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Islamic Finance Briefing - Category | Funds more

Oman’s first Mena-focused Islamic fund to be launched next week

Posted on 15 May 2013 by Laxman  |  Email|Print

Al Hilal Mena Fund (AHMF), an open-ended fund based on Mudaraba structure, operating in accordance to the principals of Sharia is set to be launched on May 22, 2013. The initial subscription period will continue up to June 20, 2013.
Al Hilal Mena Fund (AHMF) will be the first Sharia complaint fund to be launched by an Omani bank and ahlibank is the sponsor of the fund, said a bank release. With the launch of Al Hilal Mena Fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles…………………………………..Full Article: Source

Ahlibank to launch Sharia compliant MENA fund

Posted on 14 May 2013 by Laxman  |  Email|Print

Ahlibank will launch Sharia-compliant Al Hilal MENA Fund (AHMF), an open-ended fund based on Mudaraba structure, on May 22. The initial subscription period will continue up to June 20.
AHMF will be the first Sharia complaint fund to be launched by an Omani bank. With the launch of this fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles………………………………………..Full Article: Source

Elixir real estate funds follow back to basics fixed income philosophy

Posted on 14 May 2013 by Laxman  |  Email|Print

Here is a small niche asset backed, unlevered real estate fund that provides fixed income without the implied complications of debt or derivatives. Its manager explains how the fund can return double digits yearly. Elixir Capital, based in Palo Alto, CA, runs an onshore fund called the Elixir PURE Fund. But there is to be a second one, called the PURE Fund II, which will be launched in the coming weeks. This second fund will use the same strategy and will seek to reach a wider audience through its Cayman domicile.
Abrar Hussain , founder and managing director of Elixir Capital Management (ECM), which was founded in January 2012, also teaches Islamic Finance at the University of California, Berkeley ; he was looking for a strategy that would be Shariah-compliant and that would avoid synthetic structures: and so came the PURE Fund (’PURE’ for Participatory Unlevered Real Estate)…………………………………………Full Article: Source

Asiya Investments launches Islamic trade finance fund

Posted on 10 May 2013 by Laxman  |  Email|Print

Asiya Investments (Asiya), the Asia specialist investment firm, announced on Thursday the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.
The Fund aims to capture a unique set of opportunities that exist in today’s market. Key among these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East. Annual intra-Asia trade is expected to quadruple from almost $5 trillion to $20 trillion by 2020. Similarly, trade between the GCC and emerging Asia is growing at a rate of 25 percent per year…………………………………….Full Article: Source

Asiya Investments launches Islamic fund

Posted on 08 May 2013 by Laxman  |  Email|Print

Asiya Investments, the Asia specialist investment firm, announced today the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.
The Fund aims to capture a unique set of opportunities that exist in today’s market. Key amongst these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East………………………………………..Full Article: Source

UNB Al Itihad Fund and Al Samaha Fund performance steady

Posted on 08 May 2013 by Laxman  |  Email|Print

UNB’s Private Banking Division announced that the performance of both ‘Al Itihad and Al Samaha Islamic’ Funds was steady and consistent with the relevant benchmarks during the last year. Their performance since inception was commendable compared to other funds in the same category.
Al Itihad Fund achieved an impressive +18.2% net returns for 2012 and +33.8% in 2013 up to 25th April. The Fund was launched with an objective to achieve long-term capital growth by investing in publicly traded companies. The fund’s prime focus is on UAE markets and to a lesser extent on other GCC markets………………………………………..Full Article: Source

Crescent Wealth launches Shariah-compliant super fund

Posted on 07 May 2013 by Laxman  |  Email|Print

It has developed its own platform for its four investment options and has appointed Corporate Combined Superannuation (CCSL) as trustee. The Shariah-compliant funds - Australian equities, international equities, income fund and Australian infrastructure and property - were previously only available on the Association of Independently Owned Financial Planners Personal Choice Private e-wrap platform, after they were launched late last year.
The company is also in talks with industry super funds to white-label the product as an ultra-ethical investment option. ……………………………………….Full Article: Source

Kuwaiti firm launches Islamic trade finance fund

Posted on 07 May 2013 by Laxman  |  Email|Print

Kuwait-based Asiya Investments has launched an Islamic trade finance fund with $20 million in seed capital, aiming to cater to small Asian manufacturers. Asiya, whose largest shareholder is sovereign wealth fund Kuwait Investment Authority, aims to fill a gap left by Western banks that are scaling back their trade finance business, making credit scarce for small and medium-sized firms.
“We engage those companies that are already banked but whose credit lines are limited - we are complementing their financing,” said Sulaiman Alireza, executive director of Asiya’s investment management arm in Hong Kong………………………………………..Full Article: Source

Asiya upbeat on Islamic Trade Finance Fund

Posted on 07 May 2013 by Laxman  |  Email|Print

Asiya Investments (Asiya), described as the Asia specialist investment firm, has announced the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East. The fund aims to capture a set of opportunities that exist in today’s market.
Key among these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East. Annual intra-Asia trade is expected to quadruple from almost $ 5 trillion to $ 20 trillion by 2020. Similarly, trade between the GCC and Emerging Asia is growing at a rate of 25 percent per year………………………………………..Full Article: Source

First halal PE fund sees opportunities

Posted on 07 May 2013 by Laxman  |  Email|Print

As Europe remains mired in one of the biggest food fraud scandals in recent times, this side of the globe is seeing the world’s first private equity (PE) fund specialising in the halal industry being set up.
For Azka Capital Sdn Bhd executive director Darhim Dali Hashim, halal does not only reflect the practice of how foods are prepared but more importantly the integrity of ingredients used………………………………………..Full Article: Source

Pilgrim funds give Indonesia banks booster shot: Islamic finance

Posted on 03 May 2013 by Laxman  |  Email|Print

Indonesia’s plan to shift 11 trillion rupiah ($1.1 billion) of pilgrim’s savings into Shariah- compliant lenders is a booster-shot that will help narrow the gap with neighboring Malaysia. Deposits set aside by those planning a Hajj visit to Mecca in Saudi Arabia will be shifted by the Ministry of Religious Affairs from non-Islamic banks within a year of announcing the policy, Anggito Abimanyu, director-general of Hajj and Umrah at the ministry, said.
The funds are equivalent to 7.3 percent of the 150.8 trillion rupiah in savings at Islamic lenders, less than a sixth of Malaysia’s 310 billion ringgit ($102 billion), central bank data show………………………………………..Full Article: Source

MAAKL declares gross dividends for MAAKL dividend fund and MAAKL-HW Shariah progress

Posted on 03 May 2013 by Laxman  |  Email|Print

MAAKL Mutual declared a 3.2 sen and 2.1 sen gross distribution for its MAAKL Dividend Fund and MAAKL-HW Shariah Progress Fund, for the financial year ended April 30, 2013.
The dividend represents a 8.55 per cent and 6.98 per cent gross distribution yield, respectively, based on an average net asset value per unit from May 1, 2012 to April 22, 2013, MAAKL said in a statement Thursday………………………………………..Full Article: Source

Mashreq Capital to set up $ 100mln Islamic equity fund

Posted on 25 April 2013 by Laxman  |  Email|Print

Dubai-based Mashreq Capital plans to set up an Islamic equity fund of up to $ 100 million in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market, the company’s chief executive said.
“We think there is demand in high-dividend sharia equities,” particularly with interest rates currently very low, Abdul Kadir Hussain said at Zawya’s MENA Asset Management conference in Dubai.“Equities have very attractive yields in this region,” he added………………………………………..Full Article: Source

Union National Bank contributes AED 4.777 mln to Zakat Fund

Posted on 25 April 2013 by Laxman  |  Email|Print

His Highness Sheikh Nahayan Mabarak Al Nahayan, Minister of Culture, Youth & Community Development, Chairman of UNB Group, handed over a cheque of AED 4,777,000 to His Excellency Dr. Hadif Bin Jaw`an Al-Dhahiri, Minister of Justice, and Chairman of the Zakat Fund. The event took place on Tuesday 23 April in the presence of officials from UNB, Al Wifaq, and Zakat Fund as well as media representatives.
His Highness Sheikh Nahayan Mabarak Al Nahayan Minister of Culture, Youth & Community Development, Chairman of UNB Group, said, “UNB’s Group contribution to the Zakat Fund fulfils our mission and highlights our corporate values of supporting societal growth initiatives through UAE institutions that benefit the needy and deserving”………………………………………..Full Article: Source

UBL introduces Islamic Principal Preservation Fund

Posted on 19 April 2013 by Laxman  |  Email|Print

Launched under the Siraj umbrella, UBL Funds introduced the UBL Islamic Principal Preservation Fund on April 1st, 2013.
For the first time in Pakistan, investments can be made in a Shariah Compliant investment scheme with 100% exposure into the stock market while benefiting from the principal preservation advantage. This scheme can be a gateway for all prudent investors to the Pakistani stock market has that has given an absolute return of 525% in the last ten years (DEC 2002-2012)………………………………………..Full Article: Source

Saudi equity funds market remains most reassuring

Posted on 18 April 2013 by Laxman  |  Email|Print

The Saudi equity funds market is still the most favorable due to its demographics and the steady increase in government spending, experts said. Global Investment House said Wednesday that the equity funds managed by its MENA Asset Management team have recorded “remarkable” performances during the first quarter of the year 2013, outperforming their respective benchmarks.
The Global GCC Large Cap Fund has outperformed it respective benchmark reporting a return of 9.42 percent compared to 5.89 percent by the S&P index. Global GCC Islamic Fund, which aims to maximize returns by investing in a portfolio of companies compliant with Shariah, has reported 7.05 percent compared to 5.02 percent reported by the respective benchmark…………………………………….Full Article: Source

Shariah compliant funds could boost Brazilian development

Posted on 17 April 2013 by Laxman  |  Email|Print

The sixth-largest global economy, Brazil represents a very real opportunity for Islamic finance to spread its wings in a hitherto relatively untapped region, while Shariah compliant finance offers Brazil an exciting source of funding to boost development. Alexandre Lopes discusses the opportunities and challenges involved.
Known for its profit and loss sharing principle, Islamic finance seems to be expanding the global footprint of its funds to countries outside its original market in the Middle East. As this US$1.3 trillion industry sets sail, an untapped huge market in South America is likely to cross its path…………………………………….Full Article: Source

Declaration of income for funds managed by HSBC Saudi Arabia Limited

Posted on 15 April 2013 by Laxman  |  Email|Print

HSBC Saudi Arabia Limited is pleased to announce that the Board of Directors of HSBC Amanah Sukuk Fund and the Board of Directors of HSBC Amanah GCC Equity Income Fund have approved distribution of dividends.
The Board of HSBC Amanah Sukuk Fund approved a dividend payment of $0.06 per unit for the quarter ended March 31, 2013 translating in an annualized yield of 2.5% at par value. Similarly, the Board of HSBC Amanah GCC Equity Income Fund approved a dividend payment of SR0.25 per unit for the six months ending March 31, 2013 translating in an annualized yield of 5.0% on par value (Press Release)

India: KSIDC partners with Islamic fund

Posted on 12 April 2013 by Laxman  |  Email|Print

The Kerala State Industrial Development Corporation (KSIDC) has partnered with Cheraman Financial Services Limited, a Kochi-based Islamic fund. KSIDC has 11 per cent share in the Rs. 250 crore fund which is a shariah-based entity aimed at funding selected sectors.
Cheraman is the new avatar of the Al Baraka fund proposed by KSIDC two years ago. The Al Baraka initiative was intended to mobilise funds from Muslim expatriates, mainly from the Gulf countries, and utilise it for industrial development projects in the State. It is also understood to be the first of its kind in the country………………………………………..Full Article: Source

Z Capital to raise $100 mln Shariah distressed asset fund

Posted on 10 April 2013 by Laxman  |  Email|Print

Z Capital Partners, which owns 51 percent of cookie chain Mrs. Fields Famous Brands LLC, plans to raise at least $100 million with Saudi Arabian partner MEFIC Capital for a new Shariah-compliant fund investing in distressed assets, two people familiar with the plan said.
Z Capital, established in 2006 by James Zenni, co-founder of Black Diamond Capital Management LLC, and MEFIC Capital plan to start raising the MEFIC-Z Capital Special Situations Fund within the next couple of months and target institutions and high net worth individuals in the Persian Gulf, the people said, asking not to be named as the news isn’t public………………………………………..Full Article: Source

Tilal Fund achieves an overall return of 126pct

Posted on 08 April 2013 by Laxman  |  Email|Print

The Tilal Fund, Oman’s first real estate investment fund has achieved a total return of 126 per cent during its 6-year tenure, an average of 21 per cent per annum. Tilal Fund was established in October 2006 with an initial capital of RO 5.54 million as the first Real Estate Investment Fund accredited by the Capital Market Authority (CMA) of Oman.
The goal of Al Madina Financial and Investment Services Co (AMFIS), the company behind the establishment of the Fund, was to contribute capital to the development of the Tilal Complex project………………………………………..Full Article: Source

Franklin Templeton launches new Shariah retail funds in Singapore

Posted on 04 April 2013 by Laxman  |  Email|Print

Franklin Templeton Investments has launched three new Shariah-compliant funds in Singapore. The three Funds – Franklin Templeton Global Sukuk Fund, Templeton Shariah Global Equity Fund and Templeton Shariah Asian Growth Fund – are sub-funds of the recently-launched Franklin Templeton Shariah Funds umbrella domiciled in Luxembourg.
The portfolio team that manages the Franklin Templeton Global Sukuk Fund are led by Mohieddine (Dino) Kronfol, Dubai-based chief investment officer for MENA fixed income and global sukuk, and Stephen Dover, international chief investment officer of Franklin Templeton Local Asset Management Group………………………………………..Full Article: Source

SEDCO Capital plans more Islamic funds

Posted on 04 April 2013 by Laxman  |  Email|Print

Jeddah-based investment firm SEDCO Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia. The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds.
SEDCO Capital, a fully owned subsidiary of SEDCO Holding, intends to raise assets under management on its Luxembourg fund platform to $ 1.6 billion by year-end from $ 1 billion now, said Chief Executive Hasan Al-Jabri………………………………………..Full Article: Source

SCA rules signal new era of growth for Islamic funds

Posted on 04 April 2013 by Laxman  |  Email|Print

The new set of fund regulations approved in August 2012 by the UAE Securities and Commodities Authority (SCA) is expected to dramatically change the country’s investment landscape.
The decision has been regarded as a step in the right direction for all types of funds as the new rules not only address issues of foreign ownership, liquidity and risk management, but also prescribe guidelines on reporting for both conventional and Shariah-compliant funds………………………………………..Full Article: Source

$500 mln global halal fund launched

Posted on 04 April 2013 by Laxman  |  Email|Print

Former Malaysian Prime Minister Abdullah Badawi revealed plans for a $500 million private equity fund focused on global opportunities in the halal industry.
The fund is expected to be raised in stages and the aim, through a “roll-up” strategy, is to acquire, convert (non-halal companies) and grow companies in the food and agri-business sectors so as to have global reach as well as offer a diverse range of high quality quick service restaurant (QSR) products and services………………………………………..Full Article: Source

AmInvest launches AmPRS fund

Posted on 04 April 2013 by Laxman  |  Email|Print

AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million-sized retirement fund (AmPRS).
AmBank chairman Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later.“We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

Islamic fund to target asset leasing

Posted on 03 April 2013 by Laxman  |  Email|Print

A fund raised from Islamic investors by a global Islamic finance adviser will target co-investments in asset leasing in the infrastructure, aircraft and property sectors in Australia. The Australian head of Amanie Advisors,Mark Darras, says the independent Islamic finance advisory house has worked on raising the fund and structuring deals for the past six to eight months.
He won’t reveal the size of the fund or the investors and issuers involved, as details are still being worked on, but says the first investment will fund aircraft leasing……………………………………….Full Article: Source

AmInvest launches AmPRS fund

Posted on 03 April 2013 by Laxman  |  Email|Print

AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million sized retirement fund (AmPRS).
AmBank chairman Tan Sri Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later. “We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

Qatar proposes $1bln fund for Palestinians in Jerusalem

Posted on 27 March 2013 by Laxman  |  Email|Print

The emir of Qatar has called for the establishment of a $1bn (£660m) fund to help Palestinians in East Jerusalem, and offered to contribute $250m. Addressing an Arab League summit in Doha, Sheikh Hamad Al Thani said its member states should be serious about defending the city’s “Arab character”.
The emir did not give details of how the fund might work. Israel occupied East Jerusalem in 1967. An estimated 200,000 settlers now live there, alongside 280,000 Palestinians………………………………………..Full Article: Source

Dubai SME and Noor Islamic Bank to implement MBR Fund

Posted on 26 March 2013 by Laxman  |  Email|Print

Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, and Noor Islamic Bank has formed a partnership to implement the Credit Guarantee Scheme of the Mohammed Bin Rashid Fund, announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to support Emirati entrepreneurs.
Dubai SME is tasked with developing the Credit Guarantee Scheme (CGS) under the Mohammed Bin Rashid Fund (MBRF) to support and finance projects of young entrepreneurs………………………………………..Full Article: Source

Need to develop ‘effective Islamic funds system’

Posted on 25 March 2013 by Laxman  |  Email|Print

In the Islamic funds market there is a need to build a system that can facilitate effective and efficient capital and trading flows, said an expert ahead of the upcoming ‘World Islamic Funds and Financial Markets Conference’ (WIFFMC) in Bahrain.
The annual conference will be held under the theme ‘Broadening the Base of Investors and Issuers: New Strategic Insights on Boosting the International Growth of Islamic Capital Markets and Investments,’ at the Gulf Hotel on May 27 and 28 in an event supported by the Central Bank of Bahrain, reported the Gulf Daily News, our sister publication………………………………………..Full Article: Source

Mobius to run Shariah-compliant Asian equity fund

Posted on 21 March 2013 by Laxman  |  Email|Print

Mark Mobius is lined up to manage a Shariah-compliant Asian Growth Fund, one of a trio to be launched by Franklin Templeton.
The funds, which include the first ever Ucits-structured, Shariah-compliant fund Franklin Templeton Global Sukuk (bond) Fund, will opened to international investors on March 25th. The firm is bringing the funds to market in response to growing interest in Shariah-compliant investment products………………………………………..Full Article: Source

Islamic endowments edge towards modern management

Posted on 21 March 2013 by Laxman  |  Email|Print

A fund management venture set up in Dubai this month is taking aim at one of the great backwaters of the Middle Eastern economy: Islamic endowments, which control tens of billions of dollars of assets around the region.
The endowments, known as awqaf, receive donations from Muslims to operate specific social projects, such as mosques, schools and welfare schemes. The system goes back more than a thousand years, to soon after the birth of Islam………………………………………..Full Article: Source

International firm introduces three Shariah-compliant funds

Posted on 20 March 2013 by Laxman  |  Email|Print

International investment firm Franklin Templeton has launched one debt market fund and two equity market funds, which are all Shariah-compliant, media reports said on Tuesday. “Look, there’s a chance for you to invest in ways you think is proper,” said Templeton Emerging Markets Group Executive Chairman Mark Mobius in Dubai on March 17.
“Looking at the potential size of the market at about $500 billion, you’ve got about 1.3 billion Muslim investors and you have to attract them. It’s a matter of taking the message to [them],” the newspaper quoted Mobius as saying………………………………………..Full Article: Source

Templeton’s Mobius to manage Islamic Asia-focused fund

Posted on 19 March 2013 by Laxman  |  Email|Print

Mark Mobius, one of the world’s most well-known emerging market investors, is getting into Islamic finance, highlighting the sector’s growing attraction as a mainstream asset class. Mobius will lead the Templeton Shariah Asian Growth Fund, one of three sharia-compliant products that is to be launched at the end of this month by investment house Franklin Templeton.
Islamic finance conforms with sharia law, meaning charging interest on debt and investing in companies dealing in certain products, such as alcohol, gambling and pork, are forbidden………………………………………..Full Article: Source

BLME moves Sukuk fund to daily dealing

Posted on 14 March 2013 by Laxman  |  Email|Print

BLME’s Global Sukuk Fund, rated by Zawya as the top performing Sukuk fund of 2012, has moved to daily dealing. The fund is an unregulated collective investment scheme and is only available to professional clients or eligible counterparties. Shares in the fund should only be purchased by persons with experience of participating in unregulated schemes or through a qualified professional adviser.
Nigel Denison, Head of Wealth Management and Treasury, BLME, said, “This top performing Sukuk fund provides investors with access to the buoyant Sukuk market. We expect that 2013 will be another milestone year for the Islamic finance industry and in particular the Sukuk market. ……………………………………Full Article: Source

The top 10 Islamic fund houses by assets

Posted on 13 March 2013 by Laxman  |  Email|Print

Islamic assets have been on the rise, driven by greater issuance of sukuk, or Islamic bonds. Last year saw a new record for Islamic debt issuance globally, 77% of which emanated from Malaysia. But while the global bond market stands at $100 trillion, the sukuk market is still tiny by comparison, at just $100 billion. It is this room for growth that industry participants are eager to capitalise on.
According to AsianInvestor findings, the top 50 by AUM have combined assets of $72.9 billion, split fairly evenly between equities and fixed income/money market/sukuk, with the remaining 10% or less in Islamic private equity and other alternatives………………………………………..Full Article: Source

Islamic fund managers in Gulf opt for foreign domiciles

Posted on 08 March 2013 by Laxman  |  Email|Print

Islamic fund managers in the Gulf are increasingly choosing foreign domiciles for their products, favouring their cost-efficiency and reputation for strong regulation as investors seek to avoid any suspicion of money laundering or tax evasion.
The last few years have been difficult for the Gulf’s Islamic fund industry as a whole; Western firms pulled out as they were hurt by the global financial crisis, and as slumping equity markets reduced investor interest. The fund arms of UBS, Citigroup, Allianz, Deutsche Bank, Credit Suisse and HSBC have liquidated some or all of their Islamic funds. In total, 88 funds have been liquidated globally in the last two years………………………………………..Full Article: Source

Waqf Fund holds its 5th round table discussion on SPV Governance

Posted on 08 March 2013 by Laxman  |  Email|Print

The Waqf Fund held its 5th Roundtable Discussion on “Shari’a and Corporate Governance Issues in SPV Governance” at Ritz Carlton. The Roundtable was attended by a select group including C-suite executives of Waqf Fund member institutions, lawyers, professional firms and Shari’a scholars. The Roundtable highlighted the key issues facing the Islamic banking industry in governing Special Purpose Vehicles (SPVs) both from Shari’a and corporate governance perspectives.
Mr. Khalid Hamad welcomed the participants and outlined the agenda for discussion. The Roundtable started with a presentation from Ms. Hana Al Murran of Central Bank of Bahrain who highlighted the regulatory and legal issues with SPVs (Press Release)

Falcon private bank to launch Sukuk fund

Posted on 07 March 2013 by Laxman  |  Email|Print

Falcon Private Bank plans to launch an open-ended global Sukuk fund in April. “We are in the process of launching a fund … a global Sukuk fund – the fund will only invest in Sukuk that are issued from basically anywhere in the world – that will be launched early next month (April); it’s an open ended fund, Zafar Khan, CEO MENA at Falcon Private Bank, told CPI Financial.
Khan explained that the demand for Sukuk is greater than for conventional bonds in the region. “There is a huge demand for bonds but more of this demand is coming from Islamic bonds,” he said. “Where the debt market is concerned, I think that in last year the emerging market debt market performed very well. I think there is still a lot of value in the debt market in this region.”……………………………………….Full Article: Source

HwangIM taps into Islamic finance for new fund

Posted on 07 March 2013 by Laxman  |  Email|Print

Hwang Investment Management has launched he latest addition to their in-house managed, income series of funds, the Hwang AIIMAN Select Income Fund. The firm seeks to tap into the Shariah-compliant equity market, fast growing sukuk and Islamic money market instruments.
“HwangIM has been building up our offerings and performance track record in the income fund space since 2004, following the launch of our first Shariah income fund, Hwang AIIMAN Income Plus Fund. Since the 2008 global financial crisis (GFC), the demand for simpler, stable, income-type funds grew in prominence and it was obvious that investors were not keen on taking excessive risks………………………………………..Full Article: Source

Falcon private bank to launch fund to invest in sukuk

Posted on 06 March 2013 by Laxman  |  Email|Print

Falcon Private Bank, a Swiss private bank owned by Abu Dhabi’s Aabar Investments, is planning to launch a fund early next month that will invest in global Islamic bonds, or sukuk. The fund will be offered to the bank’s clients and could grow to $500 million, Zafar Khan, Falcon’s Mena chief executive, said on Tuesday.
“We already have substantial demand from our clients” for global sukuk investments, Khan said, adding that debt that complies with Islam’s prohibition on charging or paying interest was set to take off………………………………………..Full Article: Source

Shariah funds lure Middle East LPs to Southeast Asia

Posted on 28 February 2013 by Laxman  |  Email|Print

Asian managers, joining a trend from the bond markets, have begun launching Islamic private equity funds in response to interest from investors in the Middle East. For those investors, the new vehicles are a way to capitalize on fast-growing economies in the region, sometimes with more flexibility and attractive terms than are available via local Middle East funds.
Navis Capital Partners in Malaysia and Korea’s STIC Investments are two of the few general partners that manage Shariah-compliant private equity funds across Asia. Kuala Lumpur-based Navis first raised money to invest in Shariah-compliant deals in 2003, while STIC started in 2004………………………………………..Full Article: Source

APICORP unveils $150mln Petroleum shipping fund

Posted on 27 February 2013 by Laxman  |  Email|Print

The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank owned by the Organization of Arab Petroleum Exporting Countries (OAPEC), announced Monday the establishment of APICORP Petroleum Shipping Fund, a landmark $150 million Fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. The government of Saudi Arabia owns a 17 percent stake in APICORP.
The first investment fund to be established by APICORP, the initiative is also the first fund in the region aimed at a specific vessel category. The Fund has acquired five medium range (MR) petroleum product tankers. ……………………………………….Full Article: Source

Islamic fund launched to aid smaller Tunisia firms

Posted on 25 February 2013 by Laxman  |  Email|Print

Tunisia plans to provide Islamic financing to small and medium-sized enterprises via a tie-up between the public and private sectors, which could serve as a model for other Arab states trying to repair their economies after political turmoil.
The Tunis-based Bank of Financing Small and Medium Enterprises has agreed with the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a private investment arm of the Islamic Development Bank, to aid smaller companies in Tunisia………………………………………..Full Article: Source

Ahlibank plans Oman’s first Mena Islamic fund

Posted on 20 February 2013 by Laxman  |  Email|Print

Alibank is planning to launch the Sultanate’s first Islamic fund for the Middle East and North Africa (Mena) region. The bank is waiting for regulatory approvals from both Central Bank of Oman and Capital Market Authority.
“We are planning to raise the fund from Oman and other Gulf Cooperation Council (GCC) countries, using the facilities of our group institutions,” Abdulaziz al Balushi, chief executive officer of ahlibank, told Times of Oman. The corpus money raised by the fund will be invested predominantly in Oman, and a portion in the Gulf region…………………………………….Full Article: Source

OSK-UOB launches latest fund - Dana Kidsave

Posted on 19 February 2013 by Laxman  |  Email|Print

OSK-UOB Investment Management Bhd launched its latest fund, the OSK-UOB Dana Kidsave, which aims to maximise total returns through a combination of long-term growth of capital and current income, consistent with the preservation of capital.
OSK-UOB said the initial offer period of the fund, which comprised 500 million units, will be from today to March 10. “The initial minimum investment amount is RM1,000 and is suitable for investors who require investments that comply with the Shariah requirements, it said in a statement…………………………………….Full Article: Source

Islamic fund launched to aid smaller Tunisia firms

Posted on 15 February 2013 by Laxman  |  Email|Print

Tunisia plans to provide Islamic financing to small and medium-sized enterprises (SMEs) via a tie-up between the public and private sectors, which could serve as a model for other Arab states trying to repair their economies after political turmoil.
The Tunis-based Bank of Financing Small and Medium Enterprises (BFPME) has agreed with the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a private investment arm of the Islamic Development Bank, to aid smaller companies in Tunisia………………………………………..Full Article: Source

A closer look at Shariah ETFs

Posted on 15 February 2013 by Laxman  |  Email|Print

Despite thriving and affluent Islamic communities across Europe and North America, Muslims living in these regions have traditionally been underserved when it comes to investment. The reason for this is that managing investments according to Shariah principles (the moral code and religious law of Islam) can be incredibly time consuming since the vast majority of investment decisions need to be pre-approved by Islamic scholars.
Shariah-compliant exchange-traded funds (ETFs), which provide low-cost exposure to conventional equity markets while strictly adhering to Shariah investment principles, provide a much-needed solution to this problem………………………………………..Full Article: Source

MENA mutual funds close 2012 with USD60bln AUM

Posted on 15 February 2013 by Laxman  |  Email|Print

More than 70 mutual funds were launched in the MENA region in 2012, raising total assets under management to USD 60 billion, according to Zawya’s MENA mutual funds quarterly bulletin for 4Q-2012. This constitutes a 20% increase from the 58 funds launched in 2011 but a 7% decrease from 2011’s AUM.
The majority of these funds invested their assets in fixed income instruments as investors are shifting towards safe-haven investments to hedge against market volatility. This rising demand led to an increased supply of bonds and sukuk instruments. According to data compiled by Zawya Bonds and Sukuk monitors, MENA issuance increased from last year by 7% in bonds and 18% in sukuk………………………………………..Full Article: Source

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