United Gulf Financial Services - North Africa has announced the launch of its ‘Themar Investment Fund’, the Islamic Sharia law compliant fund. It has a capital of TND50m (approximately $32m), to be financed by the Islamic Corporation for the Development of the Private Sector and the Deposits and Securities Fund of Tunisia.
UGFS - North Africa is an investment company based in Tunisia. It is a subsidiary of the Bahrain-based United Gulf Bank, a member of the KIPCO Group. Themar is the largest Sharia-compliant Tunisian investment fund under the Tunisian Monetary Authority. The fund targets small and medium Tunisian institutions seeking financing in different business sectors that support the Tunisian economy. Priority is given to existing and restructured projects in urban areas. (Press Release)

Investment Vision, a premier investment company offering wide array of Asset Management and Trading services has announced the launch of the first ever Shari’a Compliant GCC Equity Fund in the Sultanate of Oman. Interest in Islamic Finance has gained a lot of momentum in Oman in under 2 years. More and more investors, in accord to Islamic faith, are now actively seeking Shari’a compliant practices, and interest-free venues and investments.
“Investment Vision has ambitiously dedicated itself to serving the Shari’a compliant Investment sector and we have administratively committed our resources to further expand and develop our capabilities in structuring and offering some of the very best Shari’a compliant products in the Islamic industry,” said Mr. Ammar Ibrahim, Vice President, GCC Assets Management & Advisory Brokerage Services.(Press Release)

Vision Investment Services recently launched Oman’s first Shari’ah-compliant investment fund, the Vision Al Khair GCC Fund, and has appointed the Shariyah Review Bureau to carry out the Shari’ah compliance function for the fund.
Ammar Ibrahim, Vice President, GCC Assets Management & Advisory Brokerage Services, Vision Investment Services, said, “Vision Investment was determined to put in place the best team of Shari’ah expertise and talent in the Islamic industry and in this regard we are thrilled to announce our partnership with Shariyah Review Bureau who will strengthen, oversee and supervise our Fund Investment team.”……………………………………….Full Article: Source

Efforts were underway to boost investment of the Islamic banks in order to stabilise the stock market, FBCCI President Kazi Akram Uddin Ahamed said on Thursday. “They (Islamic banks) have also assured us of increasing their investment in the capital market,” Akram, also the chief of the stock market coordination committee, told bdnews24.com after a committee meeting held at the DSE headquarters.
“We are trying. Trading on the market has also started to increase. We hope the market will be in a good state in a few days,” he said………………………………………..Full Article: Source

Oman’s first Shariah-compliant mutual fund, launched recently by Vision Investment Services has been well received by the investor community.
The Vision Al Khair GCC Fund, with the initial subscription period from January 10 to February 10, is popular because Vision has commendable track record in managing mutual funds particularly with strong emphasis in the GCC markets backed by a strong research team, Mustafa Ahmed Jaafar, Executive Director, told Observer………………………………………..Full Article: Source

Al Hilal Bank has announced the first dividend payout by its flagship fund, Al Hilal Global Sukuk Fund. The fund, which was launched in March 2012, will distribute a 4.36 per cent dividend, and all registered unit holders of the fund, as of Dec. 31, 2012, will be eligible to receive this dividend, according to a press release.
Al Hilal Global Sukuk Fund’s objective is to generate regular income and to achieve capital appreciation by investing in globally diversified Shariah-compliant fixed-income securities (Sukuk) issued by sovereign, quasi-sovereign, and corporate organisations……………………………………Full Article: Source

Tharawat Investment House (Tharawat), an Islamic investment institution based in Bahrain, announced 5.06 per cent profit return on its Tharawat Sukuk Fund for the second half of 2012.
It achieved a total return of 9.44pc for the year. That represents a cumulative return of 21.98pc since its inception in February 2010. Tharawat will be distributing 4pc for the period from July to December 2012, making it the sixth distribution. Tharawat Sukuk Fund is the company’s first open-ended Sharia-compliant investment product based in Bahrain………………………………………..Full Article: Source

Great news for investors looking for better returns: sharemarket superstar Trevor Rowe has been appointed to the advisory board of Islamic funds manager Crescent Wealth.
Rowe, AO, the chairman of former Nicholas Bolton plaything BrisConnections, is a well-known figure in the boardrooms of Australia. Among other things he is executive chairman of Rothschild Australia and chairman of UGL, as well as being a former chairman of the Queensland Investment Corporation and of ASX………………………………………..Full Article: Source

Public Mutual Bhd has declared distributions ranging from 1.25 sen per unit to 5.0 sen for four of its funds in their financial year ending Jan 31, 2013. It had on Thursday said the gross distribution per unit for the Public Index Fund and Public Enhanced Bond Fund was 5.0 sen per unit.
For the Public Money Market Fund, it was 2.50 sen per unit and for the Public Islamic Optimal Growth Fund 1.25 sen per unit. Public Islamic Optimal Growth Fund is an Islamic equity fund focusing on income and capital growth by investing in Shariah-compliant stocks. It focuses on stocks with attractive dividend yields and growth stocks in the domestic market………………………………………..Full Article: Source

Vision Investment Services has set a new trend by introducing the first Sharia-compliant fund in Oman. The Vision Al Khair GCC Fund (Sharia-compliant) is an investment vehicle, wherein all financial instruments of the fund are in compliance with acceptable Sharia principles and policies.
It is an investment programme, wherein the fund seeks investments in financial instruments of the Gulf Cooperation Council (GCC) economies to earn profits that are in conformity with the precepts of Sharia. ……………………………………….Full Article: Source

Indonesia’s best-performing Islamic bond funds are buying sukuk of construction and retail companies to take advantage of the government’s $300 billion development program, after sovereign yields dropped to a record.
PT Samuel Aset Manajemen’s SAM Sukuk Syariah Sejahtera (SASUSYS) fund, which posted the biggest returns at 12 percent last year, plans to more than double corporate holdings to 50 percent of total investments in 2013, Herbie Mohede, the fixed-income manager, said in an interview. Borrowing costs on government Shariah- compliant notes due 2018 declined 69 basis points in the past three months to 5.32 percent yesterday and touched an all-time low of 5.24 percent on Jan. 9………………………………………..Full Article: Source

Chairman of Board of Managers of National Development Fund Mohammad Reza Farzin in a meeting with the head of Islamic Development Bank (IDB) Monday proposed establishing an Islamic states savings fund. At the meeting, both sides exchanges views on promoting cooperation between the fund and the bank to issue bonds as well as making investments in Muslim states’ markets.
Head of IDB Ahmad Mohammad Ali, for his part, voiced the bank’s readiness to cooperate with National Development Fund and described its role in advancing the economic objectives of the bank as crucial………………………………………..Full Article: Source

Aberdeen Islamic Asset Management Sdn Bhd launched Aberdeen Islamic Malaysia Equity fund and the Aberdeen Islamic World Equity fund, the company’s first Shariah retail products in Malaysia and the first by a foreign fund manager.
Aberdeen Asset Management Sdn Bhd General Manager Gerald Ambrose said this was a natural step forward for the company. “Having established ourselves as an institutional manager, we are pleased to offer investors the first Islamic unit trusts from a foreign Islamic fund management licensee,” he said in a statement………………………………………..Full Article: Source

Four Luxembourg-based companies have launched a Shariah-compliant platform offering custody and administration services for the “increasing number” of Islamic investment funds being domiciled in the country.
The Alliance for Luxembourg Islamic Finance (ALIF) has been created by Amanie Advisors, ADEPA Asset Management, Theisen Law and KBL European Private Bankers. The organisation said it plans to offer services including full Shariah supervision and monitoring, compliance monitoring, liaison with regulatory authorities for approval and the setting up of investment vehicles………………………………………..Full Article: Source

ALIF to offer Shari’ah-compliant custody and administration service as total assets under management hit estimated $5.3 billion with growing number of Middle East investment funds. Luxembourg ranks fifth worldwide by number of Shari’ah-compliant funds and the number of Middle East-based managers launching investment funds in Luxembourg has increased constantly.
There are 41 regulated Shari’ah-compliant investment funds domiciled in Luxembourg and total Assets under Management in Shari’ah-compliant funds are estimated at $5.3 billion………………………………………..Full Article: Source

Bourses in Malaysia, Singapore and Thailand are gauging investor interest in trading ETFs, structured products and Islamic bonds via the recently established Asean Trading Link.
Having gone live last September, the “Asean Exchanges” scheme sees the main bourses of six nations – also including the Philippines, Vietnam and Indonesia ­– connected via a fibre network………………………………………..Full Article: Source

Malaysian Rating Corp Bhd (MARC) has affirmed Kwantas SPV Sdn Bhd’s outstanding RM40mil class A asset-backed sukuk ijarah with a AAAID rating and a stable outlook while its RM65mil murabahah commercial papers/medium term notes (MTN) programme has also been affirmed with a stable outlook.
MARC said in a press release that the murabahah/MTN programme’s ratings and outlook has been equalised with that of the originator, Kwantas Corp Bhd, via a corporate guarantee………………………………………..Full Article: Source

Kuwait China Investment Co. (KCIC), part owned by the Persian Gulf nation’s sovereign-wealth fund, wants to tap what it says is Asia’s $2 trillion trade finance market with an Islamic fund to give commodity producers access to cash.
The fund, set up this month with Singapore-based EuroFin Asia Group, will help fill a gap left by European banks that scaled back their business in Asia, Managing Director Ahmad al- Hamad said in an interview. Producers and traders of agricultural and energy products in India, Singapore, Malaysia, Indonesia and Thailand can draw on the facility, he said………………………………………..Full Article: Source

Ajmal Ahammed is not a familiar name in the venture capital (VC) sector in India. Still, the VC entity where he’s operations head, while still in his late 20s, has launched its second fund in a short time.
What makes this fund different is its investors — they want to comply with Islamic law, as detailed in the Shariah. Secura India Real Estate Fund is India’s first ever shariah-compliant VC fund, owned by Kozhikode-based Secura Investment Managers………………………………………..Full Article: Source

The Australian federal government has welcomed news of the nation’s first superannuation option compliant with Islamic doctrine, launched by Sydney-based Crescent Wealth this week.
In a statement released on 17 December, federal minister for immigration and citizenship Chris Bowen said the launch will help to cement the international standing of Australia’s financial services industry. “The federal government is committed to promoting Australia as a major financial services hub in Asia, which is home to around two thirds of the world’s Muslim population,” Bowen said………………………………………..Full Article: Source

A joint venture between Al Madina Financial and Investment Services and Malaysia’s ACA Amanie Al Madina ACA Amanie is planning to form a $50 million Sharia-compliant small and medium enterprise (SME) fund, as part of a major initiative to develop the market for Islamic finance.
An initial memorandum of understanding (MoU) was signed between Al Madina Financial and Investment Services and ACA Amanie, which is a joint venture between Korea Finance Corporation and Malaysia’s Amanie Advisors……………………………………….Full Article: Source

Australia’s first Islamic superannuation fund is being launched in Sydney. It follows similar products overseas, where customers can choose a superannuation fund in line with Islamic principles.
The fund is called ‘Personal Choice, Private Era’ and is being run by private Islamic wealth management company Crescent Wealth, through the Association of Independently Owned Financial Professionals’ personal choice category, called ‘Personal Choice Private e-wrap………………………………………..Full Article: Source

National Asset Management Limited (NAMAL) announced the launch of the NAMAL Sharia Fund, a Sharia compliant Unit Trust. The NAMAL Sharia Fund offers investors an opportunity to invest in a diversified portfolio of Sharia compliant equities listed on the Colombo Stock Exchange with the objective of maximising medium to long term returns. The Initial Public Offering (IPO) will commence today (17th December 2012).
NAMAL managed the first Sharia compliant Unit Trust in Sri Lanka – the NAMAL Amana Equity Fund - a five year close ended Unit Trust from 2007 to 2012. In the past year the Fund generated 5.60% in returns compared to the ASPI which declined by 11.22%. The Fund generated a 99% return to investors during the period 2007-2012………………………………………..Full Article: Source

The Association of the Luxembourg Fund Industry (ALFI) published a collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding of a growing market sector.
Marc Saluzzi, chairman of ALFI, said: “2012 has been a very active year for the Luxembourg Islamic finance community with several new Shariah-compliant funds launched. Luxembourg currently ranks No. 5 worldwide and first in Europe in the number of Shariah-compliant domiciled funds, at 41 funds with €4 billion in assets under management.”……………………………………….Full Article: Source

Islamic Corp. for the Development of the Private Sector, the investment arm of the Saudi Arabia-based Islamic Development Bank, started a fund to finance renewable- energy projects in Central Asia and plans another in Africa.
The $35 million Central Asian fund is based in Kazakhstan, Islamic Corp.’s Chief Executive Officer Khalid al-Aboodi said today in Manama, Bahrain. The North Africa fund, expected to be about $35 million to $50 million in size, will open soon………………………………………..Full Article: Source

The Bumiputra Agenda Steering Unit (Teraju) and RHB Islamic Bank Bhd will collaborate to provide financing of up to RM520mil under the Teras Fund to bumiputra companies. Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said that 250 companies had received funding to-date, including 150 firms under Teraju’s initial collaboration with SME Bank.
“Over RM1bil has been credited into the Teras Fund to benefit companies,” Nor Mohamed, who is also Teraju chairman, said……………………………………….Full Article: Source

Arab investors in a €400m (US$516m) French property fund operated by Dubai Islamic Bank (DIB) are considering legal action after claiming they have not received any dividend or audited financial statements on the fund’s status since 2009.
The Al Rayyan II French Property Fund was launched in 2005 and is managed by Qatar Islamic Bank (QIB) on behalf of DIB. The €400m (US$516m) fund invested in a number of income-producing properties in France and initially gave investors a yearly return of around 8 percent………………………………………..Full Article: Source

Close on the heels of declaring strong third quarter results, Bank Sohar was awarded with an Investment Banking License by the Capital Markets Authority of Oman. “This license is very important because it allows Bank Sohar to offer more products and services to its clients and relationships”, said Dr Kalmoor, CEO of Bank Sohar.
Bank Sohar GCC Fixed Income Fund (“Fund”), which is a separate share class within the Rasmala GCC Fixed Income Fund, seeks to provide investors with regular coupon distributions and capital appreciation by investing primarily in investment grade bonds issued by governments, government related entities and corporates. (Press Release)

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Khalifa Fund for Enterprise Development signed a Memorandum of Understanding with Ajman Bank which will allow Khalifa Fund to give its financial services to the Emiratis through the Bank branches, which will increase the number of banks providing credit management services to 6 national banks.
By signing this MOU, Ajman Bank with provide our applicants with the credit management services they require and all other financial services required by our applicants in addition to provide a special center for them. “This MOU allow Khalifa Fund to provide different financial programs under the Islamic Finance in order to provide various options for the different society segments”, said H. E. Abdullah Al Darmaki the CEO of Khalifa Fund. (Press Release)

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The Qatar National Bank has launched a debt fund, becoming the first bank in Qatar to launch a fund of this kind. The QNB Debt Fund will invest in debt securities issued by GCC-based sovereign and corporate entities and is open to retail and institutional investors.
QNB said GCC bonds offer a “combination of attractive rates of return (and superior levels of underlying credit risk) which is not generally available elsewhere”………………………………………..Full Article: Source

NCB Capital, the largest asset manager in Saudi Arabia, has decided to widen its investor base by launching a range of Dublin-domiciled Islamic mutual funds.
NCB Capital, which manages more than $12bn in assets, has launched two Ucits-compliant funds that invest in Saudi Arabian and Gulf Co-operation Council (GCC) equities, according to Reuters………………………………………..Full Article: Source

The Persian Gulf’s best-performing fixed-income fund manager says returns in the oil-exporting region may drop by about half in 2013 after a three-year rally drove yields and risk premiums to record lows.
Bonds and Shariah-compliant debt in the six-nation Gulf Cooperation Council have made 12 percent this year, bringing their total returns since 2009 to more than 34 percent, according to HSBC/Nasdaq Dubai’s GCC U.S. Dollar Sukuk/Bond Index………………………………………..Full Article: Source

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Sidra Capital (Sidra), a Saudi Arabia Capital Market Authority (CMA)-regulated Shariah- compliant financial services company and INOKS Capital SA (INOKS), an alternative investment house specialized in commodities financing in emerging markets and regulated by the Swiss Financial Market Supervisory Authority (FINMA), recently announced investments in various transactions by its jointly managed Sidra Ancile Global Structured Trade Finance Fund (STFIF) totaling $13.5 million.
STFIF, which was regulated under both the CMA and the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg, closed its first offering of subscription in September 2012 and have since approved investments in various transactions for its current assets under management………………………………………..Full Article: Source

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The first international mutual funds run by a Saudi Arabian manager will be launched from Dublin this month. NCB Capital, the investment banking arm of Saudi Arabia’s largest bank, will launch equity funds investing in Saudi Arabia and the wider Gulf Co-operation Council (GCC) region. They will be run in accordance with the principles of Islamic Sharia law.
“This is a continuation of our strategy to be a sizeable player in the sharia market,” Faysal Badran, chief investment officer at NCB Capital, said………………………………………..Full Article: Source

The Higher Committee of the Nationals’ Defaulted Debts Settlement Fund approved on Monday an amount of Dh 1.494billion to settle the defaulted debts owed by UAE citizens to various banks.
Deputy Minister of Presidential Affairs and Chairman of the Higher Committee presided over a meeting of the committee at the ministry headquarters and reviewed reports presented by six national banks that included National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Abu Dhabi Islamic Bank, Union National Bank and Al Hilal Bank………………………………………..Full Article: Source

The Shari’ah-compliant funds industry may prove to be the dark horse of Islamic finance as it gains ground outside the Muslim world. The Islamic funds industry may still be dwarfed by the likes of Takaful, Islamic banking and Sukuk but, after a troubled start, it is finally coming into its own. However, it will take a long time for the industry to recover from its tough upbringing.
In 2007 173 funds were launched, then in 2008 the recession set in and the Islamic funds industry suffered alongside ailing Western markets, with the number of funds launched falling to 78. In 2009, that figure plummeted to just 29. Islamic equity funds, which make up 10 per cent of the market, returned 10 per cent in 2010, compared with the 15 per cent return on the global equity index and significantly less than the 22 per cent average of 2009………………………………………..Full Article: Source

Barwa Bank’s newly launched The First Investor GCC Equity Opportunities Fund attracted nearly QAR 90 million during its first month of subscription. Going forward, subscriptions will be on a monthly basis.
The Shari’ah-compliant fund, launched at the end of September, has started investing in equities and equity-related securities listed on exchanges within the Gulf Cooperation Council countries………………………………………..Full Article: Source

Islamic funds have come through a difficult period, registering a growth of seven per cent last year; however, compared to the conventional market, they remain a poor relation.
Sukuk is soaring, with issuances set to surpass the record levels set in 2011. Issuances in the first quarter of 2012 have already reached approximately $43 billion worldwide, which is nearly half of the total issuance in 2011………………………………………..Full Article: Source

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Public Bank Bhd’s unit Public Mutual Bhd, has launched six private retirement scheme (PRS) funds comprising conventional and shariah-based series to help individuals accumulate savings for retirement.
Public Mutual said the funds under the conventional series were PRS Growth Fund, PRS Moderate Fund and PRS Conservative Fund. The shariah-based funds comprise PRS Islamic Growth Fund, PRS Islamic Moderate Fund and PRS Islamic Conservative Fund………………………………………..Full Article: Source

Secura India Real Estate Fund, the first Sharia compliant venture capital fund has launched its second scheme of real estate fund with a size of Rs 50 crore. It is promoted by Kozhikode based by Secura Investment Management (India) Pvt. Ltd.
MA Mehaboob, managing director of the Secura Investment Management, said the fund seeks to make investments in privately negotiated equity and equity linked investments in unlisted or listed companies in sectors related to real estate activities in Kozhikode and Kochi primarily………………………………………..Full Article: Source

The predominant tone in October was one of “risk on” with fluctuations in $ interest rates having little bearing on Sukuk pricing in the region. Nervousness in the international market merely resulted in the local market pausing for breath before soldiering on once positive sentiment returned.
Against this backdrop, the hunt for yield continued apace and this was reflected in the strong performance of some previously unloved but higher yielding names in the conventional space i.e. Dubai Holdings 14s and 17s which increased by more than two per cent and three per cent respectively on the month. In the Sukuk high grade space, DP World 17s and Dubai Government 22s were two standout performers increasing 2.4 per cent and 2.3 per cent respectively on the month………………………………………..Full Article: Source

At the end of the third quarter of 2012, total assets under management amounted to USD 59.5 billion, according to the first issue of Zawya’s MENA mutual funds quarterly bulletin for Q3-2012.
More than half of these assets are invested in money market and Saudi trade finance funds, while 25% is invested in equities. The rest is allocated among fixed income securities, IPOs, protected or guaranteed funds, and many other types………………………………………..Full Article: Source

The Islamic finance industry in Sri Lanka achieved another milestone in its fast evolving history, with the launch of Sri Lanka’s first-ever Shariahbased income fund recently. Structured as a unit trust, the Comtrust - Adl Mudarabah Fund is the second unit trust to be launched under the combined expertise of Adl Capital Limited and Comtrust Asset Management (Pvt.) Limited.
In 2011, Adl Capital and Comtrust successfully pioneered Sri Lanka’s first open-ended Shariah compliant equity fund, ‘The Crescent i-Fund’ and the launch of this income fund, which would invest only in Shariahcompliant money market instruments rather than equity, would offer investors with an alternative investment opportunity that offers regular returns………………………………………..Full Article: Source

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Heraymila Capital (Pvt) Ltd. (HCL) and Amana Capital Ltd. (ACL) jointly launched the Amana-Heraymila Shariah Fund, a balanced unit trust fund that will invest in Shariah-compliant listed equity and income securities. The initial unit offerperiod is from November 12, 2012 till 4.30 p.m. on November 18, 2012, and a unit is priced at LKR 10 during this period. The minimum investment in the Fund is LKR 10,000.
The Fund will offer easy accessibility, diversification, liquidity and stringent Shariah compliance to local and foreign investors. The Islamic financial services industry is gathering momentum in Sri Lanka in line with its growing popularity overseas. Global Islamic financial assets are expected to reach US$ 5 trillion in 2012………………………………………..Full Article: Source

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Sidra Capital (Sidra), a CMA regulated Shariah compliant financial services company based in Saudi Arabia and Gatehouse Bank (Gatehouse), an FSA regulated UK-based Shariah compliant bank specialising in UK real estate, had announced and distributed the second round of net dividends distribution of 7.0% annualised for Sterling UK Real Estate Fund (SURF or Fund).
The latest dividends distribution maintains the threshold set in the first round of distribution in June of 7.0% net annualised, higher than the Fund’s targeted dividend of 6.5% per annum………………………………………..Full Article: Source

Hong Kong fund managers are taking a serious look at Malaysia as the market has performed well in the midst of a challenging global financial marketplace, said OSK Investment Bank CEO U Chen Hock. “The Hong Kong fund managers are taking note of the opportunities available in Asean. With 600 million people, cross border collaboration increasing day-by-day and strong gross domestic product growth, Asean is an exciting marketplace,” he said.
Bursa Malaysia will list one of the region’s first Exchange Traded Bond & Sukuk that will provide retail access to sukuk later this month. To date, 88% of listed companies on Bursa Malaysia are Shariah compliant………………………………………..Full Article: Source

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Mutual fund investors with strong religious beliefs have more options than ever these days. Faith-based mutual funds are one of the more interesting subsets of socially responsible mutual funds, which screen out investments that don’t meet certain ethical criteria.
The idea of investing according to religious principles has been around for a long time, and today there are dozens of U.S.-based mutual funds catering to a variety of faiths, with more than $30 billion in assets under management as of October 2012. Like socially responsible investing funds in general, religious funds are a very diverse group, using a wide variety of screening criteria………………………………………..Full Article: Source

Morocco is moving closer towards the creation of a national zakat fund. The idea was put forward by the late King Hassan II when he called for an entity responsible for collecting alms, but the proposal was never implemented.
Najib Boulif, the Minister Delegate of General Affairs and Governance, recently said that preparations for such a fund were now being made by the Islamic Affairs Ministry, which is working on a management model. The government will then examine implementation mechanisms, the minister told Magharebia on October 24th………………………………………..Full Article: Source

Barwa Bank has launched its first fund, The First Investor GCC Equity Opportunities Fund. The Fund is managed by The First Investor (TFI), the investment banking subsidiary of Barwa Bank Group.
The Fund is a 100 per cent Shari’ah-compliant, open-ended collective investment scheme established by Barwa Bank. The objective of the Fund is to achieve long-term capital growth through investments in a broadly diversified portfolio of equities and equity-related securities listed on exchanges within the Gulf Cooperation Council (GCC) countries………………………………………..Full Article: Source

Sidra Capital (Sidra), a CMA regulated Shari’ah-compliant financial services company based in Saudi Arabia, together with Gatehouse Bank (Gatehouse), a Shari’ah-compliant wholesale investment bank based in the City of London and regulated by the FSA, have announced the completion of the latest acquisition via their £100 million Sterling United Kingdom Real Estate Fund (SURF) partnership.
The newly constructed 74,146 sq ft Market House, in Maidenhead, UK, was acquired for GBP 32 million, and will significantly contribute towards the funds’ targeted return of seven per cent per annum………………………………………..Full Article: Source