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Tuesday, 21 August 2007

Canada's first Islamic income fund to launch

FrontierAlt Oasis Funds Management said today it is launching a Canadian income fund based on Islamic investment principles. Investments in the fund will focus on Shariah-compliant companies within the Dow Jones Islamic Market Index "that have demonstrated consistency in rewarding their shareholders with strong dividend payments." The FrontierAlt Oasis Global Income Fund will also invest in sukuk, types of Islamic bonds that do not pay interest, which is not permitted by Islamic investing principles. Instead, sukuk provide income from underlying assets or services. "As Canada's first Shariah-compliant income fund and the first to invest in sukuk, this is a unique investment product in the Canadian market," Asif Khan, president and CEO of Toronto-based FrontierAlt Oasis said in a release. "We believe this fund is an excellent income alternative for Muslim investors and provides an opportunity for all Canadian investors to participate in this growing investment category." The fund will be managed by Zaigham Shah, chief investment strategist at MAK, Allen & Day. Shariah investment principles preclude investments in securities of companies dealing in certain products and services and those that operate with high financial ratios of liquid assets, debt or interest income. The fund pays a monthly distribution and will distribute any excess income and capital gains annually in December. - (CP, 20 Aug 07)

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