2nd Annual Failaka Islamic Fund Awards honours 10 leading global Islamic funds

Sponsored by Abu Dhabi Islamic Bank (headline sponsor), Oasis Crescent Capital (DIFC) Ltd in association with Oasis Global Management Company (Ireland) Ltd, Permal Investment Management Services (Alfanar Funds), and National Investments Company, the Failaka Islamic Fund Awards honoured 10 global recipients in 10 categories across the globe. These awards have become the benchmark for achievement in the fast-growing field of Shari'a-compliant fund management.

"We congratulate each of the winners - these fund managers have set the standard for excellence in the field of Islamic fund management that we hope will represent a high-water mark for future award winners," said Mark Smyth, MD, Failaka Advisors. "As reported in our annual end-of-year Fund Report, the Shari'a-compliant fund market is a growing sector valued at around US$14 billion."

The winners are:
National Commercial Bank - Best Fund Family (This award is at the global level and awarded to the institution with the most funds that exceed its respective benchmarks with the highest cumulative return for those funds.)

Best Fund Manager Awards were given to the manager of the highest returning equity fund in 2006, in two market segments - the US, which was won by Saturna Capital and the GCC region, which was won by National Commercial Bank.

The Crescent Global Equity Fund (Oasis Group) won the award for the Best Global Equity Fund, which returned 29.2% in 2006, while Kuwait's National Investments Company's Al-Safwa Investment Fund won the award for the Best GCC Equity Fund, having successfully managed their downside risk in a most challenging year.

Alfanar Europe Ltd, managed by Permal Group and SEDCO won for Best European Equity Fund while the Amana Income Fund won for Best U.S. Equity Fund, returning 21.2%. Prudential Dana Al Ilham Fund won the award for Best Asian Equity Fund. These awards for Best Equity Funds are given to the funds with the highest returns for the calendar year ended in 2006.

In addition, Oasis Group Holding's Crescent Global Property Equity Fund won the award for the Best New Fund, as the fund's launch represents a new asset class available to Shari'a compliant investors who now can easily gain exposure to global real estate markets in an open-ended fund through REITS. Riyad Bank's Al-Mokdam Islamic Portfolio won the Best Balanced Fund awarded for the manager with the highest returning balanced fund relative to their benchmark for the past year.

Dubai Financial Services Authority was given a special award for Best Contribution to Growth and Development of Funds for their efforts in launching their Collective Investments Regime, which includes provisions for Islamic funds.