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Saturday, April 24, 2010

Shariah-compliant fund managers in the limelight

Failaka Islamic Fund Awards recognise Saudi Arabian and Malaysian funds for outstanding performance in 2009.

In one of the most difficult years for fund managers, in terms of raising new monies, Saudi Arabian finance houses dominated the fifth annual Failaka Islamic Fund Awards recognising the best performers in 2009 among the 555 worldwide Shariah-compliant funds.

The 30 awards were made last night (Monday, 12 April 2010) before an international gathering of Shariah-compliant fund mangers at the Emirates Towers Hotel, Dubai, at the conclusion of the Amanie-Failaka Symposium which focused on the topical issues confronting the Islamic finance industry.

The Failaka Islamic Finance Awards set the benchmarks for the performance of Shariah-compliant funds industry and highlight achievements and innovations of funds and their managers. The two largest markets for Shariah-compliant funds – Saudi Arabia and Malaysia – took more than half of the awards. Fund managers domiciled in Ireland, Kuwait, the United Arab Emirates and the United States made up the remainder.

“The performance of these funds was outstanding in a most challenging year for the funds business and demonstrate strong leadership for the whole Shariah-compliant industry which has a total value estimated at $35 billion,” said Mark Smyth, Managing Director of Failaka Advisors, organisers of the awards.

The awards to Saudi Arabian fund managers went to: Al Rajhi Capital (Global Equity one year, Saudi Equity three year and five year), Jadwa Investment (GCC Equity one year and MENA one year), Samba (GCC Equity three year), HSBC Saudi Arabia (European Equity one year and Asian Equity three year), NCB Capital (European Equity three year), CAAM Saudi Fransi (Emerging Market one year and three year), Saudi Hollandi Capital (Saudi Equity one year).

The awards to Malaysian fund managers went to: CIMB-Principal Asset Management (Asian Equity one year, Malaysia one year and five year), Public Mutual (Malaysia three year, Malaysia Sukuk one year, three year and five year).

South Africa’s Oasis Global Management picked up five awards for Global Equity five year, and South African three, five, seven and 10 year). Kuwait-based Almadar Finance and Investment took three awards for US Equity one, three and five year. From the United Arab Emirates, Algebra Capital took the Sukuk Fund one-year, award and Dubai Shariah Asset Management the Fund of Fund awards one year. United States-based Saturna Capital took the Global Equity three year award.

The Amanie-Failaka Symposium debated the current investment climate for Shariah-compliant investment vehicles, including contributions from renowned Shariah scholar Dr Mohd Daud Bakar, Managing Director of Amanie Islamic Finance Consultancy and Education in Dubai.

“If there is one element that emerges from the challenges of recent volatile years it is that risk management is as important to Islamic fund managers as it is to conventional finance promoters,” Dr Bakar said.

The 2010 Islamic Finance Awards were held in partnership with the Malaysia International Islamic Finance Centre and the Australian Trade Commission and supported by the Centre of Excellence at the Dubai International Financial Centre. Platinum sponsor was Asian Islamic Investment Management; gold sponsors were KFH Research and Oasis Crescent Management; silver sponsors were Dow Jones, CIMB Principal Islamic Asset Management, Public Mutual, Comgest, Crescent Investments Australasia, Algebra Capital, Ableace Raakin, NCB Capital, Yurie Asset Management, Bullion Management Group, Dubai Shariah Asset Management Kauthar and Jadwa Investment.

For investment in Islamic unit trust funds (mutual funds) and other Islamic products in Malaysia, pls contact:
Ahmad Sanusi Husain, Islamic Unit Trusts Consultant
GTower Kuala Lumpur
E-mail: / Mobile no: +6019-234 8786, +6019-234 8786

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