Five-year-old Indian becomes millionaire

DUBAI: A five-year-old Indian boy has become a millionaire overnight after winning a lottery at a national bond draw here.

Ebrahim Fahimuddin Shaikh became the second millionaire in the year when the February draw of National Bonds Corporation picked his name.

Ebrahim's father received the life changing call on Saturday.

"At first, I thought it was a prank call so I carried along with the call, shortly after it struck me, I am truly really speaking to National Bonds CEO in person," he said.

"I was overwhelmed with joy and happiness for my son! I realised I have just become the father of a millionaire and that my continued dedication to teaching Ebrahim the importance of savings has just been rewarded," Sheikh said.

Sheikh said he opted to save for his child's future at a young age with National Bonds saving scheme.

"Thank You National Bonds. I want to buy candy and sweets with it, save like my dad and get toys and gifts for my family," said the young winner.

Ebrahim's family represents the rapidly growing segment of expats in the UAE who are realising the importance of committing to a financially-safe lifestyle and a brighter tomorrow, by taking control of their finances through responsible spending and regular saving with a trustworthy highly rewarding scheme.

Till date, 63 per cent of National Bonds' millionaires have been expatriates, and more than 166 million Dirhams worth of prizes have been distributed to expat bondholders. With over 610,000 customers for the National Bonds, the number of expatriate bondholders increased by 8 percent between 2009 and 2010.

Mohammed Qasim Al Ali, CEO of National Bonds Corporation said that the scheme continues to exceed customers' expectations by offering innovative initiatives to make saving a rewarding and enriching experience.

"Most of our customers have turned to more frequent savers since they joined the programme, giving them financial security and peace-of-mind. I am proud to see more and more customers and their families committing to savings and looking ahead for a better financial future."

He said that minors such as Ebrahim form 13 per cent of the overall number of bondholders and this number has increased year on year.

"This means that we are encouraging positive savings values from a younger age and this enhanced financial responsibility will lead to a stable economy in the future," he said.

Source: EconomicTimes