National Commercial Bank, the top ranked fund manager in the Kingdom of Saudi Arabia, has been rated one of the leading Islamic investment institutions. Recently, the bank received the prestigious 2006 World Islamic Funds Excellence Award (WIFCA) at the second Annual World Islamic Funds & Capital Markets Conference in Bahrain.
The Award was due recognition for NCB’s groundbreaking initiatives in developing Shariah-compliant funds over the last 26 years. The bank was the first to introduce mutual funds to the Kingdom and currently offers an extensively diversified range of mutual funds that are among the top performers in the region.
Dr Elgari, a member of NCB’s Sharia-compliance board, said: “This award provides compelling support for the view that Sharia-compliant funds are not only the preferred choice of Saudi investors but also the best option for delivering performance.
“The award is given for excellence. Our funds have been able to demonstrate this while providing security for investors at a time when markets have been volatile and others have failed to show the same surefooted ability to manage risk.”
The Award was received on NCB Investment Services’ behalf by Dr Abdulrahman Fayed, the Head of Origination. He said: “We are very proud to be given this award by the WIFC, and believe that the recognition will further strengthen our efforts to provide our customers with diverse investment opportunities that are tightly managed by a team of the industry’s most experienced experts.”
The Annual World Islamic Funds & Capital Markets Conference is designed to bring together investors, fund managers and financial experts from a vast array of international financial institutions. Its primary objective is to further promote innovation within the Islamic capital markets
The banking and finance institutions are nominated for the awards as a result of their exemplary efforts to develop the Islamic funds offerings. A distinguished board including the WIFC organizing committee in association with the Bahrain Monetary Agency and Ernst & Young and in consultation with select and independent advisors.
NCB was the first Saudi Arabian bank to introduce mutual funds in the Kingdom in 1979 and remains the leader of the industry because of its extensive experience and expertise in the field. The bank is acknowledged internationally as the pioneer and innovator in Islamic Shariah-compliant mutual funds. This achievement was recognized when NCB was awarded the Euromoney International Award for the Best Islamic Asset Management House for two consecutive years in 2003 and 2004.
