Abu Dhabi, 12 November 2013: Treasury & Investment Division of Union National Bank announced that the performance of the "Al Itihad and Al Samaha Islamic" Funds was steady & consistent with the relevant benchmarks during the last period. The overall performance of the funds since inception has been commendable compared to other funds in the same category.
Al Itihad Fund, an open ended Fund with the objective of achieving long term capital appreciation by investing in best of class collective investment vehicles in UAE and which invests in publicly traded equities, has realized returns of 61% as of 31st October 2013.
Al Samaha Islamic Fund, another open ended Fund which invests in Shariah compliant large caps across the Middle East region has achieved a growth of 26% as of 31st October 2013. Strategic investment policies and risk diversification backed by fundamental and technical analysis placed Al Samaha Islamic Fund as one among the best performing Islamic Funds in the UAE.
Our individually customized Discretionary Portfolios have averaged a return of 66 % for the same period ending as of 31st October 2013. These mandates were focused purely in UAE Blue chips where profit maximization was achieved by a blend of balanced asset allocation and active trading while maintaining adequate exposure to the markets.
Mr. Galal E.Khadr, Senior Vice President - Head of Treasury & Investment Division at UNB commented " UNB has followed a conservative investment strategy taking into account all risk factors and available investment opportunities which has resulted in consistent and strong growth for both Funds".
Mr. Galal also said "There are positive changes in the GCC markets especially in the UAE which led to the recent upgrade by MSCI to emerging market status. This development coupled with the positive economic outlook, the news about the merger of Abu Dhabi and Dubai markets together with the prospect of hosting Expo 2020 resulted in a general improvement in investors' sentiment and expected inflow of capital into the markets".
About UNBEstablished as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.
For more informationMona ZayatiCorporate Communications Manager - UNBTel: +971504108400Email: firstname.lastname@example.org
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