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Algebra Capital, Elaf Bank joint venture target MENA Sukuk market
Targeting an initial size of $100 million and returns above eight per cent, the open-ended fund will provide exposure to Sharia-compliant securities issued in the region.
- Staff Report
- Published: 16:51 September 7, 2008
Dubai: Algebra Capital and Elaf Bank have announced the launch of The Sukuk Fund on Sunday.
Targeting an initial size of $100 million and returns above eight per cent, the open-ended fund will provide exposure to Sharia-compliant securities issued in the MENASIA region.
Elaf Bank will also serve in an advisory capacity on the Fund's Investment Committee.
"The global Sukuk market now exceeds $100bn and the MENA region's contribution to it is expected to continue," commented Mohieddine Kronfol, Managing Director, Algebra Capital and the Portfolio Manager for the fund.
"MENA Sukuk now represents 33 per cent of the global Sukuk market and a little more than 33 per cent of MENA corporate fixed income issues. Strong economic fundamentals, large infrastructure projects and increasing capital market activity support and advance prospects for the Sukuk market in our region," Kronfol said.
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