First National saving fund provides ease of investment

The First National's "Money Market and Saving Fund" has provided some ease of investment.

The changes, which were made at the company’s third annual general meeting last week, included changes to the fund’s minimum initial investment and interest rates.

First National's Savings Fund is a CMDA-registered and licensed money market fund that assists companies in issuing stocks, bonds and Islamic bonds in Maldives and provides fund management and wealth management services.

The fund first opened in 2022 with a yield of 5.5%. However, the fund has now increased its return on investment to 8.25%. The fund was initially opened with a minimum initial investment of MVR 100,000. But now that figure has reduced by MVR 25,000. With the new changes, investors in the fund will see greater returns compared to prior ones.

The decision was taken at First National's annual general meeting to give the public more opportunities to invest in the fund.

In addition to the initial investment, an additional MVR 5,000 per month can be paid to increase the size of the fund.

The fund's Managing Director Fathmath Shaheera said the new change will also allow investors to expand the fund and increase their profits.

First National is also introducing new instruments that can leverage financial markets in the country. The company also opened a real estate fund late last year.

Since its inception in 2021, the company has been raising funds for government-owned companies as well as private companies. First National also assists many companies in issuing sukuk (Islamic bonds) and bonds.