NCB Capital, the investment banking arm of National Commercial Bank, is delighted to announce that it has been named “Best Asset Management Company” at The International Takaful Awards 2009. The award, presented by Middle East Business Forum during its annual Takaful Summit in London, recognizes exceptional work in mutual fund management. Commenting on the award, Ahmed Farid, chief executive officer of NCB Capital, said “we are delighted to receive this prestigious award in what has been a very difficult year for the industry. Recognition such as this is important in reinforcing our market presence, as we build a competitive edge in a full range of products.” In awarding NCB Capital, Mohaned Abdullah of Middle East Business Forum noted the “exceptional work that NCB Capital has been doing for a number of years in this field. The size of assets under management as well as the diversity of offering was very impressive.” Traditionally the market leader in Saudi open-ended mutual funds, NCB Capital manages 26 Sharia-compliant and three conventional open-ended mutual funds as well as four closed mutual funds covering regional equity, global equity, money markets and Sukuk, making the company one of the world's largest Sharia-compliant mutual fund managers. NCB Capital manages one of the largest Shariah-compliant funds in the world, the SR15 billion Trade Fund. Farid said “the strength of NCB Capital's WAM business stems from our proven investment process, a robust infrastructure and the experience of our investment professionals. This award is recognition of our growing market presence.”
