Funds

Public Mutual's new Islamic funds to focus on the domestic market

Public Mutual wil launch two new Islamic funds, Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF) on 19 July 2011.
The first one is an Islamic equity fund that wants to achieve capital growth over the medium- to long-term period by investing primarily in small and medium sized companies, which comply with Shariah principles.
PSKF on the other hand is an Islamic bond fund that has as purpose to provide annual income through investments in sukuk and Islamic money market instruments.

CBN, ICRC, DMO mull Islamic bond issue for infrastructure funding

The Central Bank of Nigeria (CBN) , the Infrastructure Concession Regulatory Commissiosn (ICRC) and the Debt Mangement Office (DMO) have begun the discussions on finding the best ways to explore an option of sukuk (Islamic) bonds for financing the infrastructure requirement in the country.
The DMO had shown some interest in partnership with the CBN to develop and issue Islamic bonds for the Nigerian financial system.

DIB unveils plans for Sharia opportunity fund

Dubai Islamic Bank (DIB) stated that it will launch a new Sharia opportunity fund in the region with exposure to equity markets across the Asia-Pacific region.
Prudential Asset Management Limited is the one offering the fund. It will search to invest in Sharia-compliant companies in the APAC region excluding Japan. It will also try to capitalise on the sustained economic growth and increasing wealth across the APAC region.

BLME launches Sharia High-Yield Fund for Gulf investors

Bank of London and the Middle East (BLME) will launch the BLME High Yield Fund. The BLME High Yield Fund is a Sharia compliant fund which targets institutional and high net worth investors in Gulf countries seeking to generate higher returns than those targeted by BLME's US Dollar Income Fund.
By inventing up to 85% in sukuk and 15% in Ijara, BLME High Yield Fund targets a net return of three-month US dollar Libor in addition to a 5% return per annum.

AmIslamic launches ASEAN Equity fund

The ASEAN Equity fund will target medium- to long-term capital growth by investing in a portfolio of equities in the ASEAN markets with specific focus on the markets of Indonesia, Malaysia, Singapore, Philippines and Thailand.
The fund has an offer period to June 26, 2011.

Shoura asks SAMA to study credit schemes

The Shoura Council has asked the Saudi Arabian Monetary Agency (SAMA) to make a detailed study on consumer credit and investor credit in the Kingdom. They think such a study would shed light on the future prospects of credit schemes.
Under the Kingdom's investor credit program, the Saudi Industrial Development Fund is the most important of the credit institutions in the country. It provides marketing, technical and financial advice to all projects it finances to enhance their chances of success.

Sharia Banks to Manage Hajj Funds, says BI

Mulya Siregar, Bank Indonesia’s sharia banking director, announced that the central bank supports sharia banks managing hajj funds. He thinks that only now can this become something possible.

SR1 billion SME Fund to promote enterprises: Al Aboodi

A SR1 billion SME Fund is programmed to promote the growth of Small and Medium Enterprises, or SMEs.
Khaled M. Al Aboodi, CEO, and general manager of the Islamic Corporation for the Development of the Private Sector, or ICD, private sector arm of the Islamic Development Bank Group stated that the fund should be Shariah-compliant and could take the form of a declining ‘musharaka’, which could address the issues.

Foreign Shariah advisories make their mark in Malaysian Islamic capital market

The latest list of Shariah advisers serving the local Islamic capital market (ICM) and registered by the Securities Commission of Malaysia (SC) reveales that five such individual foreign advisers are registered with the commission.
The list, published recently in Kuala Lumpur, displays that Malaysia has 45 individual Shariah advisers and 10 Shariah advisory companies registered with the commission, who are authorized to provide such advisory services to market players in the local ICM, which includes investment funds, asset management, unit trusts, sukuk, private debt securities and other fixed income instruments.

SR100m fund set up to back small enterprises and productive families

The Saudi Corporate Social Responsibility Forum to support small enterprises and assist productive families finance their projects. This decision came after a number of businessmen signed an agreement to set up a SR100-million Endowment (Waqf) fund. The corporate also decided to rehabilitate about 3,000 buildings in various cities and towns of Makkah region to be easily accessible to the disabled.
Makkah Gov. Prince Khaled Al-Faisal stated that the establishment of the fund was aimed to achieve sustainable development.

HSBC Amanah fund chosen for UK national pension scheme

NEST Corporation has choosen HSBC Life Amanah Pension Fund for its Sharia Fund. NEST is a simple and low-cost UK pension scheme designed to give its members an easy way of building up their retirement pot. It also makes it easy for employers to meet their new workplace pension duties that will start to be introduced from 2012.
Stuart White, HSBC Global Asset Management (UK) Institutional Director, pointed out that this pension scheme could transform UK's pension industry.

ASM Investment to have new syariah fund soon

Inspite of its Investors now favour syariah-compliant funds and investment products instead of conventional counterparts. ASM Investment Services Bhd (ASM Investment) has the strong oppinion that this became more important because of multiple number of features that separated syariah funds from other conventional investment offerings.
Nik Mohamed Zaki Nik Yusoff, chief executive officer at ASM Investment, underlined the fact that their orporate clients, who consist mostly of GLCs (government-linked companies), prefer to opt for syariah funds.

BLME launches first Sharia'a compliant UK light industrial building fund for Gulf investors

Bank of London and The Middle East (BLME) stated that that they will launch a Light Industrial Building Fund (LIBF). This fund is a Sharia'a compliant UK real estate fund which invests in sustainable property assets.
The five core areas that set the foundations for BLME's competitive offering are Private Banking, Asset Management, Corporate Advisory, Corporate Banking and Markets Division.

Prospects for Islamic Venture Capital Funds in India: IOS conference in Delhi

A two-day International Conference on "Prospects for Islamic Venture Capital Funds in India" is being organized on May 14 & 15 at Parliament House Annexe, being part of the Silver Jubilee celebrations of the New Delhi based Institute of Objective Studies, (IOS).
Mr. K. Rahman Khan, Deputy Chairman, Rajya Sabha will advise the inaugural session on May 14 which will start at 10 am.

Oasis launches Oasis Crescent Global Low Equity Balanced Fund

The new Shari’ah-compliant fund appears to be coming at an opportune time for investors to mitigate these risks and to derive inflation-beating returns at lower volatility over the medium to long term. This fund makes way to a combination of global equity, property and income.
This fund has been designed in line with Oasis’s philosophy of matching risk strategies and potential investment returns to an individual’s age, investment time horizon and risk profile. Therefore, the Oasis Crescent Global Low Equity Balanced Fund is fit for investors who are looking for a low-risk investment that will still have the ability to beat inflation.

Dubai sovereign wealth fund ICD agrees US$2.8 billion loan

Dubai's ICD sovereign wealth fund has launched its largest loan since its financial crisis, containing a US$2.8 billion, five-year loan refinancing.
The leaders of an Islamic tranche will be: Dubai Islamic Bank and Standard Chartered, while Citigroup, Emirates Bank and HSBC Bank have been appointed to co-ordinate a conventional tranche.

Boubyan Bank launches KWD money market fund

Boubyan Bank is going to initiate an open-ended Kuwaiti dinar money market fund which invests in Shari'ah-compliant short and medium-term instruments available in the financial markets.
The statement of Saleh Ahmed Al-Ateeqi, Acting CEO of Boubyan Capital, reveiles that the purpose is to offer competitive Shari'ah-compliant returns by increasing the value of its assets while offering a high level of liquidity to investors.

Frost & Sullivan Report on Islamic Asset Management

A report recently published by Frost & Sullivan showes that Islamic asset management is gaining interest among investors as an avenue for alternative investment. They claim that the center is beginning to be new categories of Islamic products like hedge funds, fund of funds, index funds and exchange traded funds.
However, the report also states that the Islamic asset management industry is provoked by a lack of depth in the GCC capital market, causing inefficiencies in portfolio management.

OIC plans single board of trustees for funds

The formation of a single board of trustee including all donors and the establishment was advised to the Boards of Trustees of the Funds (BTF) of the Organisation of Islamic Conference (OIC) in Bosnia and Herzegovina, Sierra Leone, Afghanistan and Niger.
Sheikh Abdul Aziz bin Abdul Rahman Al Thani, Chairman of the OIC BTF, held the OIC BTF meeting.

Kerala to rely on Shariah-based funds to develop roads

In order to develop roads in the entire state, Kerala government is planning to utilise Shariah based funds from Islamic countries. Rs 1000 crore is to be generated from the Shariah based funds. The total budget will be around Rs 40000 crore.
Al Barakh Financial Services Limited will be the financial institute from which they willl take the money.

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