The recently held Islamic Business & Finance Awards announced Mashreq Al Islami, the Islamic Banking Division of Mashreq as the winner of the Best Islamic Fund Award. Running for the seventh year, the Islamic Business and Finance Awards are recognized around the world as among the most distinguished Awards programs within the financial industry.
The annual ceremony is designed to highlight, encourage and reward the exceptional performance and growth of the international Islamic business and finance community. These awards are the benchmark of excellence in the industry.
Mashreq Al Islami Income Fund is the first sukuk fund in the UAE to receive a silver grading by S&P Capital IQ. Abdul Kadir Hussain, Head of Asset Management, Mashreq said, “We are pleased to receive this award in a significant platform, which gathers best performers and achievers in the Islamic finance industry. The Mashreq Al Islami Income Fund reflects our strategy to offer attractive and solid investment management services that accommodate the aspirations of our customers.”
The fund since its inception has returned 39.42%, three year return of 32% and one year return stands at 12.66%. The fund outperforms its respective peer group under all meaning full time periods.
Moinuddin Malim, CEO of Mashreq Al Islami commented, “The fund which is Sharia’h Complaint is designed to offer real returns to customers. At Mashreq Al Islami, we ensure to offer a range of financial services to accommodate the market needs and meet customer expectations. Islamic banking & finance is slowly taking its shape, both locally and regionally and its anticipated to play a bigger role in the industry.”
This year, the Mashreq Al Islami Income Fund received two awards for continuing to record strong performance and sustaining its growth.