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Emirates Islamic Bank PJSC is pleased to announce the launch of the Emirates Islamic Equity Trading Fund, a new open ended fund registered through Emirates Funds Limited in Jersey, Channel Islands.
The Fund, which is the sixth Shari’a compliant fund in the Emirates Islamic Bank suite of investment funds in Jersey, is the first in-house global equity fund in the Emirates Islamic Global Fund Range. It will seek to generate long-term capital growth, and strong risk-adjusted returns, through investment in Shari’a compliant equities across the globe by employing mainly quantitative strategies. The Fatwa and Shari’a Supervisory Board of Emirates Investment Services will monitor compliance of the underlying stocks and the investment process. Active, real-time trading ensures there is no drag in Fund performance during rising markets and ensures maneuverability throughout the investment cycle.
The CEO of Emirates Islamic Bank, Ebrahim Fayez Al Shamsi commented:” This is another innovative investment product being offered by Emirates Islamic Bank and appropriate for investors looking for exposure to Shari’ah complaint global equity. The Fund aims to limit volatility, but there are specific risks associated with this type of investment and therefore this Fund is rated as medium-high risk. We hope that our customers will enjoy the benefits of an even wider range of investments products”.
The asset management division of Emirates Bank International PJSC, Emirates Investment Services Limited (“EIS”), licensed and regulated by the Dubai Financial Services Authority, has been appointed as delegate investment manager to the Fund. In turn, EIS has appointed Old Mutual Asset Managers (UK) Limited (“OMAM”) as the initial sub-adviser to the Fund. Deon Vernooy, Head of Asset Management at Emirates Investment Services stated:” The Fund offers investors a different approach to Shari’a compliant global equity investments”.
Emirates Islamic Bank PJSC through its exclusive Priority Banking Channel “Ethmar” will run a special offer period until 30th November 2007 where all investments into the Fund will be invested at par value USD 10 in the sophisticated investor share class and will also be entitled to discounted upfront fees.
Key Fund details are as follows:
• Name: Emirates Islamic Equity Trading Fund
• Structure: Jersey-registered open-ended Shari’a compliant investment company
• Manager: Emirates Fund Managers (Jersey) Limited
• Delegate Investment Manager: Emirates Investment Services Limited
• Investment Adviser: Old Mutual Asset Managers (UK) Limited
• Valuations: Bi-Monthly, on the 15th day, or first Business Day thereafter, and the last Business Day of each month
• Subscriptions : Bi-Monthly, on the Business Day following a Valuation Day, subject to 5 Business Days’ notice
• Redemptions : Bi-Monthly, on the Business Day following a Valuation Day, subject to 5 Business Days’ notice |
