“Shuaa Capital”, the company listed on the Dubai Financial Market, announced today the launch of three investment funds that are compliant with the provisions of Islamic Sharia, and these funds attracted a total of $ 75 million upon their launch.
The list of these three funds includes the “Shuaa High Yield Sukuk Fund”, “Active Stars Fund” and “Nujoom Balanced Fund”. These funds are the first investment funds compliant with Islamic law to be launched on the Abu Dhabi Global Market according to the structure Compact Cell Companies (ICC).
These funds are expected to be one of the largest investment platforms in the Abu Dhabi Global Market and a major source of Shuaa’s activities in this market. “Shuaa GMC Ltd.” – wholly owned by SHUAA Capital and subject to the supervision of the Financial Services Regulatory Authority at the Abu Dhabi Global Market – is responsible for managing these funds and other activities related to the Shuaa Funds platform in the Abu Dhabi Global Market.
The Shuaa High Return Sukuk Fund will invest in a diversified portfolio of Sukuk, including high-yield sukuk and Sharia-compliant fixed income investments, and other investment funds approved by specialized Sharia advisers. The “Active Nojoom Fund” and “Nojoom Balanced Fund” will invest in a global portfolio of Sharia-compliant stocks, fixed income investments and short-term, highly liquid investment vehicles.
Shuaa aims, through these three funds, to provide an outstanding service to its institutional clients and their partners in the insurance sector. All Vantes Bank, the largest fund marketing network around the world, undertakes the tasks of providing these funds exclusively to qualified institutional investors, giving institutions operating in the insurance and pension sector wider and long-term investment options.
In implementation of the frameworks adopted by the integrated cell companies ICC, each of the three funds operates independently of the other in terms of the assets owned by it and how it applies its investment strategies and practice of its activities. Consequently, the assets of each fund will be invested for the benefit of its shareholders, and the assets of each fund will be responsible only for the obligations and duties of this fund.
Commenting on the launch of these funds, Jasim Al-Siddiqi, Chief Executive Officer of Shuaa Capital, said: “We are seeing a shortage in the availability of Sharia-compliant investment funds, compared to the increasing demand for Islamic finance products worldwide. This is due to the insufficient number of fund managers. “Those who are able to offer a wide range of options in the field of Islamic financial instruments, in addition to that, the funds currently available are either funds of a limited size for managed assets or closed funds, which is reflected in the limited options of investment strategies.”
Al-Siddiqi added: “The prevalence of uncertainty in the midst of the Covid-19 pandemic has been reflected in the global markets, which makes the funds that we offered an exceptional investment opportunity that would not be available under normal circumstances. Our pioneering funds were designed, which are the first Islamic funds to be implemented. Launching it in the Abu Dhabi Global Market according to the ICC structure, to give qualified investors from institutions operating in the insurance and pension sector more options, in parallel with our clear trend to support the Islamic investment sector.
In turn, Ajit Joshi, Head of Public and Private Markets at Shuaa Capital, said: “The Integrated Cell Funds platform will act as a qualified investor fund that mainly targets insurance and pension institutions and provides them with long-term rewarding investment opportunities. “Cost efficiency, abundance of volume, and creates stable and long-term value. We remain committed to the Islamic investment industry, and we look forward to launching more funds to meet the growing demand for Islamic investment funds.”
As a result of its experience in managing various Sharia-compliant investments, Shuaa will be able to boost confidence in ICC funds. These new funds will form a platform for investors to invest capital, generate stable returns, and further diversify their investments.
Dar Al Sharia Company Ltd. has been appointed as a Sharia advisor to the funds. First Abu Dhabi Bank for Custodial Services has been appointed to provide custody functions, and Apex Fund will handle the administrative work.
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