Arqaam Capital, a DIFC based fund manager, recently launched the Arqaam Islamic Current Income Fund 2022, a new Sub-Fund of Arqaam Islamic Funds (OEIC) Limited, a DIFC based umbrella Shari’ah compliant fund. Noor Bank, a leading UAE based Shari’ah-compliant bank, raised circa $ 130 mm in subscriptions for the fund during the three week offering period between September 17th and October 11th 2018.
Arqaam Islamic Current Income Fund 2022 has a final maturity of October 2022 and aims to provide income through investments predominantly in global sukuks and offers a targeted annual income of 5 per cent.
Speaking for Arqaam, its Head of Fixed Income Asset Management, Abdul Kadir Hussain, said: “Combining our strong track record in Sukuk Fund management, with Noor’s excellent distribution team has resulted in this very successful outcome”.
Speaking on the Fixed Maturity Fund (FMF), Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: “We are delighted with the overwhelming response to the FMF with Arqaam Capital – reflecting the strong demand for products that offer stable and assured returns. Fixed Maturity Products such as this one further strengthens the Noor Wealth product suite – making our product offering more holistic and helping us build our investor mix through creating added value.”
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About Arqaam Capital (www.arqaamcapital.com)
Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target emerging markets. Arqaam Capital operates out of three hubs, namely the Dubai International Financial Centre (DIFC), Cairo and Johannesburg. Arqaam Capital has ten business lines -Corporate Finance, Asset Management, Cash Equity, Credit Trading, Equity Derivatives, Capital Markets Advisory, Principal Finance, Treasury and Custody. In addition, Arqaam Capital provides in-depth research on 300 listed Middle East and Africa (MEA) companies across 27 countries and a wide-range of sectors, including the largest global coverage of MENA equities.
About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Shari’a Supervisory Board, with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
For more information, please contact:
Media Relations
Arqaam Capital
Tel: +971 4 507 1700
Email: media@arqaamcapital.com
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