April 26, 2014
Al Hilal Bank, a progressive Abu Dhabi-based Islamic bank, has announced the launching of its new Global Balanced Fund designed for investors interested in participating in the growth and income potential of Shariah-compliant equities and sukuk from around the world.
The Fund is an open-ended and Shariah-compliant investment instrument with weekly subscription and redemption features. It aims to provide a steady stream of annual income to investors through coupon from sukuk, stock dividends, as well as any capital appreciation.
The Investment Banking Group of Al Hilal Bank will serve as Investment Manager of the Fund while Zurich-based Credit Suisse AG is the Investment Advisor. HSBC Bank Middle East Limited will act as the Custodian and Administrator.
The Al Hilal Global Balanced Fund aims to follow the footsteps of two of its other highly-successful funds, namely the Al Hilal GCC Equity Fund, which has posted an impressive 55.89 per cent return since its inception in March 2011, and the Al Hilal Global Sukuk Fund, which has recorded a 2.4 per cent return since its founding. The Global Sukuk Fund has paid a total of 6.39 per cent in dividends to its investors since being founded in March 2012.
The Al Hilal GCC Equity Fund typically invests at least 75 per cent of assets in equity securities. Through a highly disciplined and rigorous stock selection process, the Fund has consistently exceeded customer expectations even under challenging market conditions.
The Al Hilal Global Sukuk Fund, on the other hand, satisfies investors’ preference for low-risk investments that guarantee stable returns and regular income. Al Hilal’s first sukuk fund continues to leverage the proven track record of its management and advisory team, unpredictable global financial shifts, and growing international demand for sukuk securities.
“Driven by the strong performance of our earlier funds, we have decided to introduce yet another fund to expand our array of investment solutions and to meet our investors’ demand. Our new medium-risk fund will offer a globally diversified portfolio of high dividend yield stocks and Shariah-compliant fixed income securities managed by a team of high experience professionals from our Investment Banking Group. Our customers can expect the same high level of service and strong performance that our previous funds have ably delivered,” said Lim Say Cheong, Head of Investment Banking Group of Al Hilal Bank.
Al Hilal Bank is a multi-awarded financial institution that continues to raise the bar in Islamic banking. In 2013 it was awarded an ‘A1’ rating by Moody’s and an ‘A+’ rating by Fitch, the highest credit ratings ever to be awarded to an Islamic bank in the UAE. Currently one of the fastest-growing banks in the country, Al Hilal Bank currently operates 22 branches and 120 ATMs domestically as well as three overseas branches in Kazakhstan.