NCB Capital, Saudi Arabia's largest investment bank, has been awarded “Best Investment Product Range” at The International Takaful Awards 2010. The award, presented by Istishar IQ during its annual Takaful Summit in London, recognizes exceptional work in Islamic fund management. Raul Biancardi, head of Wealth Management at NCB Capital, said: “We are delighted to receive this prestigious award. Recognition such as this is important in reinforcing our market presence and highlighting the strength of our funds.” Mohaned Abdullah, managing director of Istishar IQ, said: “We were impressed by the number of Shariah-compliant investment tools offered by the firm. Additionally, we took into account total assets under management, global reach, and accessibility of investment products to a wide range of investors. NCB Capital out-performed strong competition on all of these counts.” A pioneer in the provision of Islamic investment products, NCB Capital launched the world's first Shariah-compliant real estate fund and was the first Saudi bank to provide its clients with hedge funds and tailored structured products. Today, it is the Kingdom's largest Shariah-compliant fund business with a 33 percent market share through 26 mutual funds, which also makes it the world's largest Shariah-compliant asset manager. “Our Shariah-compliant mutual fund platform is the most diverse in the world covering money market, fixed income (Sukuk) and equity, in addition to our strengths in fund of funds, and alternatives such as private equity and real estate,” Biancardi further said, adding “we are committed to working closely with our Takaful partners in developing innovative and world class Shariah-compliant investment solutions.”
