The 10th International Real Estate Finance (IREF) Summit Awards, which was held in conjunction with the 2013 IREF Summit, honoured a number of individuals and companies operating in various segments of the real estate market.
The Awards Ceremony, which was held at a Gala Dinner at the Jumeirah Carlton in London on the 20th of November 2013, recognises outstanding achievement by an individual or institution in the field of Islamic real estate financing and in the global Islamic finance industry. Oasis Group Holdings from South Africa and DDCAP Limited of the UK each received two awards. Adam Ebrahim, CEO of Oasis Group Holdings, the high-performing South Africa-based asset management company, was honoured with the ‘Award of Excellence for Best Islamic Fund Manager’ and the Group’s UK subsidiary, Oasis Crescent (UK) Ltd. won the ‘Award of Excellence for Outstanding Contribution to Islamic Finance in the UK’.
The Award could not be more timely and opportune for the Oasis Group as Oasis Crescent (UK) Ltd announced the listing of its three flagship investment funds on FundsNetwork™, a leading investment service platform owned by Fidelity Worldwide Investment on the 21st of November 2013.
The funds that will be included on FundsNetwork™ include the Group’s three S&P Gold rated funds: the Oasis Crescent Global Equity Fund, the Oasis Crescent Global Property Equity Fund and the Oasis Global Equity Fund. This collaboration will allow for a greater distribution of Shariah investment products on one of the UK’s largest distribution networks. According to Adam Ebrahim, investors by selecting from Oasis Shariah compliant range of funds available on FundsNetwork™ will benefit by being able to construct a Shariah compliant pension and ISA in their savings portfolio. Mr. Ebrahim and his UK Office team, who could not attend the Awards Ceremony because of travel delays, received their awards at the Pre-conference dinner of the Global Peace and Unity Foundation, which was held at the Marriot Hotel on the 22nd of November 2013. The two acclaimed IREF Summit accolades confirm the Oasis Groups consistent commitment to providing first rate Islamic financial products and services to Muslim communities in South Africa, the UK and indeed the world over. DDCAP Limited, one of the largest intermediation and brokerage firms serving the Islamic finance industry, received the ‘Award of Excellence for Best Market Intermediary in Real Estate’ and the award was accepted by Stella Cox, Managing Director of DDCAP Limited. The company also was honoured with the ‘Award of Excellence for Best Online Technology’ for its Asset facilitation Platform. IREF 2013 also recognised the achievements of several players in diverse fields. This includes an ‘Award of Excellence for Outstanding Contribution by a Multilateral Development Agency to Housing Development and Islamic Mortgage Finance’, which went to the Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank (IDB) Group. ICD is playing an important complementary role in pushing the affordable housing agenda in Saudi Arabia and other member countries. The Corporation’s real estate development and investment entity, Anfaal Capital, which is regulated by the Capital Markets Authority (CMA) in Saudi Arabia, estimates the current demand for almost 1 million housing units in Saudi Arabia alone. This is projected to increase on a yearly basis by 150,000 units.
ICD has also established a joint venture Shariah-compliant mortgage finance company with the Saudi Public Investment Fund and US mortgage advisory company, Capitas. Similarly, Aldar Properties PJSC of Abu Dhabi, was honoured with the ‘Award of Excellence for Best Residential Developer in the UAE’, which was accepted by Gurjit Singh, Chief Development Officer, Aldar Properties PJSC. Aldar Properties PJSC, in which the Abu Dhabi Government has a major shareholding, is one of the largest developers in the Middle East and North Africa (MENA) region, with over US$12 billion of assets.
The company has developed some of Abu Dhabi’s most iconic and complex projects, from the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Reem Island. Its property portfolio is diversified and balanced, with residential communities accounting for around half of assets, retail property representing a third, and the remainder split between commercial and hospitality.
Aldar’s business is aligned with the Emirate’s “Vision 2030″ strategy of economic diversification and social infrastructure development.
Other Award winners include Kinan International Real Estate Development Company of Saudi Arabia for the ‘Award of Excellence for Best Commercial Developer in Saudi Arabia’. One of the leading real estate development companies in Saudi Arabia, Kinan has a paid up capital of SAR 1.7 billion and has since its establishment in 2005 developed and manages nine shopping centres in seven cities in Saudi Arabia with currently has investments of close to SAR 1.7 billion. Sumou of Saudi Arabia for the ‘Award of Excellence for Best Residential Developer in Saudi Arabia’ founded in 2008 by Dr Ayedh Al-Qahtani. Somou Real Estate Company has quickly become one of the most successful real estate development companies in the Kingdom; Also from Saudi Arabia Alinma Bank won the ‘Award of Excellence for Best Islamic Financial Institution in Saudi Arabia’; From UAE Noor Islamic bank won the ‘Award of Excellence for Best Islamic Financial Institution in the UAE’ and Emaar of the UAE the ‘Award of Excellence for Best Commercial Developer in the UAE’.
From Bahrain; ‘Award of Excellence for Best Islamic Financial Institution in Bahrain’ – ABC Islamic, ‘Award of Excellence for Best Commercial Developer in Bahrain’ – Bahrain Bay and ‘Award of Excellence for Best Residential Developer in Bahrain’ – Reef Island.
From Kuwait; ‘Award of Excellence for Best Commercial Developer in Kuwait’ – Tamdeen, ‘Award of Excellence for Best Residential Developer in Kuwait’ – Alargan.
From Oman; ‘Award of Excellence for Best Islamic Financial Institution in Oman’ – Bank Nizwa, ‘Award of Excellence for Best Commercial Developer in Oman’ – Al Taher Group and ‘Award of Excellence for Best Residential Developer in Oman’ – Alargan Towell.
From Qatar; ‘Award of Excellence for Best Islamic Financial Institution in Qatar’ – QIB, ‘Award of Excellence for Best Commercial Developer in Qatar’ – Qatari Diar and ‘Award of Excellence for Best Residential Developer in Qatar’ – United Development Company (UDC).
For the first time Ernst and Young won the ‘Award of Excellence for Best Islamic Advisory Firm’ and also for the first time Richard Bishop CEO of Cobalt Underwriting, a relatively new Shariah compliant insurance and reinsurance underwriting agency focusing on solutions for commercial and corporate risk exposures from the heat of the city of London, accepted the ‘Award of Excellence for Best New Firm in Islamic Financial Services’ on behalf of Cobalt Underwriting. Other key awards presented as part of the 10th IREF Awards ceremony included: Kuwait Finance House for ‘Award of Excellence for Best Islamic Financial Institution in the Middle East’; Qinvest for ‘Award of Excellence for Best Islamic Investment Bank in the GCC’, they had also won an Award of Excellence for their part in the $450 million Dar Al Arkan Wakala Sukuk for ‘Award of Excellence for Most Innovative Real Estate Sukuk Structure’. These two awards recognise Qinvest’s prowess in the area of providing first rate Islamic financial products and services.
From Malaysia, S P Setia won the ‘Award of Excellence for Best Residential Developer in Malaysia’ and also the ‘Award of Excellence for Most Innovative Islamic Real Estate Project’ for their part in the Battersea Power Station Project with also includes Sime Darby and Employees Provident Fund (EPF). The ‘Award of Excellence for Best Residential Developer in Malaysia’ went to UMLand; Also from Malaysia, Maybank received the ‘Award of Excellence for Best Islamic Financial Institution in Malaysia’; Lembaga Tabung Haji received the ‘Award of Excellence for Best Real Estate Newcomer’ for and finally but not least Cagamas for pioneering mortgage securitisation to the forefront of the sector hence had received the ‘Award of Excellence for Best Islamic Mortgage Securitisation Company’.
(Source: ICG Events)