DUBAI, 4th October, WAM – Shuaa Capital launched three Islamic Sharia-compliant investment funds that attracted a total of $ 75 million upon their launch.
The list of the three funds includes the “Shuaa High-Return Sukuk Fund”, the “Active Nojoom Fund” and the “Nujoom Balanced Fund”. These funds are the first Islamic Sharia-compliant investment funds to be launched in the Abu Dhabi Global Market according to the integrated cell companies structure / ICC / It is expected that these funds will constitute 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, fixed-income investments compliant with the provisions of Islamic Sharia law, and other investment funds approved by specialized Sharia advisors … while the “Active Nojoom Fund” will invest and The “Nojoom Balanced Fund” is in a global portfolio of Sharia-compliant stocks, fixed income investments and short-term, highly liquid investment vehicles.
Through these three funds, Shuaa aims 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. Pensions are broader and long-term investment options.
And according to the frameworks adopted by the integrated cell companies ICC, each of the three funds operates independently from the other in terms of the assets owned by it and how it applies its investment strategies and its practice of its activities. Therefore, the assets of each fund will be invested for the benefit of its shareholders. Belonging to this fund.
Jassim Al-Siddiqi, Chief Executive Officer of Shuaa Capital, said: “We are witnessing a shortage in the availability of investment funds that are compliant with the provisions of Islamic law compared to the increasing demand for Islamic finance products around the world due to the lack of sufficient number of fund managers who are able to offer a wide range of options in the field of Islamic financial instruments. ”
He added: “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 and the control of uncertainty in the midst of the Covid-19 pandemic, which has been reflected in global markets, which makes the funds that we offered an exceptional investment opportunity.” It would have been unavailable under normal circumstances. Our pioneering funds, which are the first Islamic funds to be launched in the Abu Dhabi Global Market, were designed 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 direction to support the Islamic investment sector “.
For his part, Ajit Joshi, Head of Public and Private Markets at Shuaa Capital, said: “The Compact Cells 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. Our group of funds provides an option and an opportunity to invest in a structured and diversified framework that secures efficiency. Cost, 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 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. 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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