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The National Bank of Abu Dhabi’s NBAD Sukuk Income Fund has been named the Best Sukuk Fund by Islamic Business & Finance Awards CPI Financials.The Sukuk Income Fund (SIF) was voted the best by the readers of CPI financials.
“We are extremely pleased that investors and market observers have voted the Sukuk Income Fund as the best. This year, which has been a highly challenging year, 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,” said Mark Watts, the Managing Director & Chief Investment Officer of NBAD’s Asset Management Group.
NBAD Sukuk Income Fund achieved a profit equivalent to US$942,773.25 from 30 May 2013 till 28 November 2013, and a net asset value (NAV) of US$5.1831 during the period. Accordingly, the fund distributed a dividend pay-out of US$0.1386 to each unit in the Fund in the second half of 2013. In the first half of the year, the Fund distributed dividend pay-out of US$.0.10569.
“In a market that has seen returns to investors drop, we are particularly proud that NBAD Sukuk Income Fund earned respectable income and total return,” said Mr. Watts.
Ali Soner Guney, the Fixed Income Fund Manager at NBAD, commented: “This award recognised the Fund’s success in 2013 to protect and grow value amidst challenging market conditions.”
Mr. Guney added: “We have a more constructive market view in 2014. We believe improved credit quality, strong macro dynamics and favourable liquidity in the region highlight the attractiveness of investing in 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 for 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.
Recently, NBAD’s Asset Management Group was named Asset Manager of the Year by the prestigious Global Investor/ISF at their Middle East Summit and Awards 2013. Both awards add to the list of accolades awarded to NBAD’s Asset Management Group which include recognition for our Islamic expertise in the form of Best Asset Management House in Middle East by International Takaful Awards for the second year running.
The Group’s products allow access to our expertise whether you are an individual investor or a large institution and we look to satisfy client needs offering either growth or income strategies to suit client requirements
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