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Shuaa Capital launches new shariah funds

Islamic bankingDubai-based asset manager Shuaa Capital has launched three new sharia-compliant funds set to be the largest Islamic funds to feature on the Abu Dhabi Global Market (ADGM). The open-ended funds – Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund – are backed by US$75 million in capital. Shuaa Capital is targeting long-term institutional investors including pension funds and insurers and will offer the funds via the Allfunds Bank platform. According to Shuaa Capital chief executive, Jassim Alseddiqi, the supply of sharia funds still lags the demand among investors and the funds that are available either have small amounts of assets under management or are close-ended. “As a result, the choice of strategies remains limited,” says Alseddiqi. "The current climate of uncertainty amid the Covid-19 pandemic has created disruption in the global markets, presenting our funds with investment opportunities that would not have been available under normal market conditions." © 2020 funds global mena

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