NBK's Islamic KD Ijara Fund I Fully Subscribed in Two Days |
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Nabil Maroof, NBK Capital’s Managing Director of Asset Management.
Maroof: "The overwhelming response confirms the success of the Ijara fund strategy..." National Bank of KuwaitNational Bank of Kuwait
announced that the Islamic KD Ijara Fund I offering was fully subscribed in the first two days of its offering period with a fund size of KD40 million. This announcement reflects NBKNBK's ability to successfully meet investor needs by providing Islamic investment solutions. The Fund was launched in response to the increased demand for NBKNBK's Ijara funds which have been successful in achieving attractive returns to NBKNBK's clients. Nabil Maroof, NBK CapitalNBK Capital's Managing Director of Asset Management, said that "Investor flight to quality has driven the demand for NBKNBK's extensive expertise and conservative approach which emphasizes on attractive returns and capital preservation." The 5 year closed ended investment Fund provides investors with the opportunity to enjoy regular monthly lease income on a Shariah compliant basis by purchasing equipment that will be leased out to high quality companies. The equipment portfolios of the Fund will have a diverse range of equipment types, including mid-size and mainframe computers and peripherals, storage equipment, software, copiers, automotive, point of sale, telecommunications, machine tools, testing equipment and others.
Unlike NBKNBK's previous Ijara funds, the Islamic KD Ijara Fund I allows investors to reap the benefits of monthly income distributions at an annualized rate of 6.50% in Kuwaiti Dinars.
Maroof added that "Ijara transactions have shown that they typically outperform during economic recessions as companies substantially decrease their capital expenditure, preferring to lease their mission critical equipment instead. Lessees also tend to retain equipment for longer periods, offsetting the increased credit losses that result from a typical recession."
-Ends-
Issued by National Bank of KuwaitNational Bank of Kuwait- For more info, please contact PR Office on:
Asmaa Mohammed
Tel: 2259 2577
Fax: 22465190
Email: asmaam@nbk.com
Badria Al Reshaid
Tel: 2259 2939
Fax: 22465190
Email: badriyar@nbk.com
© Press Release 2009
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