SEDCO Capital leads a small number of asset managers in IBF, which have shown huge commitment to ethical investing and ESG issues as part of its core business strategy. Its efforts in this field are respected by the industry, recognised by the global award bodies and are indeed endorsed by investors who have used its investment funds and other advisory services. As a Saudi firm with global outreach, its investors base includes institutions from around the world, sovereign wealth funds from the MENA region and high-net-worth individuals (HNWIs) in the GCC. “SEDCO takes you from Jeddah to the four corners of the world, offering opportunities that are not only Shari’a compliant but are also indeed ethical and ESG compliant in accordance with the global industry standards,” an industry analyst observed recently on the occasion of Global Islamic Finance Awards (GIFA) held at Manama, Bahrain. It is remarkable to observe how a Jeddah-based asset manager has developed a network of business relations across the globe to identify lucrative investment opportunities to return exceptional profits to its investors. SEDCO is certainly a success story in asset management, parallel to what Emirates presents in the airlines industry – a GCC brand with global recognition.
“SEDCO is certainly a success story in asset management, parallel to what Emirates presents in the airlines industry – a GCC brand with global recognition.”
At GIFA 2015, SEDCO Capital was acknowledged as the “Best Islamic Fund Manager” for its prudent and Shari’a-cum- ESG-compliant philosophy and approach to asset management. Central to the firm’s success is Hasan Al Jabri, its CEO, who is widely respected in the global Islamic financial services industry for his innovative approach and the highest ethical standards he upholds in his leadership style. It was due to his leadership role in Islamic asset management that GIFA Awards Committee chose him as the Islamic Finance Personality of the Year in 2013. “To receive a recognition as Best Islamic Fund Manager truly exemplifies our capabilities and achievements in the area,” said Hasan Al Jabri.
A representative list of awards and accolades won by SEDCO Capital includes:
- Best New Private Equity Fund 2011 by Private Equity World Awards MENA
- Best Islamic Fund Manager 2012 by GIFA
- Most Outstanding Contribution to Islamic Finance 2012 by KLIFF Islamic Finance Awards
- Islamic Social Responsibility Award 2013 by GIFA
- Islamic Economy Award 2013 by Islamic Economy Awards
- Islamic Investment Institution of the Year 2013 by WIFFMC Awards
- Middle East Innovation Award 2014 by Corporate Counsel Middle East Awards
SEDCO Capital offers advisory, discretionary management and asset allocation services that create access to high-performing public and private equities, commodities, income funds, and real estate assets. The firm’s clients benefit from several world-class investment funds and instruments, including its Luxembourg funds platform. The list of asset classes covered by the firm is comprehensive, including equities, the real estate, timber, private equity, and commodities.
ESG is not the only one area of excellence for SEDCO Capital, as it has always been on the forefront of innovation. Ahead of opening up of one of the biggest and most liquid emerging markets’ stock exchanges, i.e., Tadawul – the Saudi Stock Exchange – earlier this year, it planned a Luxembourg feeder fund for its Gulf money market fund in an attempt to offer a Saudi-specific product to international investors (the Qualified Foreign Investors or QFIs). The firm had already launched a Saudi- domiciled money market fund which invests in Shari’a-compliant structured products and trade finance transactions.
There is little doubt that the firms like SEDCO Capital can play an immensely important role in bringing foreign investments into Saudi Arabia. Kingdom of Saudi Arabia is one of the largest emerging market exchanges in the world, it represents nearly 50% of the US$1.6 trillion Gulf economy and is the 19th largest economy in the world. The average daily liquidity is more than US$2.3 billion, making it the seventh largest and fourth most liquid global emerging market. It has a solid track record of financial stability, where it provides growth without the associated common currency and political risks, it also holds one of the world’s largest reserves of hard currency at US$650 billion.
SEDCO Capital has not only the local know-how, it also has deep relationships in the international asset management industry and access to an increasing number of sophisticated institutional investors that are looking for diversification of risk and return. These international investors know that exposure to the Saudi market could not be driven by passive top down allocation, due to sector and stock-specific concentrations.
Rather Saudi’s optimal exposure has to be managed by an active manager that understands the market and is based on the ground, and from this SEDCO Capital Implement disciplined fundamentally-driven investment process that is stock-selection oriented in its style. Four pillars define the firm’s positioning:
- A fundamentally-driven, socially- responsible and financially prudent philosophy;
- A research-based, scientific process;
- An approach that is stock-selection focused; and
- A solid team with international asset management experience with the longest top quartile track record in the region.
With almost US$4 billion AUM, SEDCO is an automatic choice for those who are looking for investing in Saudi Arabia with a socially responsible asset manager. Its unique client-partnership concept, extensive scope of services, impressive record of investment performance, and excellent rapport with the regulators combine to distinguish it from other traditional investment firms.
It is, therefore, not a surprise for SEDCO and the wider Islamic asset management industry that the firm has for the last four years featured in the annual GIFA ceremonies in Kuala Lumpur, Dubai and Bahrain. “GIFA Awards Committee unanimously viewed SEDCO Capital as the best Islamic fund manager in the world, and it is our genuine belief that it is the firms like it that are going to define the future course of action in the Islamic asset management industry,” said Professor Humayon Dar, Chairman of Global Islamic Finance Awards.
GIFA Awards Committee unanimously viewed SEDCO Capital as the best Islamic fund manager in the world, and it is our genuine belief that it is the firms like it that are going to define the future course of action in the Islamic asset management industry.” Professor Humayon Dar, Chairman of Global Islamic Finance Awards.
PRESTIGIOUS AWARDS
GIFA Special Award 2015
Yerlan A. Baidaulet
Senior Adviser, Ministry of Investments & Development, Kazakhstan
The GIFA Awards Committee voted to honour and acknowledge relentless efforts of Yerlan A. Baidaulet to promote IBF in Kazakhstan. There is long list of Mr Baidaulet’s contributions to the development of IBF in Kazakhstan and elsewhere, especially in the Central Asian states. Through his extensive links with the policymakers and other decision-makers, he has influenced policy formation in favour of IBF in his own country and the wider region.
His most prominent contribution in IBF in Kazakhstan is Kazakh Islamic Finance Conference (KIFC) that he founded in 2010. He was also influential in promoting the candidacy of Kazakhstan President Nursultan Nazarbayev for Global Islamic Finance Leadership Award 2014.
Islamic Finance Advocacy Award (Institutional) 2015
Khazanah Nasional – Malaysia
This year’s Islamic Finance Advocacy Award was presented to the national sovereign fund of Malaysia – Khazanah Nasional – for its role in promoting, supporting and investing in Islamic finance, particularly Islamic capital market transactions. Izani Ghani, Chief Financial Officer of Khazanah, received the award.
Islamic Finance Advocacy Award (Individual) 2015
His Excellency Muhammad Ishaq Dar – Finance Minister of Pakistan
Since 2013 after coming into power, the present government in Pakistan has taken a number of initiatives to promote Islamic banking in the country. The Ministry of Finance has spearheaded all these initiatives, including re-invigorating the role of State Bank of Pakistan to ensure that Islamic banking is provided with a level-playing field. GIFA acknowledged and honour the role of Mr Muhammad Ishaq Dar as Finance Minister of Pakistan in taking personal interest in further developing Islamic banking in the country by way of way of bestowing on him the prestigious Islamic Finance Advocacy Award 2015.
Islamic Finance Personality of the Year 2015
Khaled Al Aboodi
CEO of Islamic Corporation for the Development of the Private Sector (ICD)
Islamic Finance Personality of the Year award is the top GIFA in the prestigious category, and is presented to a leading personality in IBF for their outstanding role in the development of an institution and/or the industry as a whole in a country, region or globally. In essence, it is like a “Critics’ Choice Award.”
Started in 2012 at the 2nd GIFA held in Kuala Lumpur, the inaugural award was presented to Sohail Jaffer, Deputy CEO of FWU Group, for his role as a leading practitioner in the global takaful industry but more so for his intellectual contributions in the form of various books, articles and chapters written on different aspects of IBF. “Whenever a new book on Islamic finance comes in the market, I receive it from Sohail and that is completely free of cost,” said Datuk Noripah Kamso, a former CEO of CIMB-Principal Islamic Asset Management.
In 2013, this prestigious award was given to Hasan Al Jabri, CEO of SEDCO Capital, for his leadership role in not only developing a hybrid model of investing (combining Shari’a compliancy with sustainability) but also raising considerable funds for his product offerings.
In 2014, Dr Jamil Al Jaroudi, CEO of Bank Nizwa, was honoured with this award for leading his bank to become the first full- fledged Shari’a compliant bank in the Sultanate of Oman.
Khaled Al Aboodi became this year’s Islamic Finance Personality because of his leadership role in developing numerous Islamic financial institutions around the world. Under his leadership, ICD has become an effective tool for institutional development of IBF in the OIC countries.
Upon receiving the award, Khaled Al-Aboodi stated, “I am extremely honoured and humbled to join the list of past recipients for this prestigious award. The GIFA is the perfect celebration for the commendable role that industry leaders and stakeholders play in order to drive Islamic finance growth in the global sphere. I am always fascinated by their determination, innovation and the contributions they make to the industry. The individuals and firms honoured today will no doubt play a crucial role in the furtherance of the Islamic finance industry. I can assure you that ICD remains dedicated in its pursuit for the adoption of Islamic Finance within the mainstream global financial system.”
Islamic Banker of the Year 2015
Datuk Mustafha Abd Razak
CEO of Bank Rakyat – Malaysia
Datuk Mustafha Abd Razak joined the prestigious club of GIFA Islamic Bankers of Year this year for his leadership role for putting Bank Rakyat on the map of the global Islamic financial services industry. The previous winners in this category include Badlisyah Abdul Ghani, former CEO of CIMB Islamic (2011), Yuslam Fauzi, former CEO of Bank Syariah Mandiri (2012), Datuk Zukri Samat, CEO of Bank Islam Malaysia Berhad (2013) and Dr Adnan Chilwan, CEO of Dubai Islamic Bank (2014).
Datuk Mustafha Abd Razak has the scarce distinction of starting his banking career with Bank Rakyat and eventually becoming its CEO without any interruption of his career with the same bank. By showing his personal commitment and loyalty to Bank Rakyat, he has successfully led the bank to become a leading player in the global Islamic financial services industry. It is primarily due to his leadership that the bank has not only consistently profitable but is also seen as one of the most committed Islamic banks to social responsibility. As a cooperative Islamic bank, Bank Rakyat has surpassed many of its better-known peers in Malaysia.
GENERAL CATEGORIES
Best Islamic Bank 2015 Dubai Islamic Bank
Following Dubai Islamic Bank’s recognition as Best Islamic Bank in 2013, the GIFA Awards Committee once again took a decision in its favour to proclaim it as such.
Best Takaful Company 2015
Takaful Ikhlas Berhad
It is a brand new entry in GIFA, as previously FWU Global Takaful Solutions has dominated this category for three years.
Takaful Ikhlas Berhad is principally involved in the provision of Islamic financial protection services, and has indeed established itself as major player in the Malaysian takaful industry. It is due to its strong business model that more than two million individuals and corporations have placed their trust by way of becoming its certificate holders (participants). Takaful Ikhlas’s commitment and adherence to Shari’a rules, coupled with the application of cutting-edge technology in conducting its business has won it this year’s Best Takaful Company.
Best Islamic Fund
2015 Amana Growth Fund
The Amana Growth Fund is the largest Shari’a-compliant fund in the world, managed by Saturna Capital. In Islamic asset management industry with small to medium level of AUM by individual Islamic funds, Amana Growth Fund exemplifies excellence of Shari’a compliant investing on a very large scale, with over US$1 billion AUM. On winning the award, Nick Kaiser, Portfolio Manager of the fund, said, “At Saturna, we follow a principled and disciplined investment management process, and are honoured to have been chosen by our international peers to receive this esteemed award recognizing our commitment to share owner interests first.”
Best Sukuk House of the Year 2015
National Bank of Abu Dhabi – NBAD
Gone are the days when global banks like HSBC and Barclays Capital used to be the lead arrangers in Islamic capital markets. NBAD has emerged as a global player in the sukuk market helping numerous clients raise billions of dollars in the last 12 months or so. “Leadership in Islamic capital market is a cornerstone of NBAD’s financing proposition and we are honoured that this has been recognized by GIFA,” said Andy Cairns, Managing Director and Global Head of Debt Origination & Distribution. “During the past year we have strived to be at the forefront of innovation in international sukuk so to win Best Sukuk House of the Year is especially satisfying.”
Best Islamic Investment Bank 2015
Venture Capital Bank
Islamic investment banking is prospering in the UK. However, the winner of the Best Islamic Investment Bank award is none other than Venture Capital Bank, Bahrain, which established itself as a prudent investment house during the recent global crisis when many Islamic investment banks in the country faced problems. The credit for this success goes to Mr Abdullatif Janahi, the CEO and a Board Member. “It is an honour to have won the Best Islamic Investment Bank 2015 award, which coincides with the bank’s 10th anniversary,” said Mr Janahi after receiving the award.
During the past decade, VCBank has developed a successful track record for superior deal flow and strong placement capability. Over the least year, it was able to successfully conclude three new transactions, which have further strengthened and diversified its investment portfolio.
Best Islamic Project Finance House 2015
National Commercial Bank – NCB
When it comes to Islamic project finance, there is no other bank that does it better than NCB. The project finance team led by Dr Mansoor Durrani is arguably the best in Islamic project finance. “It is a great honour to have been chosen for this prestigious award. This is reflection of the leadership position that NCB have been able to carve out in the space of project finance in general and Islamic project finance in particular,” said Dr Mansoor Durrani after the Awards Ceremony.
Best Islamic Exchange 2015
Bursa Suk Al-Sila, Bursa Malaysia
If there is any exchange in the world, which has challenged near monopoly of London Metal Exchange (LME) in the commodity murabaha transactions, it is Bursa Suk Al-Sila platform of Bursa Malaysia. Bursa
Suk Al Sila is now the leading commodity murabaha platform offering a Shari’a-compliant alternative to the LME’s offerings in this respect. It was the leadership role of Bursa Suk Al Sila, which was recognized by GIFA Awards Committee that unanimously voted it to receive the Best Islamic Exchange Award for 2015. “Bursa Suk Al Sila is pleased to receive this recognition from the international financial community. The consistent double-digit growth since its inception in 2009 has been encouraging as we observe more interest coming from the MENA and Asia regions. As an exchange, our focus remains to build on the greater depth and diversity to our marketplace, especially in Shari’a-compliant products and services that would appeal to both the institutional and retail audience,” said Dato’ Tajuddin Atan, Chief Executive Officer of Bursa Malaysia.
Best Islamic Microfinance Institution 2015
Amanah Ikhtiar Malaysia
Amanah Ikhtiar Malaysia (AIM) won the Best Islamic Microfinance Institution award three times in a row. The award was presented to AIM for its continuous endeavor to alleviate poverty from Malaysia by way of developing a new breed of entrepreneurs in the rural communities.
Best Islamic Finance Technology Provider 2015
Path Solutions
Path Solutions has also previously won the same award in 2011 and 2014. A pioneering IT company led by Muhammed Kateeb has been at the forefront of Islamic finance technology, and has won numerous awards and accolades for its products and services. Its clientele comes from all over the world, from Africa to Europe, making it the strongest Islamic finance technology business in the world.
Best Islamic Savings Product 2015
National Bonds
National Bonds is a unique Islamic savings product that have popularized the concept of sukuk on a retail level. Led by Mohamed Qasim Al Ali, the CEO, National Bonds Corporation has gone from strength to strength, making National Bonds as the preferred choice of all in the UAE – both the locals and the expatriates. The product has also attracted a significant number of investors from other countries. This is one of the reasons that National Bonds have won GIFA in this category for the last three consecutive years.
Best Islamic Banking Window 2015
Bank Alfalah Islamic
Rizwan Ata is the man behind developing Bank Alfalah Islamic ahead of mnay full-fledged Islamic banks in Pakistan. The bank’s lead role was recognized once again, followed by its success last year.
Pioneer Islamic Bank 2015
Kuwait Finance House Bahrain
Following the footsteps of its parent company, KFH-Bahrain has taken the lead on its peers by constantly innovating in product development, and developing a human resource team second to none. According to many critics, the success of the bank owes mainly to the personality of Abdul hakeem Al Khayyat, the Managing Director.
Shari’a Lawyer of the Year
2015 Kamran Sherwani
Head of Shari’a Advisory, Compliance and Quality Control, ADCB Islamic
There are a number of Islamic law firms and conventional law firms specializing in Islamic finance. This year, the Awards Committee decided to pick up an individual Shari’a lawyer instead of a law firm for their exceptional work on Islamic financial transactions. From amongst the four short-listed names, Kamran Khali Sherwani was picked up for his outstanding work in legal documentation and Shari’a compliance. Kamran joined ADCB Islamic after an illustrious career with his previous
employers.
“Attending the GIFA ceremony was indeed an honour for me not only for receiving the Upcoming Shari’a Lawyer of the Year award but also to see that local Bahraini culture was presented in the form of traditional Bahraini music and dances,” said a buoyant Kamran Sherwani.
Upcoming Personality in Islamic Finance (Leadership Role) 2015
Amman Muhammad, CEO of FNB Islamic
Amman Muhammad has emerged as one of the most dynamic Islamic bankers in Africa. He has been involved in leadership roles in a number of banks and financial institutions to develop Islamic franchises within conventional banking groups. “We believe that Amman Muhammad has experience and credentials to play a bigger role in the global Islamic financial services industry,” said Professor Humayon Dar after the Awards Ceremony.
Upcoming personalities in Islamic finance are chosen by the Awards Committee in view of the potential some young Islamic bankers and finance practitioners possess. Previous winners of this coveted award include Amr Al Minhali, Head of Islamic Banking at ADCB Islamic and Suleiman Al Harthi, Head of Islamic Banking at Bank Muscat and General Manager of its Islamic banking window – Meethaq.
Upcoming Personality in Islamic Finance (Product Development & Structuring) 2015
Mohammed Shaheed Khan, Gulf International Bank (GIB)
Mohammed Shaheed Khan held various positions with a number of Islamic financial institutions before he joined GIB. He is a very experienced product developer with an in-depth knowledge of Islamic banking and finance.
ACADEMIC AWARDS
Best Islamic Finance Education Provider 2015
Malaysian Financial Planning Council
GIFA celebrates success of not only Islamic financial institutions but also of the academic institutions and professional bodies that are playing important role in capacity building in the global Islamic financial services industry.
This year’s winner of the “Best Islamic Finance Education Provider” award was Malaysian Financial Planning Council (MFPC).
Adnan Md Zain, President of MFPC expressed his appreciation, “The recognition we receive from GIFA is testament that MFPC’s programme is gaining traction as the gold standard qualification in Islamic financial planning; and it has given us greater courage to promote Shari’a financial planning to all Malaysians as well as those who are in need of this valuable knowledge and skills.”
Best Islamic Finance Training Provider 2015
The University of Nottingham Malaysia Campus
The award was presented to Dr Nafis Alam of the University of Nottingham Malaysia Campus for its FAA-accredited qualifications in Islamic banking and finance and for establishing a state-of-the-art centre for training and research in the field.
Outstanding Islamic Qualification 2015
UiTM’s Diploma in Halal Management
UiTM’s Diploma in Halal Management is a new qualification developed by Academy of Contemporary Islamic Studies whose Dean, Professor Dr. Muhamad Rahim Osman, was buoyant on receiving the award, “On behalf of ACIS, I am very pleased and delighted to receive the Outstanding Islamic Qualification Award from GIFA. Receiving the awards motivates and inspires us to continuously support the Islamic financial services industry.”
Other awards included Best Islamic Finance Consultancy (presented to Dar Al Shari’a), Best Islamic Rating Agency (awarded to Moody’s), Best Shari’a Compliant Commodity Facilitation Platform (won by DDCAP), Most Innovative Product (Arabesque Prime Fund), Best Sukuk Deal of the Year (Tier II Capital Mudaraba Sukuk by Al Baraka Bank (Pakistan Limited), Best Supporting Institution (IIFM), Shari’a Authenticity Award (Meezan Bank), Best Islamic Finance Publishing House (IBFIM), Best Islamic Finance Infrastructure Development Institution (AAOIFI), Best Research & Development in Islamic Finance (IRTI, a member of the IDB Group), GIFA Special Research & Publications Award (Dubai Centre for Islamic Banking & Finance, HBMSU), the Most Innovative Islamic Finance Solution Provider (SAB), Human Capital Development Initiative (ADCB Islamic Banking for Islamic Banking Academy), Best Zakat Management in Higher Education Institutions (UiTM), Pioneer in Islamic Financial Criminology Research (ARI, UiTM), and Best Islamic Finance Case (AIM).
“The GIFA Awards Committee recommended that all future GIFA winners must pledge to GIFA Code of Commitment to Islamic Finance, Social Responsibility and Shari’a Authenticity. The Awards Committee will draft the proposed code with a view to start using it from GIFA 2016.”
