The product is claimed to be 100 per cent principal-protected if held to maturity
. It allows customers the opportunity to invest in a product that matches their values when it comes to environmental and social causes, the firm said.
had, at fair value, total assets of $427.1 million, total loans held to maturity
of $324.5 million and total deposits of $357.3 million.
According to the order, the SEC found that Wells Fargo generated large fees by improperly encouraging retail customers to actively trade the products, which were intended to be held to maturity
. As described in the SEC's order, the trading strategy - which involved selling the MLIs before maturity and investing the proceeds in new MLIs - generated substantial fees for Wells Fargo, which reduced the customers' investment returns.
In terms of total investment by banks, including debt securities, equities, held to maturity
securities and other investments, Islamic banks in July 2016 held AED 57 billion, an increase of nearly 20 per cent year on year.
If held to maturity
, such bonds will inflict a certain loss.
The increase is foreign currency is due to an increase of Dh7.52 billion in foreign bonds held to maturity
, the ministry said.
Particularly, precious metals comprise 8.252 million som, or $151.5 thousand (7.710 million som, or $141.5 thousand last year); cash at banks and other financial institutions - 70.470 million som, or $1.29 million (56.359 million som, $1.03 million last year); loans receivable - 918,209 som, or $16,855 (748,002 som, or $13,731 last year); investment available for sale purposes - 30.833 million som, or $566,019 (33.426 million som, $613,612 last year); investments held to maturity
- 1.513 million som, or $27,787 (2.319 million som, $42,577 last year); etc.
The first mortgage bonds were provided to the public at 99.753 percent of face value, to yield 4.139 percent when held to maturity
The surge in profits was mainly due to capital gains realised from the disposal of securities held to maturity
and profits from trading activities.
The investment is classified as 'held to maturity
,' while other investment classifications are 'available for sale' and 'held for trading.'