Al Hilal Bank’s ‘Al Hilal GCC Equity Fund’ has won the ‘Best Islamic Fund Award’ at the recently concluded 2015 Banker Middle East UAE Product Awards.
This marks the second consecutive year that the open-ended fund has received the distinguished honor.
The Banker Middle East UAE Product Awards organized annually by news publisher CPI Financial recognizes exceptionally innovative and high-performing banking and financial products and services.
The awards body recognized the Al Hilal GCC Equity Fund’s solid performance despite declines in GCC equities due to slumping oil prices. In 2014, it reached a life-high Net Asset Value (NAV) of AED 170.89 representing a 70.89 per cent return since its inception in March 2011, and eventually closed the year at a NAV of AED 140.28.
Lim Say Cheong, EVP – Investment Banking, Al Hilal Bank, said: “The Al Hilal GCC Equity Fund continues to exceed investor expectations amidst a volatile market. Two of its greatest advantages are its seasoned team of financial experts and its sharp focus on choosing the best stocks. The latest recognition from Banker Middle East UAE Product Awards reflects the success of our strategy and the high confidence of our stakeholders. We aim to generate even higher returns this year through our diversified holdings across the region.”
Robin Amlot, CEO, CPI Financial, said: “We congratulate Al Hilal Bank for the second consecutive victory of its Al Hilal GCC Equity Fund under the ‘Best Islamic Fund’ category in the Banker Middle East UAE Product Awards 2015. The consistent market-leading performance of the fund truly reflects Al Hilal Bank’s passion for excellence and the uplifting of progressive Islamic banking across the regional and global markets.”
The Al Hilal GCC Equity Fund facilitates long-term investments into a diversified portfolio of Shariah-compliant GCC equity securities and normally invests at least 75 per cent of assets in equity securities. It posted a NAV of AED 140.28 in 2014, up 4.85 per cent from the previous year, and continues to perform well amidst a sluggish market.