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Accordingly, each unit in the fund will receive a dividend pay-out of $0.10569. The fund earned interest equivalent to $632029.02 since November 29, 2012, till May 30.
“We are pleased to be offering one of the best products for our Islamic investors good levels of income and low volatility. In a market that has seen returns to investors shrink, we are proud to be able to offer this income and total return,” said Mark Watts, GM, head and chief investment officer of NBAD’s Asset Management Group.
Investors, who have subscribed into the fund by May 29 or prior, will be eligible to receive dividends. The dividend pay-out method will be based on the pay-out preference each investor in the fund had selected at the time of subscription. Accordingly, dividend reinvestment will be based on the unit NAV of June 5, 2013, while dividend pay-out in the form of cash will be paid out within 12 business days from the ex-dividend date.
Ali Soner Guney, fixed income fund manager at NBAD, commented: “Our outlook for the next 12 months is positive for Mena markets and we believe that investors will comfortably outperform cash in 2013 as the region continues to improve and liquidity remain abundant.”
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