International Recognition for Islamic Emerging Markets Fund
The Ibn Majid Markets Fund took top honors in a special award ceremony at this year's Annual EMA Conference held during September in Geneva.
The award, which recognized Ibn Majid as one of the top three funds in the emerging markets equity category, was received by The International Investor who act as Islamic advisor to the fund's asset managers UBS Brinson. Ibn Majid was the only Islamic fund to win an award at this year's ceremony, co-sponsored by the Swiss fund magazine BANCO and Micropal, Standard & Poor's fund monitoring division.
To determine the winners, Micropal scanned its database of 1,704 eligible funds for those with the best 3-year performance and lowest volatility relative to their appropriate benchmark. These funds were then divided into individual categories: emerging country equity, emerging market bond, and emerging market equity funds.
Ibn Majid Emerging Markets is an Islamic fund that only invests in stocks that meet the guidelines of Islamic Sharia (Islamic law). The fund cannot invest in stocks whose core activities are in or related to banking, insurance, alcohol, tobacco, gambling, pork or activities deemed to Islam.
The International Investor (TII) is regarded as the premier wholesale Islamic investment bank in the world and the leading international provider of Islamic asset management advisory services. www.tii.com
Micropal manages a database of over 55,000 funds worldwide and is recognized as the leading source for fund information. www.micropal.com