May 25 2009
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QIB and its European Affiliate Bank Host Global Sukuk Fund Launch Event
QIB , the world's first global Islamic banking network, hosted a private function last night in coordination with its London-based affiliate, European Finance House (EFH), at the Grand Hyatt Doha. The event launched EFH's new European-based platform designed to originate Sharia'-compliant investment products and the program's first product, the Global Sukuk Plus Fund. Regulated by the UK's Financial Services Authority, EFH is a Sharia-compliant financial institution in Europe and a leading force in the growing Islamic banking market.
The EFH-managed Global Sukuk Plus Fund is a weekly dealing mutual fund which invests in global sukuk markets. The QIB and EFH joint effort Fund's assets will be invested in sukuk issued by sovereign, quasi-sovereign and corporate issuers and sourced globally. Value can be added through investment in Sharia'-compliant debt of credit investments such as syndicated Murabaha, trade finance and structured investments, where appropriate. Eventually, additional new investment products will be introduced per the decision of the Investment Committee.
This Luxembourg Investment Platform-based and guided fund is open to institutional, private and corporate clients seeking investment opportunities managed by an expert Sharia'-compliant bank.
EFH's Global Sukuk Plus Fund is supported by a global marketing campaign and offers a range of benefits as compared to fixed income investment, featuring greater liquidity, better diversification and, therefore, enhanced yield and return. The Fund's active management approach ensures continual credit analysis of both new and existing issues, minimizing the possibility of loss due to default or credit deterioration. Wider market access is available to this globally-sourced Fund, as EFH links to Sharia'-compliant institutions not only in Europe, but also in the GCC, Asia and the wider MENA regions. The Fund's simplicity, clear objective, well-defined strategy and transparent structure allow for efficient performance and ease of use.
The banking and finance industry's growing interest in the Islamic financial market has been answered by the innovation of the QIB network to develop investment products which will thrive within the current environment. The Global Sukuk Plus Fund is a very forward-looking product for the Sharia'-compliant market and a strong option for clients due to the London-based bank fund's robust investment guidelines. The Fund's geographic and sector diversification take advantage of multiple sources, while the Fund's active management maximizes yield and return.
The investment range of this sukuk Fund spans across QIB 's six major Islamic markets and is easily accessed via each of the Bank's affiliates in addition to EFH, including Arab Finance House (AFH) in Lebanon and Asian Finance Bank (AFB) in Malaysia. Global Sukuk Plus Fund clients in Qatar will be serviced by QIB . The Fund's depth and breadth make it a dynamic Sharia'-compliant investment driven by QIB 's proven track record of developing and implementing Sharia'-compliant financial concepts for over 25 years. It is a simple, highly-regulated, yet flexible investment product that takes advantage of current market opportunities and long-term expectations to leverage clear advantages and secure investment options for clients. The sukuk market is now a global phenomenon and the Global Sukuk Plus Fund allows investors to tap into returns and profits not previously available, as the scale and diversification of investments has increased.
Mr. Salah Jaidah, QIB CEO, said of the Fund's event launch and global reach, " QIB is pleased to host this event and have the opportunity to introduce potential clients to the Fund's many advantages. Although this EFH Global Sukuk Plus Fund is London-based, it employs its access to GCC exposure to diversify asset class risk. The fund is unique in that it offers greater liquidity, active management, better diversification and ease of use than other fixed income investments. In addition, this fund employs a much wider market access than others, utilizing QIB 's market links not only in the GCC, but in Europe, Asia and MENA."
Speaking of the Fund's Sharia'-compliant credentials, EFH Head of Asset Management, Mr. Mark Watts, noted, "The Global Sukuk Plus Fund is Sharia'-compliant at every stage of the investment process. EFH and the QIB group have an entirely Islamic business model for this product and the Fund is subject to annual Sharia' audit. In accordance with the Fund's concept, it is only permitted to invest in instruments that are Sharia'-compliant and adhere to the principles put in place by AAOIFI. "
"The Global Sukuk Plus Fund demonstrates the strong partnership that exists between EFH and QIB ," said Mr. Jean-Marc Riegel, QIB 's General Manager, Investment Banking and Development. "It provides investors with a distinctive product that has global reach backed by local expertise. The Global Sukuk Plus Fund is managed by a professional team focused on portfolio performance and risk management for a robust, disciplined and consistent investment process. Their goal is to deliver a portfolio consistent with QIB and EFH's view, forecast and conviction. This global sukuk fund is the first in the market and QIB is proud to sponsor this innovation."
In addition to fund management, EFH also serves the market by providing Islamic financing options for corporations and institutional customers, development and placement of Sharia'-compliant real estate and equity funds, corporate financing and advisory services, financing for real estate investment and development and project and trade finance.
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