nbad uae islamic fund “al na’eem” exceeds performance expectations
The National Bank of Abu Dhabi’s UAE Islamic Fund (UIF) “Al Na’eem’, the first Sharia’ compliant equity fund launched by a local financial institution, has posted remarkable returns in 2007, out-performing its benchmark by 2.3%, up to 28 June, 2007.
Launched in January 2005, and advised by one of the most prominent Sharia’ advisors in the world of finance, the fund invests in Sharia’ compliant and fundamentally sound liquid blue-chip companies. Investments are primarily in the UAE, but from time to time the fund may take long-term positions in other MENA markets. The fund’s asset allocation is concentrated in a select number of companies that have healthy balance sheets and have undergone a rigorous Sharia’ filtering process.
“National Bank of Abu Dhabi is committed to delivering international caliber services to its clients. The performance of Al Na’eem’ is just another indication that we not only endeavor to meet customer expectations, but exceed them – something we will continue to do with all our product offerings,” commented Mr. Nazem Al Kudsi, Chief Investment Officer
The Asset Management Group (AMG) offers a range of investment products and services and serves the investment needs of NBAD’s client base. NBAD’s understanding of local markets and economies helps them in delivering clients’ objectives. At AMG, clients can access a range of investment vehicles including local and international mutual funds as well as availing of both discretionary and non-discretionary services.
