The National Commercial Bank yesterday announced the launch of Al-Ahli Saudi Dynamic Trading Equity Fund.
"This is the only open-ended Shariah-compliant fund in the region that offers investors exposure to the up-side of the Saudi stock market while using defensive portfolio management techniques to limit the down-side," Haitham Al-Mubarak, head of portfolio management at NCB's investment services division, told a press conference at Le Meridien Hotel in Jeddah.
The fund adds to NCB's array of 21 Shariah-compliant investment funds and further strengthens the bank's strong hold in the mutual funds industry.
The market share of NCB's funds exceeds 41 percent of the total investment assets in the Kingdom for 2004.
"We've started accepting subscriptions for our new fund from Tuesday," Al-Mubarak later told Arab News. "All of our funds have done exceptionally well in the market even when it had downward fluctuations."
