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By Benedicte Gravrand, Opalesque London:
Amiri Capital LLP, the London-based Shariah-compliant alternative investment management group, is finally launching the Amiri Equity Alternative Strategies (AEAS) fund. It was put on hold when the fund's initial broker, Lehman Brothers, filed for bankruptcy in September last year. It is now reportedly been launched in cooperation with Newedge.
AEAS is Amiri's first fund. Coronation, the London-based multi-manager, will oversee the AEAS fund, which plan to employ around ten underlying managers.
Bindesh Shah, one of Amiri's founders, told Opalesque last year that the fund had the following unique aspects: (1) it is Shariah compliant, (2) it is operated within a single funds structure that has managed accounts (Amiri asks investment managers to run portfolios on a Shariah basis,) (3) it uses a screening methodology.
The AEAS fund has been certified as Shariah-compliant by a five-member Shariah Supervisory Committee chaired by Sheikh Hussain Hassan. Islamic law prohibits conventional shorting, hence the fund will use a promissory note-based contract system that will replicate the economic effects of shorting without compromising Islamic principles. This methodology works at the individual stock level and will be implemented...................... To view our full article Click here
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