Failaka to host second global annual Islamic Fund Awards at International Islamic Finance Forum

Sponsored by Oasis Crescent Capital (DIFC) Ltd in association with Oasis Global Management Company (Ireland) Ltd and Permal Investment Management Services (Alfanar Funds), the Failaka Islamic Fund Awards stand apart as the benchmark for achievement in the fast-growing field of Shariah-compliant fund management.

'Following the success of the awards last year, the Failaka Islamic Fund Awards has now become the recognized standard for excellence in the field of Islamic fund management and represents a high-water mark for award winners,' said Mark Smyth, MD, Failaka Advisors. 'Shariah-compliant fund market is a growing sector valued at US$16 billion. Our annual ceremony is a key event in recognising the leading players in this sector.'

The International Islamic Finance Forum (IIFF) will also host its own awards during the gala alongside Failaka's Islamic Fund Awards. 'The IIFF Awards are highly sought after and promote excellence in Islamic Finance and recognise the significant contributions made to the most important development in the Islamic Financial Sector,' said Shabnam Rawal, Group Director, IIFF.

The award categories include:

1. Best Fund Family (for the fund family with the most funds that exceed their respective benchmarks with the highest cumulative return for those funds)
2. Best Fund Manager (for the manager of the highest returning equity fund in 2006, in any geographic market)
3. Best Global Equity Fund (for the global equity fund with the highest returns for 2006)
4. Best GCC Equity Fund (for the highest returning fund trading in GCC equities.
5. Best European Equity Fund (for the highest returning fund focusing on European equities)
6. Best US Equity Fund (for the highest returning fund focusing on U.S. equities)
7. Best Asian Equity Fund (for the highest returning fund focusing on Asian equities)
8. Best Balanced Fund (awarded to the manager of the highest returning balanced fund relative to their benchmark, in any geographic market, for the past year).

In addition, two further awards are given to special nominees selected by Failaka - one for Best Contribution to Growth & Development of Funds (awarded to the fund, service provider, governing body, or other entity that has made a noteworthy contribution over the past year towards advancing the field of money management) and the other for Best New Fund (for the fund responsible for the most noteworthy innovation in the field of money management in 2006).

'Oasis is proud to be associated with Failaka's initiatives in recognising performance excellence in the Islamic Fund arena,' said Adam Ebrahim, Chief Executive Officer and Chief Investment Officer, Oasis Group Holding. 'Failaka's 2nd annual awards come at an exciting time for the Oasis Group, which has just opened its offices in the DIFC. Since receiving the Failaka award in 2006 for Best Islamic Fund, our Crescent Global Equity Fund received further endorsement from Standards and Poor, who gave the fund AA rating.'

Ahmed Nashaat, Regional Director, Permal Investment Management Services Ltd, said, 'As one of the oldest and largest global Islamic equity fund groups, we at Alfanar Funds are proud to sponsor the second annual Failaka Islamic Funds Awards. In collaboration with our joint-venture partner SEDCO (Saudi Economic & Development Company), it has been our privilege to contribute to the mission of education and innovation in the Islamic finance industry. We look forward to our continued commitment and contributions in the future.'