From the Opalesque team: Opalesque has learned that Stella Capital, an investment firm based in San Francisco, will launch a real estate-focused shariah fund in January 2010. According to fund documents, Stella Capital Al-Aqarat Fund LP’s Portfolio Manager Mark Stevens will “acquire 20 to 30 undervalued Shariah-compliant office, industrial and residential properties”.
The portfolio will focus on short-term property investments in California and select western states with values between $3m and $15m. The team will also include Managing Partner John Marshall, Risk Manager Seth Chandler and COO/Acquisitions Analyst David Smolenski. The fund fees include a 2% management fee and a 35% performance fee (with a 3% hurdle).
Shariah investing sees strong 2009 returns
“At a second glance, Islam and Christianity have more in common than it seems. The ban of interest - or riba - is one of them. Both the Koran and the Bible prohibit it. They both encourage ethical and sustainable investment, in order to maintain capital and preserve nature for future generations,” says Gerard Al-Fil, in a recent market commentary for Dow Jones Islamic Market (DJIM) Indexes.
As of December 22nd, the DJIM Indexes showed strong gains including +133% performance for the DJIM Indonesia Index and +103% for the DJIM BRIC Index. The smallest gains were made by DJIM Europe Titans at +22.85%, DJIM US Titans 50 at +18.80% and DJIM Japan at +16.08%.
“An asset allocation in line with Shari’ah, which is a non-interest, non-conventional, ethical style of investment, can help achieving these goals, no matter what the investor’s particular belief system,” comments Al-Fil.
Full performance table available: Source.