UAE: Al Hilal Bank has announced the dividend payout of its flagship fund, Al Hilal Global Sukuk Fund. The Fund, which was launched in March 2012, distributed a 3.93% dividend to all registered unit holders as at February 8th, 2018. Of note is the fact that Thomson Reuters recognized Al Hilal Global Sukuk Fund for the 2017 Lipper Fund Awards, naming it the “Best Fund over 3 years” in the Global Islamic category last September.
Al Hilal Global Sukuk Fund’s objective is to generate a regular stream of income as well as to achieve capital growth by investing in a global universe basket of Shariah-compliant fixed-income securities (Sukuk) issued by sovereign, quasi-sovereign and corporate organizations.
The distribution equaled 3.93% of the Fund’s net asset value (NAV) based on the initial NAV of US$ 10. The positive performance of the fund amidst a low interest rate environment and global uncertainty reflects the fund management expertise of Al Hilal Bank’s Asset Management Division, the Fund Manager, and its Investment Advisor, CIMB-Principal Islamic Asset Management of Malaysia.
Al Hilal Bank CEO, Alex Coelho, commented on the achievement, saying that the Fund has registered excellent cumulative total returns since its inception in 2012. “We are proud to announce this year’s dividend payout and are extremely pleased that the Fund has once again delivered an attractive return and payout for our clients through a relatively low risk investment product, thus reaffirming our commitment to satisfying our clients’ requirements.”
Al Hilal Bank currently offers 3 open-ended mutual funds inclusive of the Global Sukuk Fund. The Bank’s first fund, the GCC Equity Fund, was launched in 2011 and has performed strongly, despite highly volatile market conditions, delivering a healthy double-digit return of 23.16% since inception. The GCC Equity fund was awarded “Best Islamic Fund” by the Banker Middle East UAE Product Awards in 2013 and 2014.
Meanwhile, the bank’s Global Balanced Fund, launched in June 2014 aiming to generate appropriate periodic revenues on its Investments and giving Investors a chance to receive periodic dividends, has distributed a 17.78% dividend to all registered unit holders as of February 8th, 2018. The Balanced Fund achieves long-term capital growth by investing in a globally diversified portfolio of high dividend-yield stocks and Shariah compliant fixed-income securities (Sukuk).
The bank plans to continue launching investment products as part of its ongoing efforts to create value and increase diversification for its clients and investors.
About Al Hilal Bank:
One of the fastest growing banks in the UAE, Al Hilal Bank is a 100% government-owned progressive Islamic bank headquartered in Abu Dhabi. With authorized capital of AED 4 billion, it was founded by the Abu Dhabi Investment Council, an investment arm of the Abu Dhabi government. Operating with 24 branches in the UAE and 3 branches in Kazakhstan through the help of 1,300 staff members, the Bank provides Shariah-compliant Personal, Wholesale and Treasury banking services to over 100,000 customers and manages the Al Hilal Global Balanced Fund, Global Sukuk Fund and the GCC Equity Fund. The Al Hilal Bank Global Sukuk was awarded the prestigious Lipper Fund Award for 2017 by Thomson Reuters, recognizing it as the “Best Fund over 3 years” in the Global Islamic Banking category. The bank was also recognized as the Safest Islamic Financial Institution in the GCC by Global Finance in 2016 and 2017, and attained an A2 Moody’s and A+ Fitch credit rating.
© Press Release 2018