Gulf Investment Corporation (GIC) said its Shariaa compliant investment vehicle, The Gulf Islamic Fund, ranked first among Shariah compliant funds investing in the GCC with a 24.6 per cent return.

The ranking was given by Zawya Financial Site and the Kuwait Financial Center (Markaz) after reviewing the performance of all Gulf funds during 2009.

Commenting on the results, head of GCC Equities, Talal Al-Tawari said the achievement by Gulf Islamic Fund is particularly important against the backdrop of the ongoing global financial crisis. 'In addition to the remarkable performance, the fund distributed 5 per cent cash dividend for the first six months of 2009,' he noted.

He attributed the impressive results 'to the competence of the Gulf Equities and Research teams at GIC, in combination with a disciplined investment process with application of advanced risk management techniques.'

The teams’ rich collective experience and in-depth studies contributed to the right selection of stocks that achieved the highest returns among the large number of Sharia compliant stocks in the Gulf region.

Head of Business Development Malek Al-Ajeel, said the Gulf Islamic Fund seeks to invest in stocks of companies whose activities strictly comply with the provisions of Islamic Shariaa and listed on Gulf stock exchanges.

'In addition, the fund is one of the key investment products offered by GIC since 2008 as part of its equity market investment capabilities. Looking ahead, we expect an overall positive performance for GCC stocks this year,' he added.

Established in 1983, GIC is a regional financial institution owned by equally by the six GCC states. It strives to provide a comprehensive range of financial services that support the development of private enterprise and economic growth in the region.

GIC managed to achieve a number of major projects throughout GCC countries with diversified activities covering different sectors via financial, petrochemical, steel, power, communications amongst others.-TradeArabia News Service