National Bank of Abu Dhabi (NBAD) Sukuk Income Fund has earned a total income of USD 673,894.69, equivalent to 2.22% of the Net Asset Value as at the 28 May 2015, including the intended dividend payment of USD 0.11 per unit.
Investors eligible to receive the payment were unit holders recorded on the Fund’s register as at the 28th May 2015, and which took into consideration any subscription amounts and redemption requests accepted by the Fund by the close of 27th May 2015, and scheduled for processing based on the NAV of the 28th May 2015.
The dividends will be reinvested based on the NAV as at the 4th June 2015, for those investors who selected ‘re-invest’ at the time of subscription. For those who selected ‘cash pay-out’, the proceeds will be credited into their NBAD accounts by the 15 June 2015.
Ian Clarke, Head of Fixed Income at NBAD Global Asset Management, said: “Recent months have been good for the NBAD Sukuk Income Fund, supporting a worthwhile income payment for our investors. The partial recovery in oil prices and a more positive regional outlook overall have resulted in better visibility for real GDP growth for this year and 2016. The strength of many corporate balance sheets in the region provides sufficiently high quality credits to support ongoing sukuk income. Recent global conventional bond market volatility should not adversely impact the sukuk market in a meaningful fashion. Indeed the outlook for the sukuk market looks encouraging for the medium term, with a growing number of issues, and investors absorbing such issuance with enthusiasm. Accordingly the Managers of the Fund view its future with confidence, and expect investors in it to continue to benefit from capital appreciation and attractive income returns over the medium to long term.”
NBAD Global Asset Management is one of the largest of its kind in the UAE, managing assets in excess of AED 10 billion. It has won a host of awards in recognition of its innovative and customer-centric products. It was named on 2015 The Best Exchange Traded Fund, The Best UAE Fund for its UAE Growth Fund, The Best New Fund for the year 2014 for its Sharia MENA Dividend Leader Fund and The Best Regional Fund for its Islamic MENA Growth Fund. Moreover, it has been named on 2015 The Best MENA Fund with assets under USD 50 Million for its Islamic MENA Growth Fund by the MENA Fund Manager and The Best Fixed Income Fund for its MENA Bond Fund at the Banker Middle East, Banking Products Awards on 2015.