Public Bank Bhd's unit, Public Mutual won the Most Outstanding Islamic Fund Manager award at the recent Kuala Lumpur Islamic Finance Forum's Islamic Finance Awards 2007 ceremony.

The award was presented by Second FInance Minister Tan Sri Nor Mohamed Yakcop Public Mutual’s chairman Tan Sri Dr Teh Hong Piow during the award presentation ceremony on Nov 20, 2007 at the Nikko Hotel Kuala Lumpur.

Public Mutual said on Nov 26 the objective of the awards was to honour and appreciate efforts of the institutions and organisations that have given significant contribution in developing the industry.

"Winning this award not only reinforces our leadership position in the industry but also affirms our commitment to excellence. This achievement is a testimony of Public Mutual’s collective dedication and commitment to continuously deliver value to our investors,” Teh said.

The Kuala Lumpur Islamic Finance Forum was organised by the Centre for Research and Training together with Halal Industry Development Corporation (HDC), and in collaboration with Dow Jones Islamic Market Indexes , the International Institute of Islamic Finance and Messrs Hisham, Sobri & Kadir.

Public Mutual said the Islamic fund industry in Malaysia had grown rapidly and remained highly competitive. From 2001 to Oct 31, 2007, Public Mutual Islamic funds’ total net asset value has grown by 2500% from RM300 million in 2001 to RM7.9 billion as at end October 2007.

The industry’s Islamic funds total net asset value grew by 615% from RM2.0 billion to RM14.3 billion over the same period. Public Mutual is the leader in the private Islamic fund industry with a market share of more than 55% as at end October 2007.

Public Mutual currently manages 54 funds for more than 1.35 million accountholders. As at Oct 31, 2007, the total net asset value of the funds managed by the company was RM26.7 billion.

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