DFSA receives award for innovations in Islamic finance

Notes and media contacts

For further information, please contact:

Ms. Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Dubai, U.A.E.
Level 13, The Gate
Tel: +971 (0) 4 362 1661
Fax: +971 (0)4 362 0801

Mr. Edward D'Mello / Ms. Sameena Ibrahim
Polaris Public Relations
Dubai, UAE.
Tel: + 9714 - 3415555
Fax: + 9714 - 3415588

The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

Failaka International is the recognised leader in the field of Islamic funds research. The cornerstone product is the Failaka Islamic Fund Review, which compiles information from a comprehensive database on the world's Sharia'a-compliant equity funds.

The Failaka Islamic Fund Review was the first published report to detail performance results for Islamic equity funds. The report has proven to be a resource widely used by bankers, industry insiders, and other outside observers interested in the fast-developing world of Islamic Fund Management. Data users include fund managers, rating agencies, and universities. Harvard University's Islamic Financial Information Program (HIFIP) was the first organisation to licence Failaka's fund research.
www.failaka.com.

The Failaka Award categories were:
1. Best Fund Family Award
Given to the fund family with the most funds that exceed their respective benchmarks. The fund family must have a 3-year history. (In the case of a tie, the Best Fund Family award is given to the fund with the highest cumulative return for those funds exceeding their benchmarks.)
2. Best Fund Manager - US Award
Given to the manager of previous year's highest returning equity fund, in any geographic market. The winning fund must have a 3-year history.
3. Best Fund Manager - GCC Award
4. Best Global Equity Fund Award
Given to the global equity fund with the highest returns for the past year.
5. Best GCC Equity Fund Award
Given to the highest returning fund trading in GCC equities.
6. Best European Equity Fund Award
Given to the highest returning fund focusing on European equities.
7. Best US Equity Fund Award
Given to the highest returning fund focusing on U.S. equities.
8. Best Asian Equity Fund Award
Given to the highest returning fund focusing on Asian equities.
9. Best New Fund Award
Given to the fund responsible for the most noteworthy innovation in the field of money management over the past year. The winner is selected from among the nominations and chosen by Failaka.
10. Best Balanced Fund Award
Given to the manager of the highest returning balanced fund relative to their benchmark, in any geographic market, for the past year. The winning fund must have a 2-year history.
11. Best Contribution of Growth and Development Award

Selected from nominees by the awards committee at Failaka, given 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.