India’s first Shariah-compliant mutual fund collects 50 million rupees
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.
Categories: India · Islamic Investments · Islamic Mutual Funds
Tagged: Islamic Banking, Islamic finance, Islamic investment
Islamic fund eyes private buyouts
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.
Categories: Africa · Bahrain · Islamic Investments · Islamic Mutual Funds · Middle East
Islamic Finance: First energy bank is born
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.
Categories: Bahrain · Islamic Investments
Saudi’s Al Rajhi starts $300 mln Islamic property fund
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.
Categories: Islamic Investments · Saudi Arabia · Singapore
Islamic Finance: Gulf Finance House (GFH) launches Gulf Atlantic Real Estate II
Leading Islamic Investment Bank, Gulf Finance House (GFH), announced the launch of Gulf Atlantic Real Estate II (Gare-II), a shariah-compliant British commercial property fund. The fund, GFH said, builds upon the success of its first United Kingdom property fund, Gare, which was successfully exited three years ago, delivering excellent income and total returns for investors.
The launch of Gare-II follows an extensive study of British commercial property market by GFH’s real estate fund-management team. The study, which also reviewed other European markets, clearly identified a rare, cyclical buying opportunity in the UK commercial property market, following significant falls in the value during the last six months.
Categories: Islamic Investments · Islamic REITs · Products
