Dubai, United Arab Emirates, 9 August 2017: Rasmala Investment Bank Limited (‘RIBL’), the asset management and investment banking subsidiary of Rasmala Plc (‘Rasmala’), has announced that its Rasmala Global Sukuk Fund (the ‘Fund’), has earned a Five-Star Morningstar RatingTM for the overall period ending 31 July 2017. The Fund has joined the Rasmala Arabian Markets Growth Equity Fund which has also previously been awarded a Five-Star rating over a time horizon of 3, 5 and 10 years.
Morningstar independently rates mutual funds from 1 to 5 stars based on how well they have performed in comparison to similar funds. Within each Morningstar category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star.
The Fund, which was launched on 30 April 2012, is an Undertaking for Collective Investments in Transferable Securities (“UCITS”) sub-fund of an open-ended, Luxembourg incorporated, umbrella investment company. The daily-dealing Fund’s objective is to generate a regular stream income as well as achieve capital appreciation by investing in investment grade government, government related and corporate Sukuk.
Commenting on this achievement, Eric Swats, RIBL Senior Executive Officer, said: “We are pleased to be recognised by Morningstar for our superior risk adjusted returns. This underlines Rasmala’s strong expertise and is a testament to the hard work of our skilled investment team.”
The rating builds on recent successes for RIBL. In February 2017, the Fund was recognized at the MENA Fund Manager Performance Awards, for the second consecutive year, as the top performing Shari’a fixed income fund following an independent and rigorous judging process whereby funds are assessed on performance as well as structural and qualitative criteria.
Amidst the low-interest environment and global uncertainty, the Fund has delivered a return of more than 20% since 30 April 2012 and has historically distributed approximately 3% per annum to investors.
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Established in 1999, Rasmala is a leading investment firm engaged in asset management, investment banking and private equity. The firm provides investment management solutions to pension funds, family groups, corporations and government institutions. Rasmala Plc is authorised and regulated by the Financial Conduct Authority (“FCA”) and Rasmala Investment Bank Limited (‘RIBL’) is authorised and regulated by the Dubai Financial Services Authority (“DFSA”).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, along with real-time global market data on nearly 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets.