Dubai, United Arab Emirates, 24th January 2012: Leading financial institution, Mashreq™s flagship sukuk fund "Mashreq Al Islami Income Fund was recently awarded "Fixed Income Fund of 2012. This is the second consecutive year for Mashreq to have received this award by the MENA Fund Manager magazine.
The award which was given at the 3rd MENA Fund Manager Performance Awards is based on a pre determined; rigorous judging criteria and is a direct recognition of the funds exceptional performance relative to its peer group.
The awards also included announcing Mr. Abdul Kadir Hussain; Head of Asset Management at Mashreq as the recipient of the "Outstanding Achievement by an individual" award for his contribution to the regional asset management industry over the last twelve months.
"Mashreq Al Islami Income Fund" was launched in June 2009 and has provided 2011 return of 7.9% and since inception return of 23.8% (June 2009-December 30, 2011). It was also the recipient of Newcomer Fund Award last year by MENA Fund Manager Magazine.
Commenting on the award, Abdul Kadir, Head of Asset Management, Mashreq said, "We are proud to win this award for the second year in a row from MENA Fund Manager Performance Award, which is a direct recognition to our continuous efforts to extend attractive investment management services to our clients. This award represents the quality of our teams, our experience and most of all the capability to manage our clients investments even in difficult times."
Mashreq™s Asset Management business was established in 2004 and it manages eight funds along with a number of segregated portfolios. The bank™s commitment and dedication to expanding its Asset Management business reflects the positive results achieved and will continue to expand fulfilling its goal to become a top provider of investment management services in the UAE and region.