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The National Bank of Abu Dhabi’s (NBAD)Sukuk Income Fund will pay to its investors a semi-annual distribution equal to2.675%of the net asset value (NAV) ofUS$5.1831, being the NAV as at November 28, 2013. Accordingly, each unit in the Fund will receive a dividend pay-out of US$0.1386.
The Fund achieved a profit equivalent to US$942,773.25from30 May 2013 till 28 November 2013.
“We are very pleased to close a highly challenging year with an outstanding result. The performance of the Sukuk Income Fund has been unique amongst the peer group with attractive level of income and total return achieved at a low level of volatility. In a market that has seen returns to investors shrink, we are particularly proud to be able to offer this level of income and total return,” said Mark Watts, the Managing Director & Chief Investment Officer of NBAD’s Asset Management Group.
Investors, who have successfully subscribed into the fund by November 27, 2013 or prior, are eligible to receive dividends. The dividend pay-out method is based on the pay-out preferenceeach investor in the Fund selected at the time of subscription. Accordingly, dividend reinvestment is based on the unit NAV of November 28, 2013.Those investors who opt for pay-out in the form of cash are paid out within 12 business days from the Ex-Dividend Date.
Ali Soner Guney, the Fixed Income Fund Manager at NBAD, commented: ‘Our performance in 2013 underlines our ability to protect and grow value amidst challenging market conditions. For 2014, we have a more constructive market view. Improved credit quality, strong macro dynamics and favorable liquidity in the region highlight the attractiveness of investing into MENA Sukuk market.”
The NBAD Sukuk Income Fund is an open-ended and actively managed product and distributes income semi-annually. The Fund’s structure and its investments are regularly reviewed by the well-known Shari’a scholar Sheikh NizamYacquobi to ensure continued adherence to Shari’a principles. It is open to institutional and individual investors who can invest as low as USD500 either through lump sum or regular investment plans.
The Fund is designed to capture the best opportunities available to investors by investing in a range of Sukuk and Islamic money market investments that are issued by the UAE Government; government-related entities, and selected corporates, mainly from the UAE and wider MENA region. The Fund, which is managed by NBAD’s Asset Management Group, the region’s premier asset manager, aims to maximise income in a risk-controlled manner.
NBAD’s Asset Management Group is a winner of many accolades and awards. Recently, it was named the Asset Manager of the Year 2013 by Global Investor/ ISF, and also won Best Asset Management House in the Middle East by International Takaful Awards for the second year running. Other awards include Fixed Income Fund Manager by Global Investor magazine, the UAE Asset Manager of the Year in MENA Fund Manager Performance Awards from Mena Fund Manager magazine, and Best Asset Manager in the UAE, also from Global Investor.
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