UAE-based lender Mashreq has launched its Dual Currency Product, a structured deposit that offers higher interest rate compared to a traditional fixed deposit.
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The product, designed for savers and investors, provides higher interest rate as it enables two income streams, including interest income and an option premium.
The short-term, currency related investment product has a currency option. Following its maturity, the bank has the right to repay the client’s principal and interest earned in either the base currency or the alternate currency.
The new product, which offers fixed tenor of one month, is custom made to suit specific needs of each individual.
The product’s subscribers can benefit from higher interest rates even while holding a currency that is expected to weaken.
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By GlobalDataAdditionally, it enables individuals to diversify across currencies as well as offer customers opportunity to be a part of the foreign exchange markets.
Dual Currency Product is offered in multiple currencies such as USD, EUR, GBP, AUD and XAU.
