Old Mutual Shari'Ah - Compliant fund wins international Islamic finance award
The Old Mutual Albaraka Balanced Fund has been awarded the Best Islamic Balanced Fund 2019 by the Global Islamic Finance Awards (GIFA) at the GIFA awards ceremony held in Cape Town on Monday, 16 September. The GIFA Awards has become a highly coveted, market-led recognition of excellence in Islamic banking across the world.
Saliegh Salaam, Portfolio Manager at Old Mutual Investment Group, says that he and his team are honoured to receive the accolade from GIFA. “The GIFA awards is one of the most highly sought-after Islamic banking and finance accolades in the world, highlighting that the Old Mutual Albaraka Balanced Fund and Old Mutual’s Shari’ah compliant fund range are world-class investments.”
The Old Mutual Albaraka Balanced Fund offers investors a Regulation 28-accredited ethical investment solution that delivers steady, long-term capital growth to meet client retirement needs. “We are also guided by Old Mutual Investment Group’s Responsible Investment policy that encourages us to integrate Environmental, Social and Governance across all our investments,” says Salaam.
The GIFA winners were selected on a 25-point system, which considered product innovation, the breadth and depth of the product, the provision of products and services that have transcended international borders, and the promotion of growth in the industry.
According to GIFA, their awards are a prestigious label of excellence that recognises governments, institutions and individuals who have exhibited outstanding achievements in their respective fields, contributing to the sustainability of Islamic banking and finance as a viable system within the global international financial architecture.
The Old Mutual Albaraka Balanced Fund is a collective investment scheme established in partnership with Old Mutual and Albaraka Bank, explains Salaam. “Old Mutual is one of the oldest financial institutions in South Africa and Albaraka Bank is the oldest independent Islamic Bank in the country, and this award attests to our collective expertise and our efforts toward achieving excellence in this sector,” he concludes.