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By Benedicte Gravrand, Opalesque London: Barbados-based investment fund management firm Front Street Private Bank launched the Front Street Sharia Resource Fund on August 1st 2008 with $10 million. It is a global resources fund, managed in accordance with Sharia principles and advised by Front Street's Canadian investment advisor in Ontario.

The Resource Fund is an addition to the suite of hedge funds currently on the Newedge Sharia prime brokerage platform developed in conjunction with Ratings Intelligence Ltd.

Newedge is the newly formed joint-venture equally owned by Societe Generale and Calyon (website).

Ratings Intelligence (website), an independent Sharia advisor based in London, Kuwait and Bangalore retains the services of a Sharia committee containing prominent and highly respected scholars who are very experienced in the application of Sharia to innovative financial products and services.

David Conway, Front Street’s Chief Operating Officer, told Opalesque in an email communication that the fund’s investment objective was to provide holders of participating shares with long-term capital appreciation by investing primarily in securities of small and medium-sized business entities in a range of natural resource sector industries. That includes mineral resource ......................

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