| 30 Mar 2010 |
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Emirates Islamic Money Market Fund Launched
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DUBAI -- Emirates NBDEmirates NBD
, the largest banking group in the Middle East in terms of assets, announced the launch of Emirates Islamic Money Market Fund (Fund), a daily dealing Shariah compliant open ended fund domiciled in Jersey. "The Fund is one of the first of its kind globally and will look to access the growing range of Islamic cash or near cash investments. It will also seek to benefit from the yield pick-up in USD-pegged currencies and the current cost of funding for corporates and banks," said Deon Vernooy Head - Asset Management, Emirates NBDEmirates NBD. "As Islamic investment draws increasing interest from large financial institutions worldwide, Emirates NBDEmirates NBD continues to stay ahead of the curve by developing and managing innovative and sophisticated investment vehicles that adhere to the highest standards of Sharia-compliance," he continued.
The Fund provides investors diversification from traditional equity and real estate investments and can form part of an investor's portfolio irrespective of their investment horizon. Further, the Fund can also be used as a parking facility during periods of surplus liquidity.
The Fund will acquire a diversified portfolio, including but not limited to, Islamic deposits, murabaha, sukuk and international trade contracts. Assets will be diversified across a range of durations and liquidity terms in order to optimise potential for higher profit, without unduly increasing volatility or hampering daily liquidity.
Investors may invest at a discounted upfront fee during a special two week offer period, which will start towards the
end of March. The Fund will be managed by Emirates NBDEmirates NBD Asset Management, the same team that managed the award winning "Emirates Sukuk Fund No.1 Limited" and also won the "MENA Asset Manager of the Year 2009." Emirates NBDEmirates NBD Asset Management is a fully-owned subsidiary of Emirates NBDEmirates NBD Bank and is regulated by the Dubai Financial Services Authority.
By Staff Report
© Khaleej Times 2010
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