SHUAA Asset Management announces the launch of its first Arab Islamic fund | SHUAA Asset Management announces the launch of its first Arab Islamic fund -
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SHUAA Asset Management announces the launch of its first Arab Islamic fund

United Arab Emirates: Saturday, September 09 - 2006 @ 14:52

Arab Islamic Gateway Fund will invest in equities listed on Arab Stock Markets in the GCC, North Africa and the Levant as per Shariah principles.

Dar al Istithmar Ltd – a joint venture between Deutsche Bank, Russell Wood and the Oxford Islamic Finance – has been retained as the Shariah Advisor and its Supervisory Committee shall serve as the Shariah Board for the Arab Islamic Gateway fund. The Supervisory committee of Dar al Istithmar currently comprises five member scholars: Dr Hussain Hamid Hassan, Dr Ali Al-Qaradaghi, Dr Abdul Sattar Abu Ghuddah, Dr Mohamed Elgari and Dr Mohd Daud Bakar

Haissam Arabi, Managing Director of SHUAA Asset Management said:

“We are pleased to be offering to our clients the opportunity to invest in a Shariah compliant version of the Arab Gateway Fund, which has a five year track record and which has been recognized by Forsyth Partners as the best performing fund in 2004. The Arab Gateway Fund has acted as the main vehicle for access to the Middle East and North African stock markets since 2000 and has gained recognition in the region for its long track record and investment process. The Arab Islamic Gateway Fund will build on these achievements and offer clients the opportunity to take advantage of that expertise and track record while investing in a Shariah compliant manner.”

The Arab Islamic Gateway fund will have monthly liquidity. The minimum subscription amount into the fund is $50,000. It is open to both local and foreign investors and the closing date for initial subscription is 25 September, 2006.
SHUAA Asset Management currently manages eleven equity funds and two fixed income funds in addition to a number of discretionary portfolios targeting the Arab region and giving regional and international investors access to the Arab markets under its coverage.

SHUAA Asset Management applies its expertise in regional financial markets to manage its existing products and to maintain its position as a leader in the growing asset management industry in the region. SHUAA Asset Management is planning to launch additional investment funds in the near future.

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Saturday, September 9- 2006 @ 14:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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