NBAD Sukuk Income Fund delivers dividend

ABU DHABI: The National Bank of Abu Dhabi s Sukuk Income Fund will pay to its investors a semi-annual distribution equal to 2.87% of the net asset value (NAV) of US$5.2532, being the NAV as at May 29th, 2014.

Accordingly, each unit in the Fund will receive a dividend pay-out of US$ 0.1510. The Fund earned interest equivalent to US$ 926,428.67 from 29th November 2013 to 28th May 2014.

“We are very pleased to start the year with an outstanding result. The performance of the Sukuk Income Fund has been unique amongst the peer group with attractive level of income and total return achieved at a low level of volatility,” said Mark Watts, the Managing Director and Chief Investment Officer of NBAD s Asset Management Group.

Investors who have successfully subscribed into the fund by May 28th, 2014 or prior are eligible to receive dividends. The dividend pay-out method is based on the pay-out preference each investor in the Fund selected at the time of subscription. Accordingly, dividend reinvestment is based on the unit NAV of May 28th, 2014.

Those investors who opt for pay-out in the form of cash are paid out within 12 business days from the Ex-Dividend Date. Pay-out that is not cashed out is re-invested on 5th June, 2014.

Anne Durand, Fixed Income Fund Manager at NBAD, commented, “Confirming our view, the market backdrop in 2014 has been benign for Sukuk investments. Globally, MENA stands out with its unique value proposition for its unrivalled credit quality coupled with abundant liquidity and the Fund proves to be the pioneer Shari a-compliant investment vehicle combining attractive income with capital appreciation.”