Jadwa Investment, a leading Saudi Arabian investment management firm headquartered in Riyadh, announced that its “Jadwa Saudi Equity Fund” has been named the “Best Islamic Fund” by the Banker Middle East Product Awards.

The award was presented to Zaheeruddin Khalid, CIO and head of asset management at Jadwa Investment, in recognition of the fund’s strong performance, excellent returns achieved and high competitiveness. The fund’s unit price increased by 208.72 percent, reaching SR310.19 at the end of the first half of 2014, up from SR100 per unit at the launch of the fund on June 30, 2007.

Established as part of the company’s ongoing efforts to capitalize on available investment opportunities, the “Jadwa Saudi Equity Fund” uses a multi-strategy approach to achieve long-term capital growth. The fund invests its assets in a diversified portfolio, comprised of Shariah-compliant companies listed on the Saudi Stock Exchange (Tadawul).

The Standard & Poor’s Saudi Shariah Index serves as benchmark for the fund. Overall Jadwa manages approximately SR22 billion in Assets under Management across public equities, private equity, real estate and fixed income asset classes. Jadwa’s public equity assets under management currently stand at SR14 billion.

Tariq Al-Sudairy, managing director and CEO, Jadwa Investment, said: “This award is recognition of our successful investment strategy, which is based on seizing investment opportunities that can achieve higher returns for investors and shareholders.”

Zaheeruddin Khalid, said: “Winning the ‘Best Islamic Fund’ award from Banker Middle East is a testament to the achievements of the Jadwa’s asset management team, and it is a valuable addition to the company's track record. “