The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, declares that the NBAD Sukuk Income Fund has returned 4.78% since inception and will distribute 1.76% dividend payment toinvestors.
This is NBAD Sukuk Income Fund’s first payout since it was launched six months ago and all registered holders of the Fund on November 28, 2012 are eligible for the dividend distribution.
The distribution will equal 1.76% of the Fund’s net asset value (NAV) as of November 29, 2012 (1.84% based on the initial NAV of US$5) and equals to a total return of 4.78% since its inception.
“We are extremely pleased with the levels of income and the total return that we have been able to deliver to investors,” said Mark Watts, the Head of Fixed Income at NBAD’s Asset Management Group. “Through the NBAD Sukuk Income Fund we are able to offer a product that delivers good income with low volatility, this is especially important as clients are facing declining deposit rates from the wider banking sector.”
The NBAD Sukuk Income Fund is an open-ended and actively managed product and distributes income semi-annually. The Fund’s structure and its investments are regularly reviewed by the well-known Shari’a scholar Sheikh Nizam Yacquobi of Bahrain to ensure continued adherence to Shari’a principles. It is open to institutional and individual investors who can invest as low as USD500 either through lump sum or regular savings plans.
The Fund is designed to capture the best opportunities available to investors by investing in a range of Sukuk and Islamic money market investments that are issued by the UAE Government; government-related entities, and selected corporates, mainly from the UAE and wider MENA region. The Fund, which is managed by NBAD's Asset Management Group, the region’s premier asset manager, aims to maximise income in a risk-controlled manner.
NBAD’s Asset Management Group is a winner of many accolades and awards. Recently, it was named Fixed Income Fund Manager of the Year by Global Investor magazine. Other awards include the Best Asset Management House in Middle East for Islamic products at the International Takaful Awards, the UAE Asset Manager of the Year in MENA Fund Manager Performance Awards from Mena Fund Manager magazine, and last year’s Best Asset Manager in the UAE, also from Global Investor.
NBAD’s award-winning Asset Management Group controls assets in excess of AED5 billion, making it one of the largest of its kind in the UAE.