Tue, Sep 23, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

New hedge fund to help Muslims save for pilgrimage starts in Kazakhstan

Friday, June 10, 2011
Opalesque Industry Update – The first Shariah-compliant hedge fund was launched Thursday aimed at assisting Muslims to save fund for their trip to Mecca, Saudi Arabia, for the annual Islamic pilgrimage, various media reported.

Kuala Lumpur, Malaysia based Amanah AmanahRaya Capital Group Sdn Bhd, a unit of Amanah Raya Berhad and Astana, Kazakhstan-based Fattah Finance, have collaborated to launch the first Islamic fund Hajj Fund, which is specifically designed to allow Muslims to save for the trip to Mecca.

The Hajj is a religious pilgrimage to Mecca where the Muslim prophet Muhammad first proclaimed Islam. It is the largest pilgrimage in the world and is the fifth pillar of Islam. All able-bodied Muslim who can afford to do so are required to go on Hajj at least once in their life time.

According to a report by Bloomberg, the Hajj Fund will invest mostly outside of Kazakhstan. An estimated 50% of Kazakhstan’s 15.5 million people are Muslim. Ahmad Rodzi Pawanteh, group managing director of Amanah Raya, told Bloomberg, “This Hajj Fund is actually a fund to enable the Muslim community in Kazakhstan to have a saving program to enable them to perform Hajj, the fifth pillar of Islam. The fund is targeting returns between six and eight percent on average annually over a three-year period.

In an emailed statement, the fund is hoping to attract at least one million investors in the next three years, which will be able to support the travel of about 200 people to Mecca up to 2013.

Meanwhile, Zarat Kazy Nurpeisov, Chairman of the Board of Directors of Fattah Finance JSC, has expressed gratitude to AmanahRaya for the launch of the first Islamic hedge fund.

He said, "I am grateful to our Malaysian colleagues, the AmanahRaya Company, for their confidence and tolerance. We started our cooperation more than a year ago and the whole time they transferred their invaluable practice, knowledge and technologies.

With the fund, ordinary Muslim can save enough funds to finance their travel for the Hajj. Nurpeisov added that the fund will be assisted by some of the world’s best experts in Islamic finance.

The fund will focus on portfolios that have exposures in the Hajj infrastructure such as hotels, planes, buses, etc. “Kazakhstan will have an opportunity to own hotels in the holy cities.”
Precy Dumlao

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Outlook - Julian Robertson: There are two bubbles that can bite us[more]

    From Businessinsider.com: Legendary hedge fund manager Julian Robertson gave a warning about two bubbles that could "bite us" at Bloomberg Market's Most Influential Summit. "I agree with the fact that the economy is definitely getting better. I think the cause of that is two bubbles that will

  3. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  4. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  5. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e