Ahli United Bank's Private Banking Partners with Principal Islamic Asset Management to support clients' long-term financial goals
The Ahli United Bank (AUB) Private Banking, acting through its Islamic Window: Al Hilal Islamic Banking Services, has selected Principal Islamic Asset Management (Principal Islamic) to support its clients investment needs. Principal Islamic is a leading Islamic investment management company offering Shariah-compliant unit trust, discretionary mandates and asset management solutions to individuals and businesses across the world. During the initial phase of the planned collaboration, Principal Islamic will provide their core research, investment outlook, market updates, and overall asset allocation advice along with Shariah-compliant portfolio management capabilities.
“We have been carefully selecting best-in-class investment firms to work with us to serve our clients, said Mark Hirst, Deputy Group CEO, Private Banking & Wealth Management. “Our aim is to provide our clients with top research-based offerings in Islamic investments, and to help them navigate the global markets during these turbulent times. We are, therefore, very pleased to announce our plans to work with Principal Islamic as they share our high standards of due diligence, performance and clarity in the services they provide. This is also in line with our commitment under the United Nation’s Principles for Responsible Banking to work with companies such as Principal Islamic who share these high ethical standards.”
Principal Islamic continues to advance its efforts to meet client demand for innovative investment solutions paired with the reach of a global asset manager. This collaboration will additionally allow Principal Islamic to develop appropriate offerings to meet AUB client needs in Islamic assets in the future.
“Our mission is to help people and companies around the world in building, protecting and advancing their financial well-being with our experience in unit trust, retirement, discretionary mandates and global asset management,” said Syed Mashafuddin, Principal Islamic Chief Executive Officer. “Working together allows us to provide Shariah-compliant solutions to Ahli United Bank’s clients. We appreciate the opportunity given by Ahli United Bank to serve their discerning clients and help them meet their long-term financial goals.”
Principal Islamic will be supported by Principal Global Investors’ Middle East, Africa and South Asia distribution team with office based in Dubai. “We will be supporting Principal Islamic, bringing our global investment expertise to their clients in the Middle East and beyond,” said Gaurav Kumar, Managing Director, Head of Fund Distribution for Middle East, Africa and South Asia, Principal Global Investors. “Through this unique collaboration, we look forward to providing active and timely investment advice and creating innovative products and solutions to meet client demand and support their desired outcomes.