The National Bank of Abu Dhabi, NBAD, Sukuk Income Fund has earned a total income of USD673,894.69, equivalent to 2.22 percent of the Net Asset Value, NAV, as of the 28th May, including the intended dividend payment of US$0.11 per unit.

Investors eligible to receive the payment were units holders recorded on the Fund’s register as of the same date, and which took into consideration any subscription amounts and redemption requests accepted by the Fund by the close of 27th May, 2015, and scheduled for processing based on the NAV of the 28th May, 2015.

The dividends will be reinvested based on the NAV as at the 4th June, 2015, for those investors who selected ‘re-invest’ at the time of subscription. For those who selected ‘cash pay-out’, the proceeds will be credited into their NBAD accounts by 15th June, 2015.

Ian Clarke, Head of Fixed Income at NBAD Global Asset Management, said, "Recent months have been good for the NBAD Sukuk Income Fund, supporting a worthwhile income payment for our investors. The partial recovery in oil prices and a more positive regional outlook overall have resulted in better visibility for real GDP growth for this year and 2016. The strength of many corporate balance sheets in the region provides sufficiently high quality credits to support ongoing Sukuk income. Recent global conventional bond market volatility should not adversely impact the Sukuk market in a meaningful fashion. Indeed, the outlook for the Sukuk market looks encouraging for the medium term, with a growing number of issues, and investors absorbing such issuance with enthusiasm. Accordingly, the managers of the fund view its future with confidence, and expect investors in it to continue to benefit from capital appreciation and attractive income returns over the medium to long term."

NBAD Global Asset Management is one of the largest of its kind in the UAE, managing assets in excess of AED10 billion. It has won a host of awards in recognition of its innovative and customer-centric products.

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