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Islamic Finance Briefing - Categorized | Funds, Market Moves more

Prime rate eyes $250mln Islamic overnight fund

Posted on 16 February 2010

From Reuters: UK-based cash management firm Prime Rate Capital is aiming to raise $250 million for an Islamic cash fund that it says will be the first of its kind to provide sharia-compliant overnight liquidity.

The Islamic Liquidity Fund, which should be ready to launch around March 18, will give banks, insurers and corporate treasurers the ability to park their cash overnight in a sharia-compliant way, said Prime Rate’s chief executive Chris Oulton at the Reuters Islamic Banking and Finance Summit in London on Monday………………………………….Full Article: Source

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