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Emirates Islamic Bank unveils regional fund

Emirates Islamic Bank unveiled its Emirates Mena Opportunities Fund yesterday as part of a plan to create sharia compliant financial solutions.

  • Staff Report
  • Published: 00:00 April 12, 2006
  • Gulf News

Dubai: Emirates Islamic Bank unveiled its Emirates Mena Opportunities Fund yesterday as part of a plan to create sharia compliant financial solutions.

The fund aims to achieve long-term capital growth through investments in a range of assets, including equities and real estate. Simultaneously it will have a strong focus on capital protection and will therefore be able to invest in Mura-baha, fixed deposits, Sukuk as well as international trade and finance.

Customers will be appointed a highly experienced fund manager who will be in charge of identifying favourable assets and in cases of high market volatility, suggesting sharia compliant equities and real estate investment opportunities with money market instruments.

Faisal Aqil, Retail Banking at Emirates Islamic Bank said: "This fund is ideal for investors looking for capital growth in a range of holdings within the Mena region with adequate diversification to limit short-term volatility." "This diversification is a key element in risk reduction and this will appeal to the majority of investors."

The initial minimum investment is $25,000, and subsequent investments can be made with a minimum of $5,000.

Aqil added: "It is common knowledge that this region is currently enjoying and benefiting from an economic upturn. The real estate sector in particular is extremely active and attracts investors from all over the world.

The Mena Opportunities Fund will help investors within and outside the region take advantage of the present economic climate, with sound, reliable, professionally managed investment options."

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