Dubai : Investment companies and banks in the GCC States of Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain together with Malaysia, Ireland, South Africa, France and the United States have been awarded the highest global accolades in Islamic fund management.

Organized by Failaka Advisors, the Third Annual Islamic Fund Awards were held on Monday night at Dubai’s Emirates Towers Hotel, recognizing the world’s best performing Shariah-compliant funds. The Failaka Awards have consistently set benchmarks for the performance of Shariah-compliant funds industry, which now has over $19 billion in assets. The awards highlight the achievements and innovations of fund families, fund managers, and individual funds.

The Best Islamic Fund Manager award for the GCC countries went to the Saudi-based National Commercial Bank’s Investment Fund called NCB Capital. The Best Islamic Fund Manager in the United States was Saturna Capital and the Best Islamic Fund Manager for Asia was Public Mutual of Malaysia. South Africa, Ireland and Dubai company Oasis made it a hat-trick with awards going to its Ireland office for the three and five year performance of its Oasis Crescent Global Equity Funds. The South Africa office picked up the award for the Best South African Fund.

Saudi Arabian firms picked up several awards: Saudi British Bank scored a double by receiving the Best GCC Equity Fund award (one year) for its Amanah GCC Equity and Amanah Saudi Equity (three year). The Best Balanced Fund (one year) went to Riyad Bank’s Islamic Balanced Income; the Best Balanced Fund (three year) went to Saudi Hollandi’s Al-Yusor Tamoh Portfolio; and the Best Emerging Market Equity Fund (one year) was Al Fursan BRIC Equity Trading from CAAM Saudi Fransi. United Arab Emirates institutions also had a good night. Winners were: Best European Equity Fund one year and three year awards, Permal Investment Management Services’ Alfanar Europe; Best Asian Equity Fund (one year) went to DWS Investments for DWS Noor China Equity; and SHUAA Asset Management the Best Middle East North Africa Equity Fund (one year) award for its Arab Islamic Gateway.
Kuwait’s Al-Madar Finance and Investment won two awards – the Best US Equity Fund for its Al-Madar US Index for both one year and three year performance. Similarly two awards went to CMS Trust Management of Malaysia for its CMS Islamic for the one and three year categories. The Best Asia Equity Fund (three year) award went to Bahrain’s Al-Tawfeek Company for Investment Funds for its Al-Nukhba Asian Equity. The Best Global Equity Fund (one year) award went to BNP Paribas Asset Management of France for its BNP Islamic Equity Optimizer. “This year’s awards were held in front of a high profile gathering of global fund managers drawing more attention to the growth and broadening interest in Shari’ah-compliant investment funds,” said Mark Smyth, Managing Director, Failaka Advisors. “The awards have consistently set benchmarks for the performance of the Shariah-compliant funds industry and that has been further consolidated with the 2008 event.”