Business | Banking
Dubai boosts head start in Islamic finance with new Shariah Hedge Fund Index
The Dubai Multi Commodities Centre Authority (DMCCA) and Shariah Capital, Inc. (SCAP.L) announced the Dubai Shariah Hedge Fund Index, the first internationally recognised index comprised exclusively of Shariah-compliant hedge funds.
- Staff Report
- Published: 14:37 January 7, 2009
Dubai: The Dubai Multi Commodities Centre Authority (DMCCA) and Shariah Capital, Inc. (SCAP.L) announced the Dubai Shariah Hedge Fund Index, the first internationally recognised index comprised exclusively of Shariah-compliant hedge funds.
The Dubai Shariah Hedge Fund Index will be calculated and reported by Thomson Reuters, the global news and financial information organisation.
The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. (DKCF), which is an equally-weighted fund-of-funds comprised initially of four single-strategy, commodity-focused funds that invest exclusively in Shariah-compliant long and short equity hedge funds on the Al Safi Trust platform.
The Al Safi Trust is a comprehensive Shariah-compliant platform designed specifically for hedge funds and launched recently by Barclays Capital and Shariah Capital.
Distributed under the DSAM Kauthar label, the four funds underlying the index have been seeded with $50 million each by DMCCA.
They are 25 per cent DSAM Kauthar Gold Fund, Ltd.; 25 per cent DSAM Kauthar Energy Fund, Ltd.; 25 per cent DSAM Kauthar Natural Resources Fund, Ltd.; 25 per cent DSAM Kauthar Global Resources & Mining Fund, Ltd. and 100 per cent Dubai Shariah Hedge Fund Index = DSAM Kauthar Commodity Fund, Ltd., (DKCF).
The Dubai Shariah Hedge Fund Index itself is not an investable vehicle. However, it mirrors the returns of the DSAM Kauthar Commodity Fund (DKCF) which is open to institutional and individual investors on a monthly basis.
The Dubai Shariah Hedge Fund Index is accessible on Thomson Reuters under the RIC code .DUBSHF for those subscribers using the 3000 Xtra system, including a description page on DUBSHF1. For those using the Bridge system, the RIC code is us&DUSHF.
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