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| FAILAKA'S ANNUAL AWARD "BEST EUROPEAN FUND" |
| 4/20/2010 |
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Al Ahli Europe Trading Equity Fund had highest cumulative return in class
Riyadh, 20th April, 2010 - NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia's largest bank, has won Failaka's annual award for "Best European" in the three-year category at this year's annual awards ceremony for its "AlAhli Europe Trading Equity Fund". This is the ninth award that NCB Capital has received since their inception five years ago.
Organised by Failaka Advisors, the Fifth Annual Failaka Islamic Fund Awards were held at a gala reception at the Emirates Towers hotel in Dubai and recognised the world's best performing Shari'ah compliant funds.
Acknowledging the award on behalf of NCB Capital, Hamed Fayez, Head of Asset Management said, "We are honoured to receive this award which is a great accolade for our asset management business. It reflects the way we are successfully growing our international equity product offering."
The Failaka Awards have consistently set benchmarks for the performance of the Shari'ah-compliant funds industry. These awards highlight the continued achievements and innovations of fund families, fund managers, and individual funds.
Mark Smyth, Managing Director, Failaka Advisors said, "NCB Capital's fund showed the highest cumulative return in its class, highlighting the importance of combining product innovation with consistent investment strategies."
NCB Capital has pioneered the development and introduction of Islamic mutual funds and has championed the strong growth record of Shariah-compliant investment instruments both in the Kingdom and internationally.
It is the largest investment bank in Saudi Arabia with over one million clients and SR44 billion ($12 billion) of assets under management and is the Kingdom's largest Sharia-compliant fund business with a 33 percent market share through 26 mutual funds. As a result, NCB Capital is the world's largest Shariah-compliant asset manager.
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