than 10 minutes.”

John Nagle, Group Managing Director Fexco, said: “We hope to develop the project’s success and, in conjunction with strategic partners, establish the model in other countries.”

The project was sponsored by UAE Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

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