Algebra CapitalAlgebra Capital

Algebra CapitalAlgebra Capital

"We are very happy to be launching and managing The Sukuk Fund, and on working with Elaf Bank. This will be the second fund managed by Algebra CapitalAlgebra Capital in its fixed income line of business," commented Ziad Makkawi, Founder & CEO of Algebra CapitalAlgebra Capital. "The Sukuk Fund reflects both our constructive view of the region's fixed income markets; as well as the importance of the Shari'a compliant space to us."

Dr. Jamil Jaroudi, CEO of Elaf Bank, added that "The Sukuk Fund is an attractive vehicle to gain exposure to and benefit from the rapidly evolving and attractive Sukuk asset class capitalizing on Elaf Bank's access to and expertise in Islamic finance and benefiting from Algebra CapitalAlgebra Capital's investment process and extensive MENA research capability".

"The global Sukuk market now exceeds USD $100bn and the MENA region's contribution to it is expected to continue," commented Mohieddine Kronfol, Managing Director, Algebra CapitalAlgebra Capital and the Portfolio Manager for the fund. "MENA Sukuk now represents 33% of the global Sukuk market and a little more than 33% of MENA corporate fixed income issues. Strong economic fundamentals, large infrastructure projects and increasing capital market activity support and advance prospects for the Sukuk market in our region".

"By launching The Sukuk Fund, we hope that it will be considered by investors as a unique financial product providing diversification for their portfolios through the addition of Shari'a compliant income generating issues such as Sukuk." said Ahmad Tayara, General Manager for Investment Banking at Elaf Bank.

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About Algebra CapitalAlgebra Capital:
Algebra CapitalAlgebra Capital operates out of the DIFC and is regulated as a financial services provider by the DFSA. A leading emerging markets asset management firm specializing in the Middle East/North Africa (MENA) region, Algebra CapitalAlgebra Capital manages assets in private and public markets across all asset classes. Services are packaged as fund solutions, discretionary mandates or structured products. Clients are a mix of institutional investors and high net worth individuals. Particular attention and resources will be dedicated to attracting international capital flows to our target markets, the MENA and emerging Asia regions (MENASIA). Algebra CapitalAlgebra Capital claims the longest combined track record in the Middle East.

About Elaf Bank:
Elaf Bank is a Bahrain-based, Islamic Bank regulated by the Central Bank of Bahrain and operating with an investment banking license ("Elaf" or the "Bank"). Elaf was established in June 2007 with a paid-in capital of USD 200 million and an authorized capital of USD 500 million.

Elaf offers a range of investment banking services to corporate clients, institutional investors, and high net worth individuals encompassing advisory services focused on the debt & equity capital markets, as well as asset management services. The Bank's primary focus is to originate, structure, and offer financial products that will strengthen the current state of the primary and secondary market for Sukuk. Furthermore, Elaf intends to carve itself a niche by actively participating in the equity and Islamic financing capital market as a market maker for Sukuk in the primary and secondary capital markets.

For more information, please contact:
Jumana Akkawi
Buchanan Middle East
T +971 4 369 8569
F +971 4 369 8556
M +971 55 880 8523
E-Mail: jumana.akkawi@buchananme.com

© Press Release 2008