NBAD fund delivers 1.98pc dividend
Abu Dhabi, June 13, 2013
The National Bank of Abu Dhabi’s NBAD Sukuk Income Fund will pay to its investors a semi-annual distribution equal to 1.98 per cent of the unit NAV of $5.3286 as at May 30.
Accordingly, each unit in the fund will receive a dividend pay-out of $0.10569.
The fund earned interest equivalent to $632,029.02 since November 29, 2012 till May 30.
“We are extremely pleased to be offering one of the best products in the market for our Islamic investors good levels of income and low volatility. In a market that has seen returns to investors shrink, we are particularly proud to be able to offer this income and total return,” said Mark Watts, general manager, head and chief investment officer of NBAD’s Asset Management Group.
Investors, who have successfully subscribed into the fund by May 29 or prior, will be eligible to receive dividends. The dividend pay-out method will be based on the pay-out preference each investor in the fund had selected at the time of subscription.
Dividend reinvestment will be based on the unit NAV of June 5, while dividend pay-out in the form of cash will be paid out within 12 business days from the Ex-Dividend Date.
Ali Soner Guney, Fixed Income Fund Manager at NBAD, said: ‘Our outlook for the next 12 months is positive for Mena markets and we believe that investors will comfortably outperform cash in 2013 as the region continues to improve and liquidity remain abundant.”
The Fund’s structure and its investments are regularly reviewed by the well-known Shari’a scholar Sheikh NizamYacquobi of Bahrain to ensure continued adherence to Shari’a principles. It is open to institutional and individual investors who can invest as low as $500, either through lump sum or regular investment plans.
The Fund is designed to capture the best opportunities available to investors by investing in a range of Sukuk and Islamic money market investments that are issued by the UAE Government; government-related entities, and selected corporates, mainly from the UAE and wider Mena region. - TradeArabia News Service