Latest from GIFC

Tuesday, 4 March 2008

Jordinvest launches Shariah-Compliant MENA Fund

(MENAFN Press) Jordan Investment Trust (Jordinvest) announced the launch of its first Shariah-Compliant Fund. The announcement took place during the third Jordan Economic Forum (JEF) at the Dead Sea Convention Center held between the 2nd and 3rd of March. Jordinvest, Jordan's leading provider of integrated investment banking services in local and regional markets, is the platinum sponsor of the forum this year. The primary objective of the Fund is to seek medium to long-term capital appreciation by investing in Shariah-compliant securities listed in the Middle East and North Africa ("MENA") capital markets.

Commenting on the fund, Ahmad Tantash, CEO and Chairman of Jordinvest said: "The Shariah Compliant Investments are currently among the most promising niches with regards to growth. The sector is still poised to grow annually by 15% ; it's investments are estimated to be 230 Billion US Dollars. Investors are increasingly demanding Shariah Compliant assets. A similar interest has been detected from investors with non-Islamic orientation due to the double digit returns the sector has been yielding. Tantash announced that the size of the Fund would reach USD 100,000,000 with a minimum of USD 5 million. It will be offering up to 1,000,000 Units at USD100 per unit plus a subscription fee of 0.75% per unit. The fund is an open-ended mutual fund and is established as a collective investment scheme pursuant to the regulations issued by the Central Bank of Bahrain on the20/9/ 2007. The fund is registered in Bahrain; it's not registered or governed by Jordan securities commission.

The initial subscription for units will commence later this week.The fund has appointed three Shariah advisors headed by Dr.Hussein Hamed Hassan a renowned scholar in the region, HSBC Bank Middle East Limited, Bahrain as the administrator and custodian and Key point Consulting W.L.L., Bahrain as Registrar. All auditing processes will be carried out by Price Waterhouse Coopers, Bahrain. Tantash elaborated: "In addition to ensuring Shariah compliance, investment decisions will be based on the sound fundamentals of the underlying companies and will take account of future financial, economic, regulatory and social factors., a process that will be supported by an in house research department.

Tantash, as a key speaker on "the Role of Banks and Financial Markets in Financing Economic Development in Jordan" during the Forum, touched upon the development of the banking sector and its future prospects. He discussed with other speakers the role of banks in financing the local economy, the financing of large development projects and the present and future contribution of foreign banks. Tantash highlighted the role of the financial market in channeling financing for companies and projects, and ensuring the success of privatization.

Jordan Investment Trust PLC- Jordinvest is the first Jordanian public shareholding company to offer its clients a variety of integrated investment banking services, in local & regional markets. With a paid-up capital of JD29.5 million (USD41.5 million), Jordinvest manages investment portfolios worth 50 million JOD (USD 70 million). Jordinvest's services include debt and capital raising, corporate restructuring, financial advisory, and asset management activities.
Alfalah Consulting-Kuala Lumpur: 
Islamic Consultant & Trainer: 
Islamic Investment Malaysia:

No comments:

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational Alfalah Consulting, KL-Malaysia:


Register Online . Register Today

Islamic Financial Planning & Wealth Management by Ahmad Sanusi Husain