DUBAI, 4 April 2008 — Emirates NBD Group, announced yesterday the launch of the Emirates Islamic Global Property Fund, an open-ended daily dealing investment fund that will provide investors with access to real physical property globally in a manner compliant with Islamic Shariah. The Fund will be available to investors in the UAE as well as through the priority banking channels of Emirates NBD.
The Fund is the seventh Shariah compliant fund to be launched through Emirates Funds Limited and seeks to generate a high and rising income stream and capital growth through indirect investment in global properties and property related securities.
Jamal Bin Ghalaita, Head of Consumer Banking and Wealth Management at Emirates NBD, said: “We are very delighted by this launch. Our commitment to building an exceptional fund range continues and we look forward to delivering exposure to a new asset class for all our clients. We have successfully managed the Emirates Fund range and believe this will be an appropriate addition to a number of clients’ portfolios as investors in the GCC region and beyond recognize the diversification benefits that, until now, had been restricted to a very few.”
The Fund, which will be managed by Emirates Investment Services Ltd, the asset management arm of Emirates NBD group and a company licensed and regulated by the Dubai Financial Services Authority, uses an Islamic certificate that derives its returns based on the profit from a reference index linked to the value of physical commercial property and real estate globally.
All return streams from these assets will be generated in a manner compliant with Islamic Shariah and the Fund will only utilize Shariah compliant assets within its asset mix.