KUWAIT CITY : Tharwa Investment Company, a closed Kuwaiti shareholding company established in 2006 and with assets under management of almost 200 million Kuwaiti to date, announces today the launch of a new fund complying with the Islamic Shariah and adding to the investment products of the company. The Tharwa Islamic Money Market Fund provides liquidity and current income to investors so they can meet short term and medium term cash flow requirements, while aiming to maintain capital stability by investing in instruments that comply with Islamic Shariah rules and regulations in Kuwait.
In order to assure that the Fund and its belongings fulfil Islamic Shariah principles the Fund has retained a company working along with the Shariah Committee for Funds to act as the Fund's surveillance committee which has reviewed the proposed structure, strategy and operations of the Fund and has provided a certification (Fatwa) that they are compliant with the principles and precepts of Islamic Shariah. The Fund's Shariah Committee will also provide ongoing supervision and oversight of the operations, policies and activities of the Fund to ensure continued compliance with Islamic Shariah guidelines. The aim of the fund is to achieve competitive income through short and middle term investment products in compliance with the Islamic Shariah laws on the financial market. The Fund is authorized to invest in other investment funds following the same principles and invests in low risk products such as Mourabaha and leasing. The minimum initial subscription amount for Participating Shares in the Fund is KD 50,000 per investor without any subscription or exit fees and offers bi-weekly exit.
Tharwa Islamic Money Market Fund adjoins Tharwa's offer for Islamic investment which includes the very successful Tharwa Islamic Fund established in June 2007 investing in listed companies on the Kuwaiti Stock Exchange that adhere to the principals of Islamic Shariah, offering a weekly exit for investors. Tharwa Investment Company was established in 2006, counting 29 employees in its Kuwait Headquarter. Tharwa is a newly established individual company with private shareholders; its objective is to conduct financial investment transactions in all economic sectors inside and outside Kuwait. Tharwa, supervised under the Central Bank of Kuwait with a paid up capital of KD 15 million, is focused primarily on providing assets management on 4 current funds: Tharwa Investment Fund, Tharwa Islamic Fund, Tharwa Islamic Money Market Fund and Tharwa Arab Investment Fund. In addition, it provides Corporate Finance management, Direct investment and Strategic Investments.
© Arab Times 2008
