“Shuaa Capital” announced the launch of three investment funds that are compatible with the provisions of Islamic Sharia, and these funds attracted a total of $ 75 million upon their launch.
The list of these 3 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).
“Shuaa GMC Ltd.”
Shuaa expects that these funds will be one of the largest investment platforms in the Abu Dhabi Global Market and a major source of the company’s activities in this market. “Shuaa GMC Ltd.” – wholly owned by Shuaa Capital and subject to the oversight 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 Yield Sukuk Fund” will invest in a diversified portfolio of Sukuk, including high-yield sukuk and fixed-income investments compliant with the provisions of Islamic Sharia, and other investment funds approved by specialized Sharia advisors. Meanwhile, 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.
«All Fans Bank»
Shuaa aims, through these three funds, to provide an outstanding service to its institutional clients and their partners in the insurance sector. “All Fans Bank”, the largest fund marketing network around the world, undertakes the tasks of providing these funds exclusively to qualified institutional investors, which gives institutions operating in the insurance and pension sector wider and long-term investment options.
In application 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 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.
Shortage of funds
“We are seeing a shortage of Sharia-compliant investment funds, compared to the increasing demand for Islamic financing products around the world,” said Jasim Al-Siddiqi, CEO of Shuaa Capital. This is due to the insufficient number of fund managers who are able to offer a wide range of options in the field of Islamic financial instruments. In addition, the currently available funds are either funds of a limited size for managed assets or closed funds, which is reflected in the limited options of investment strategies. The prevalence of uncertainty in the midst of the Covid-19 pandemic has been reflected in global markets, making the funds that we offered an exceptional investment opportunity that would not otherwise be available in normal circumstances. Our pioneering funds, which are the first Islamic funds to be launched in the Abu Dhabi Global Market according to the ICC structure, have been designed to give qualified investors from institutions operating in the insurance and pension sector more options, in parallel with our clear direction to support the Islamic investment sector. ”
Merged Cell Corporation
Ajit Joshi, Head of Public and Private Markets at Shuaa Capital, said: “The Integrated Cell Funds platform will act as a qualified investor fund targeting mainly insurance and pension institutions and providing them with long-term profitable investment opportunities. Our group of funds also provides the option and opportunity to invest in a structured and diversified framework that insures cost efficiency, abundance of volume, and creates stable and long-term value. We are still committed to the Islamic investment industry, and we look forward to launching more funds to meet the growing demand for investment funds that are Sharia-compliant. ”
As a result of its experience in managing various Sharia-compliant investments, Shuaa will be able to enhance confidence in the ICC funds. These new funds will form a platform for investors to invest capital, generate stable returns, and further diversify their investments.
The Dar Al Sharia Company Ltd. has been appointed as a Sharia advisor to the funds, and the “First Abu Dhabi Bank for Custodial Services” company has been appointed to provide custody functions, and the Apex Fund Company undertakes the administrative work.
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