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| "ISLAMIC ASSET MANAGEMENT INSTITUTION OF THE YEAR" |
| 5/24/2010 |
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Recognition for the world's largest Shari'ah-compliant asset manager
Riyadh, 24 May 2010 - NCB Capital, the largest investment bank in Saudi Arabia, is delighted to announce that it has been named Islamic Asset Management Institution of the Year for 2010 at the Sixth Annual World Islamic Funds & Capital Markets Conference.
Presented at the gala dinner and award ceremony at the Gulf Hotel in Bahrain on May 24th, the award was given "In recognition of the achievements of NCB Capital and its contribution to the development of the Shari'ah-compliant funds industry through significant initiatives and the considerable diversity of its funds. NCB Capital has also successfully innovated new funds even during the global economic challenges of the past year."
Convened under the patronage of the Central Bank of Bahrain, the award ceremony was attended by Hamed Fayez, the head of Asset Management of NCB Capital. He said, "We are extremely proud to have won this award against tough global competition and in very difficult market conditions. This recognition of the strength of our business and the performance of our funds is highly valued."
A pioneer in the provision of Islamic investment products, NCB Capital launched the world's first Sharia-compliant real estate fund and was the first Saudi bank to provide its clients with hedge funds and tailored structured products.
As a result, it is today the Kingdom's largest Sharia-compliant fund business with a 33 percent market share through 26 mutual funds. This fact alone also makes it the world's largest Shariah-compliant asset manager.
Mr Fayez concluded, "Our mutual fund platform is the most diverse globally, and, the asset classes that our funds cover include Shariah-compliant money market, fixed income (Sukuk), equity, fund of funds, and alternatives such as private equity and real estate. To augment this, our focused equity research on individual companies and on broader strategic issues together with insightful economic and industry analysis provides regular insight for clients in helping them make decisions about their portfolios."
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