The National Bank of Abu Dhabi launches the UAE Islamic Fund

The fund shall aim to capture the medium to long-term capital appreciation by investing in Islamic Shari'ah compliant equities listed in the UAE markets with limited exposure to equities listed in the MENA region stock markets. Sheikh Nizam Yaquby, an eminent Islamic Shariah Scholar, has been appointed as a Shariah Adviser to the Fund.

NBAD's previous UAE based funds, the NBAD UAE Growth Fund (UGF) and the NBAD UAE Trading Fund (UTF) have both performed exceptionally well - the UGF is up around 183% since its inception in November 2000 and is up around 67% on a year-to-date basis; whereas the UTF is up around 53% since inception in February 2004. Whilst the two existing funds are of the conventional type, the Bank believes that with the launch of the UAE Islamic Fund, they shall be able to address the investing needs of Shari'ah compliant investors who to-date may not have had access to a dedicated Shariah compliant UAE equities fund.

Khaled Al Qubaisi, the Head of Corporate Finance and Business Development at NBAD, commenting on the fund said, "NBAD's demonstrated expertise in the local markets together with the calibre that Sheikh Yaquby brings to the fund, are the key strengths of the product. The upcoming UAE Islamic Fund has been a much-touted product and we expect the investor response to be exceptional."

The Deputy Head of NBAD's Investment Banking Division and Head of Asset Management, Khaled Al Badi said, "We're really excited about the launch of the fund. NBAD has been a pioneer in creating investment vehicles for its clients, and this fund is a natural addition to our range of investment products."