3iC Group Licensed by the BVI FSC is Launching a US$100 million Shariah-compliant Public Fund
Another BVI Financial Services provider is making serious step towards Islamic countries by providing Shariah compliant investment services. As discussed previously Islamic countries are becoming more and more important market for offshore services providers, and British Virgin Islands have strong positions there.
On January 29, 2007 3iC Group has reported about the launch of Dubai Growth Fund (Enmaa') Class A shares. 3iC Group, the sponsor and manager of Enmaa', is an international investment firm licensed by the BVI Financial Services Commission with operations in the United States and Malaysia.
Enmaa' is a open-ended public shariah-compliant mutual fund with a total size of US$100,000,000, with the minimum investment amount per customer US$1000. It is the first among the three classes of shares, that is part of the AED 1 billion Dubai Growth Fund announced by the group last quarter. The fund primarily invests in high growth equities and pre-IPO opportunities in the Middle East and some international markets, following the Dow Jones Islamic Indexes criteria. Enmaa' is diversifying its investments across industries and markets, aiming to achieve 25% annual return on investment.
Emirates Islamic Bank PJSC is the receiving bank, which will also process subscriptions and redemptions for the Dubai Growth Fund. HSBC Bank Middle East is the custodian and administrator of the fund. The National Investor (TNI), which is leading asset manager in the UAE, will manage portfolio of Enmaa'.
Dr. Akram Yosri, managing partner of 3iC Group, has commented, “ This is a unique shariah-compliant fund as it is the first to involve that many world-class financial institutions and individuals under one flag to service all types of investors in the region”.
Mr. Faisal Aqil, General Manager of Retail Banking, Emirates Islamic Bank, has said, “We are pleased to extend our support to the launch of Enmaa which should help contribute to the regional economy and provide customers with an alternate Shariah compliant investment opportunity. As such, we are happy to be associated with this initiative."
On January 29, 2007 3iC Group has reported about the launch of Dubai Growth Fund (Enmaa') Class A shares. 3iC Group, the sponsor and manager of Enmaa', is an international investment firm licensed by the BVI Financial Services Commission with operations in the United States and Malaysia.
Enmaa' is a open-ended public shariah-compliant mutual fund with a total size of US$100,000,000, with the minimum investment amount per customer US$1000. It is the first among the three classes of shares, that is part of the AED 1 billion Dubai Growth Fund announced by the group last quarter. The fund primarily invests in high growth equities and pre-IPO opportunities in the Middle East and some international markets, following the Dow Jones Islamic Indexes criteria. Enmaa' is diversifying its investments across industries and markets, aiming to achieve 25% annual return on investment.
Emirates Islamic Bank PJSC is the receiving bank, which will also process subscriptions and redemptions for the Dubai Growth Fund. HSBC Bank Middle East is the custodian and administrator of the fund. The National Investor (TNI), which is leading asset manager in the UAE, will manage portfolio of Enmaa'.
Dr. Akram Yosri, managing partner of 3iC Group, has commented, “ This is a unique shariah-compliant fund as it is the first to involve that many world-class financial institutions and individuals under one flag to service all types of investors in the region”.
Mr. Faisal Aqil, General Manager of Retail Banking, Emirates Islamic Bank, has said, “We are pleased to extend our support to the launch of Enmaa which should help contribute to the regional economy and provide customers with an alternate Shariah compliant investment opportunity. As such, we are happy to be associated with this initiative."
Labels: Financial Services, Investment Services, Offshore Banking, Offshore Service firms
posted by Brian Obvi, Offshore Analyst | 6:53 PM
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