Al-Sumait: AlDurra Islamic Fund top performer in 2005

Mr. Al-Sumait said AlDurra fund took the lead among seven other high performing Islamic funds in Kuwait "with an 88% returns during 2005," pointing that the fund achieved 112.67% returns since its inception in May 2004.

"These high returns are the result of the exceptional performance Islamic companies, in which the fund invest in, have displayed, and the ability of Global's fund managers to pick such companies."

He stated that the fund was able to benefit from its strategy, which is to invest in the best listed and non-listed Islamic companies at the Kuwait Stock Exchange.

Global EVP added that the fund carefully invests in companies that comprise the Global Islamic Index and private Islamic companies slated for listing on KSE, in addition to Islamic funds and money market tools that are compliant with Islamic Shari'a.

"AlDurra fund invest strategy has proved a success as it increased clients' return on investment through Shari'a' compliant tools," he continued.

The fund also enjoys a great popularity among its Gulf investors in the region due to its top performance and returns.

On the other side, Mr. Al-Sumait expressed his expectations that the Islamic companies sector to witness high growth in 2006. In addition, he anticipated more Islamic companies to list on KSE.

The Fund's investment objective is to seek capital growth through investing in Shari'ah compliant shares in the Kuwaiti market. It invests in Islamic companies listed on KSE, Islamic Mutual Funds, Murabaha and Islamic Bonds (Sukuk).

AlDurra is an open-ended fund, with a minimum subscription of KD 1,000 and additional multiples of KD 100 thereafter. Subscription and redemption are weekly.