MANAMA, 2 September 2007 — Bahrain-based Shamil Bank, a leading commercial and investment bank, yesterday announced that its 100 percent capital protected Shamil Navigator Modaraba fund has successfully raised around $35 million. The overwhelming response to the investment product reflects strong market confidence in Shamil Bank as an innovator in Shariah-compliant investments.
“We had set a target of $20 million to be raised from the investment community, but the results far exceeded our expectations. The overwhelming response reaffirmed our belief in the product and the attractiveness and diversification of its underlying assets”, said Ahmad Tayara, head of investment banking at Shamil Bank.
The Navigator is a three-year, Shariah-compliant investment product that gives investors an exposure to the best returns achieved on a basket of global Islamic equities and commodities, while ensuring 100 percent capital protection at maturity. The product differs from other capital protected investments currently available in the market through its ability to “Navigate” between the better of the two performing profiles at maturity (equity overweight or commodity overweight) and to give investors a participation in the best performing profile.