May 14 2013
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Oman's first Mena-focused Islamic fund to be launched next week
Al Hilal Mena Fund (AHMF) will be the first Sharia complaint fund to be launched by an Omani bank and ahlibank is the sponsor of the fund, said a bank release. With the launch of Al Hilal Mena Fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles.
Sharia compliant investments, owing to their very nature of being asset-backed and direct participation into the tangible and ethical aspects of the economy, are immune to a lesser degree to market disruptions and price volatility.
Sharia compliant investments have consistently out-performed non-compliant investments, as measured by MSCI World Index and S&P 500 index over the past five year market-cycle (2007-12).
The fund will open for subscription at OMR1.020 per unit, which includes 20 baisa for issue expenses. After the closure of subscription period, all investors will be able subscribe at the prevalent NAV published on a daily basis.
"We are very proud to be the first Omani bank to launch a Sharia compliant fund, initiatives such as this will facilitate the faster growth of the Islamic finance landscape in the Sultanate," Abdulaziz bin Mohammed Al Balushi, chief executive officer of ahlibank said in the press statement.
"The fund will be raised from Oman and other GCC countries using the network of our group institutions. The open-ended nature of the fund will enable investors with access to immediate liquidity, whilst simultaneously enabling participation in the region's economic growth," said Abdulaziz. Investors can take-comfort in the value proposition of the fund, owing to its low fee structure which bodes well to enhance investor returns.
The value proposition continues with expertise of the ahlibank asset management; with its wide investment expertise being appointed as the fund manager. The dedicated team of investment personnel associated with the fund are seasoned professionals with in-depth market acumen and specialist expertise in aspects of Islamic investments and fund management. The fund is available for subscription via the al Hilal branch network, which spans across five cities of the Sultanate of Oman. al Hilal boasts of the widest coverage at present for Islamic banking services.
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