ISLAMIC FUNDS FROM ALLIANCE INVESTMENT MANAGEMENT BERHAD RANKED WORLD'S TOP 10 BY EUREKAHEDGE

Kuala Lumpur, 11 June 2007 - Alliance Investment Management Berhad (AIMB) reinforced its position as a manager of premier funds when two of its local Islamic funds,  Alliance Dana Adib Fund and Alliance Islamic Money Market Fund, were ranked top 10 in the world in the Islamic funds category by Eurekahedge, the world’s largest independent hedge fund research company.

Said Nik Azhar Abdullah, Executive Director and Head of AIMB : “I am delighted that, not one, but two, of our Islamic funds have been ranked among the Top 10 in the world in the Islamic fund category for year 2006 by an independent party. This is a welcome affirmation of Alliance Investment Management’s capability and experience as managers of premier funds, particularly Islamic funds.  Alliance Dana Adib and Alliance Islamic Money Market funds have demonstrated their values in terms of returns and stability. In fact these two funds have consistently outperformed other trust funds in the same category.”

According to The Edge-Lipper Fund Table, dated 4 June 2007, ADA was ranked in the top quartile out of 36 funds in the same category from the period of 25 May 2006 to 25 May 2007. The Fund was also singled out as a leader in terms of consistent returns.

On the other hand, while AIMMF was ranked No. 2 from period of 25 May 2006 – 25 May 2007, the Fund was in the top position for 3 months (26 February 2007 – 25 May 2007) and 6 months (27 November 2006 – 25 May 2007) period, as indicated by The Edge-Lipper Fund Table, dated 4 June 2007.

Added Nik: “Given the current bullish sentiments and globalised perspective among investors, the tendency is to overlook the potential within the local market particularly that offered by Islamic funds. The Malaysian Government has also been carrying out various initiatives to make Malaysia a regional hub for Islamic financial services as there is much growth potential and demand for financial products.  Hence, investors should look hard at investing locally, too.”

An international hedge fund research company, Eurekahedge provides the greatest breadth and depth of information on the global hedge funds and alternative funds industry.  It maintains a list of over 13,560 funds across all strategies and asset classes.  The Eurekahedge Asian Hedge Fund Database is deemed the definitive guide to Asia-Pacific hedge funds, providing the best overview of this rapidly expanding market.

AIMB will continue to seize opportunities, capitalising on the wealth of experience and expertise of its fund managers. The investing public can expect more exciting and innovative offerings to come from the Group. The Alliance Dana Adib Fund and Alliance Islamic Money Market Fund are available at all Alliance Bank branches, AIMB’s direct sales agents and institutional unit trusts agents.

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About AIMB

Alliance Investment Management Berhad (AIMB) is a subsidiary of Alliance Investment Bank Berhad (AIBB) and is among the top 10 fund managers in the country with Assets under Management (AUM) of RM2.34 billion (as at 31 May 2007).

AIMB currently manages nine funds, namely Alliance First Fund (AFF), Alliance Vision Fund (AVF), Alliance Moneyplus Fund (AMF), Alliance Dana Adib (ADA), Alliance Tactical Growth Fund (ATGF), Alliance Optimal Income Fund (AOIF), Alliance Islamic Money Market Fund (AIMMF), Alliance Global Equities Fund (AGEF) and Alliance Global Bond Fund (AGBF).

The Alliance Dana Adib Fund is a Shariah-compliant growth fund in the Islamic equity fund category whose asset allocation includes a mixture of Shariah-compliant equities and Islamic fixed income securities and liquid assets.  Focusing on value and growth stocks, Alliance Dana Adib attracts individual and corporate investors looking for medium to long-term investment growth.

The Alliance Islamic Money Market Fund is an Islamic income fund in the Islamic money market category whose objective is to provide investors with a regular income stream by investing primarily in Islamic money market instruments and other fixed securities, that comply with Shariah requirements.  Income distribution is automatically reinvested on a month basis.  The Fund is also tax exempted.

-- Press Release