Abu Dhabi-based Al Hilal Bank’s ‘Al Hilal GCC Equity Fund’ has won the ‘Best Islamic Fund Award’ at the recently concluded 2015 Banker Middle East UAE Product Awards.

The bank’s open-ended fund has received this honour for the second consecutive year, said a statement from the bank.

The Al Hilal GCC Equity Fund facilitates long-term investments into a diversified portfolio of Shariah-compliant GCC equity securities and normally invests at least 75 per cent of assets in equity securities, it added.

It posted a Net Asset Value (NAV) of Dh140.28 ($38.19) in 2014, up 4.85 per cent from the previous year, and continues to perform well within a sluggish market.

The awards organised annually by news publisher CPI Financial distinguishes innovative and high-performing banking and financial products and services.

The awards’ body recognised Al Hilal GCC Equity Fund’s solid performance despite declines in GCC equities due to slumping oil prices.

In 2014, it reached a life-high NAV of Dh170.89 ($46.52) representing a 70.89 per cent return since its inception in March 2011, and eventually closed the year at a NAV of Dh140.28 ($38.19), it further added.  

Lim Say Cheong, executive vice president - Investment Banking, Al Hilal Bank, said: “The equity fund continues to exceed investor expectations amidst a volatile market.”

“Two of its greatest advantages are its seasoned team of financial experts and its sharp focus on choosing the best stocks,” he said.

“The latest recognition reflects the success of our strategy and the high confidence of our stakeholders. We aim to generate even higher returns this year through our diversified holdings across the region,” he added.

Robin Amlot, CEO, CPI Financial, said: “We congratulate Al Hilal Bank for the second consecutive victory.”

“The consistent market-leading performance of the fund truly reflects Al Hilal Bank’s passion for excellence and the uplifting of progressive Islamic banking across the regional and global markets,” he added. - TradeArabia News Service