Five-year-old Indian becomes millionaire

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

Updated: Mar 22, 2011, 11:54 AM IST

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.

PTI