AL-Sumait: Global GCC Islamic Fund invests in shares that are consistent with the Islamic Sharia

Mr. Bader AL-Sumait- Executive Vice President of Global said, "The Fund's objective is to maximize returns through investing in GCC companies that are consistent with the Islamic Shari'a principles."

He added that the fund's manager - Global- chose AlRayah Consultancy firm to review and confirm that all transaction and activities comply with the Islamic Shari'a laws.

AL-Sumait mentioned that the Islamic investment sector recorded growth rates of more than 15% annually over the past years, with the prospect of performing even higher growth rates in the coming years.

According to "Moody's" estimates, there are currently more than 250 Islamic Investment funds being managed by various banks with assets totaling nearly 300 billion dollars. In addition to that, there are 300 Islamic institutions managing assets of 250 billion dollars.

By 2025, Muslims are expected to comprise 30% of the world's population, consequently resulting in higher demand for Islamic products. Many traditional banks are also converting to Islamic banks or establishing Islamic subsidiaries to cater to the rapid shift in investors interests.

Al-Sumait emphasized the growth in Islamic investment opportunities in international and regional markets, and noted that various investment tools are growing with continuity and creativity making it a highly attractive market.

Additionally, financial institutions that comply with the Islamic Sharia principles are less susceptible to change in their credit ratings, making them more stable and credit worthy in the long run.

"The GCC countries have a combined GDP of USD608,9 billion for 2005 and an increase of 18.7% was forecasted for 2006."

The Fund manager will take into consideration the changing market conditions and market capitalization when distributing assets. All in an attempt to achieve the investment objective by applying an integrated asset allocation strategy.

The Fund invests in shares listed on the GCC stock markets, in addition to fixed income instruments, and other Islamic instruments.

It is worth noting that Global currently manages more than 30 investment funds of varying strategies and investment objectives, with revenues exceeding market indicators.

Global has also been internationally recognized for its Global Distressed Fund. The Fund was ranked 3rd in the world with regards to Sharpe Ratio in the Eureka Hedge Database which comprised of more than 1500 Hedge Funds of Funds at the end of 2005.