DUBAI, 18 June 2005 — Al-Tawfeek Company for Investment Funds launched its new Shariah-compliant GCC equity fund here over the weekend. Labeled the Al-Tawfeek Gulf Equity Fund, it is an open-ended investment fund incorporated in Bahrain and regulated by the Bahrain Monetary Agency (BMA). “This offers an attractive investment opportunity to invest in the GCC equity markets,” Al-Tawfeek Chief Executive Officer Hassan Salim Al-Ammari told a press conference followed by a meeting with investors at Emirates Towers Hotel.
“The fund, approved by the BMA on June 1, is open-ended with a target capital of $100 million. It will actively invest in listed and unlisted Shariah-compliant equity and equity-related securities in the GCC countries,” Al-Ammari said.
Al-Tawfeek company is a member of the Dallah AlBaraka Group, a leading provider of Shariah-compliant investment funds in the region. Dhafer Salih Al-Qahtani, general manager of the company, gave a presentation on the fund and its focus on the GCC.