Category Archives: Mutual funds and Islamic investments

Shariah-compliant mutual fund launched in South Africa

Shariah-compliant mutual fund launched in South Africa

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Shariah40, an exchange-traded fund aimed at South Africa’s 400000 Muslim households, started trading on the JSE on Monday.

The initial public offering for the new top 40 index ETF opened on February 23 and raised R27-million ahead of listing.

The ETF is part of Absa Capital’s range. Ongoing screening of the sharia compliance of the ETF is conducted by Absa’s Islamic banking sharia supervisory board.

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India’s first Shariah-compliant mutual fund collects 50 million rupees

India’s first Shariah-compliant mutual fund collects 50 million rupees

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India’s Taurus Asset Management has collected about 50 million rupees in the country’s first actively managed sharia-compliant equity mutual fund it launched in February, chief executive Waqar Naqvi said on Wednesday.

"Around 5 crores… not bad given the fact that even very large fund houses collected some 2 crores or 3 crores," Naqvi said, referring to the mop-up.

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Islamic fund eyes private buyouts

Islamic fund eyes private buyouts

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Global Investment House, Millennium Capital and Dubai Islamic Bank have received approval from the Central Bank of Bahrain for a US $500 million Islamic buyout fund.

The fund will provide investors access to Shariah compliant private equity investments, which the partners see as a largely untapped asset class across the region.

As seed investors, Global, DIB and Millennium Capital will be contributing 13% of the fund’s capital. Global will be the investment manager to the Fund, while Millennium Capital will act as investment advisor.

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Islamic Finance: First energy bank is born

Islamic Finance: First energy bank is born

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Central Bank of Bahrain grants license to bank devoted entirely to the energy sector.

First Energy Bank (FEB), which claims to be the world’s first investment bank focused exclusively on the energy sector, has received a wholesale banking license from Central Bank of Bahrain.

At its first shareholders meeting, held at the end of June, the bank appointed its Sharia Supervisory Board, KPMG as external auditor and its initial board of directors.

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Saudi’s Al Rajhi starts $300 mln Islamic property fund

Saudi’s Al Rajhi starts $300 mln Islamic property fund

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Saudi Arabia’s Al Rajhi Group, a petrochemical-to-property conglomerate, is starting a shariah compliant $300-million Singapore-based fund that will invest in Asian property.

The fund, a joint venture with a Singaporean investor Yusof Wahid, will start with an initial investment of $100 million, the family-owned Al Rajhi Group said in a statement.

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