14 November 2005
Record Subscription in Al Bashaer GCC Equity Fund by ADCB
ADCB announced record subscriptions into Al Bashaer GCC Equity Fund last week. Al Bashaer Fund is a Shariah Compliant Equity Fund; a joint successful cooperation between major financial institutions in the GCC.
"Al Bashaer Fund is in line with our focused open architecture model of offering the best in class investment products for our clients. ADCB's undertaking of the role of the exclusive distributor of the Fund in the UAE fits with the bank's strategy of introducing Shariah Compliant products to our clients and enabling them to diversify their investment portfolios into the different GCC markets. The joint efforts and synergy resulting from the combined expertise of Gulf Finance House and KFIC in the GCC markets and ADCB in the UAE have culminated in record subscriptions. ADCB has successfully raised within a week from the launch of this fund over AED 600 million in subscriptions from over 500 individual and institutional investors; an unprecedented sales effort from any bank in the UAE" said AlaŠ Eraiqat, Executive Vice President and Head of Consumer Banking Group at ADCB.
Ahmed Barakat, Head of Investment Services at ADCB added "Al Bashaer Fund is managed by GFH and KFIC, who in between them diligently carry out the Islamic filtration and the stock selection. Both investment houses have ample experience within the GCC, which for ADCB is a key element in our selecting criteria for investment products. With our focused distribution channels, marketing efforts and operational processes we can cater today to this huge demand of investment products. We have trained over 50 dedicated sales staff within our branch network of 40 branches in the UAE, as well as 20 high caliber Excellency, ADCB's High Net Worth offering, Relationship Managers in the different Emirates of the UAE".
Essam El Janahi, CEO of GFH said from Manama in Bahrain "We are very pleased with the outcome of Al Bashaer Fund, and delighted with our distribution partners who have consistently kept a solid flow of business into the different products. Owing to the success of Al Bashaer Fund, and to accommodate the huge demand by investors to participate in it, we have decided to extend the deadline of the fund for an additional ten business days starting from the 6th of November."
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