NBAD Wins Best Sukuk Fund Award.
"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 $942,773.25 from 30 May 2013 till 28 November 2013, and a net asset value (NAV) of $5.1831 during the period. Accordingly, the fund distributed a dividend pay-out of $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 $.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."
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