Comtrust Adl Mudarabah Fund shines at SLIBFI Awards Night

Tuesday, 5 November 2013 00:15 - - {{hitsCtrl.values.hits}}

The Comtrust Adl Mudarabah Fund, Sri Lanka’s first ever open-ended Shariah complaint Income Fund, a combined initiative of Adl Capital Ltd. and Comtrust Asset Management Ltd. was the honoured recipient of the Silver Award under the category of ‘Islamic Finance Product/Deal’ of the year at the Inaugural ‘Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards Night’ held at Galadari Hotel, Colombo on 23 October 2013. High Commissioner of Malaysia Azmi Zainuddin graced the occasion as Chief Guest. The SLIBFI Awards Night is a first of its kind in Sri Lanka and marks yet another milestone in the evolution of the country’s IBF industry. It recognises the most outstanding contributions made by service providers of Sri Lanka’s rapidly expanding Islamic banking and finance sector for and during the year 2012. The selection process was independently monitored under the supervision of leading audit firm KPMG Sri Lanka, the knowledge partner of the event.

The Comtrust Adl Mudarabah Fund which is registered with the Securities and Exchange Commission of Sri Lanka (SEC) operates as a unit trust with Deutsche Bank functioning as Trustee to the fund. The fund’s entry into the local Islamic Banking & Finance (IBF) market space was a long felt need and whilst providing retail/personal investors with a hassle free, Sharia compliant investment mechanism that provides regular returns, it also caters to an important industry need, where the IBF institutions could effectively use the fund as a quasi-money market instrument to manage liquidity. Adl Capital Ltd. Associate Director Azad Zaheed expressed delight at the Comtrust Adl Mudarabah Fund winning this award. He noted that the fund performance thus far has been impressive and was in line with the pre-launch expectations. This is evidenced by the extremely attractive returns that have been paid to its Investors which ranks’ high as against other comparable investments in the IBF industry. Zaheed also attributed the success to the fund’s unique features and benefits on offer such as, an investor friendly profit sharing ratio (PSR) of 90:10, and the absence of entry and exit fees.