ID :
117739
Tue, 04/20/2010 - 15:00
Auther :
Shortlink :
https://oananews.org//node/117739
The shortlink copeid
Emirates NBD launches Emirates Global Sukuk Fund
Dubai, April 20, 2010 (WAM)- Emirates NBD announced yesterday the launch of the Emirates Global Sukuk Fund. The fund will be managed by Emirates NBD Asset Management Limited (Emirates NBD AM), a provider of a full range of investment products and services and the asset management arm of the Emirates NBD Group, the largest banking group in the Middle East in terms of assets.
The fund is a Jersey-domiciled, US dollar denominated, Sharia-compliant open ended fund that will invest in a portfolio of sukuk instruments issued by companies locally and globally. The fund seeks to achieve a high income as well as capital growth over a complete market cycle and is targeted at investors looking for higher yields available in the corporate space globally.
Through the fund, investors should be able to access attractive returns proportionate to risk taken. Lower lending activity, a lack of liquidity and increased selling pressure from international investors has resulted in wider credit spreads in the sukuk market. As a result, a number of issues with sound fundamentals are offering attractive yields.
The fund will distribute income on a periodic basis. Income distributions will take place on a semi-annual basis beginning in mid-2010. The distributions will be derived from income generated by the underlying sukuks, maturity proceeds of sukuk and the uninvested portion of any funds generated by sales of securities.
The fund will be managed by Emirates NBD AM; a company licensed and regulated by the Dubai Financial Services Authority, and has been designed to meet the current demand for Sharia-compliant investment products with a high profit rate and relatively low minimum investment requirements. Emirates NBD AM (formerly Emirates Investment Services Ltd) recently won an award for the "Best New Entrant in the Sukuk Market" at the London Sukuk summit.
The fund is a Jersey-domiciled, US dollar denominated, Sharia-compliant open ended fund that will invest in a portfolio of sukuk instruments issued by companies locally and globally. The fund seeks to achieve a high income as well as capital growth over a complete market cycle and is targeted at investors looking for higher yields available in the corporate space globally.
Through the fund, investors should be able to access attractive returns proportionate to risk taken. Lower lending activity, a lack of liquidity and increased selling pressure from international investors has resulted in wider credit spreads in the sukuk market. As a result, a number of issues with sound fundamentals are offering attractive yields.
The fund will distribute income on a periodic basis. Income distributions will take place on a semi-annual basis beginning in mid-2010. The distributions will be derived from income generated by the underlying sukuks, maturity proceeds of sukuk and the uninvested portion of any funds generated by sales of securities.
The fund will be managed by Emirates NBD AM; a company licensed and regulated by the Dubai Financial Services Authority, and has been designed to meet the current demand for Sharia-compliant investment products with a high profit rate and relatively low minimum investment requirements. Emirates NBD AM (formerly Emirates Investment Services Ltd) recently won an award for the "Best New Entrant in the Sukuk Market" at the London Sukuk summit.
