Dubai: South African group Oasis said it will launch a string of Sharia-compliant funds this year using its newly established office at the Dubai International Financial Centre (DIFC).
The fund manager has shifted management of $400 million worth of assets to its DIFC subsidiary Oasis Crescent Capital Limited this year.
Oasis expects to double the value of assets it manages from Dubai within a year, chief executive officer Adam Esmail Ebrahim told reporters yesterday.
Of the $900 million that Oasis has under management in Sharia-compliant funds about $250 million originates from the GCC.
Ebrahim said that amount will increase significantly after new funds are launched in the region later this year.
"Sharia-compliant market is the fastest growing component of fund management. We will be launching a range of funds from Dubai," he said.
Oasis has some $4 billion under its management in its global portfolio.
The company expects the Middle East region to contribute most to its future growth.
It will have 25 people based at the DIFC office by September.
Oasis will launch fixed-income funds, mainly to invest in sukuk, in the third quarter.
"Fixed-income funds are in short supply in the Sharia space. There will be a big focus on them," Ebrahim said.
Another investment scheme to be unveiled in the third-quarter will be a "balanced fund" focused on properties, equities and fixed-income securities.
Oasis plans to launch another fund in the fourth quarter for investing in Middle Eastern and North African equities.