MANAMA, 2 October — Shamil Bank of Bahrain announced it has incorporated a new company “Shamil Funds Company BSC(c)” to issue Shariah compliant investment funds in accordance with the Bahrain Monetary Agency’s collective investment schemes guidelines.
The new Bahraini fund company is approved by the BMA and incorporated on Sept. 2 as a Bahraini Shareholding Company.
The first fund to be issued is The Arab Islamic Equity Fund “Taief”, according to a bank statement yesterday. The investment objective of Taief is to achieve long-term capital appreciation by investing in Shariah compliant equities that are traded on Arab stock markets or exchanges. Taief is designed to provide investors with the opportunity of participating in the growth potential of the Arab equity markets in a well researched and actively managed style. The fund is open-ended, allowing investors to subscribe to or redeem units of the fund on monthly basis at the respective net asset value at the time. The target fund size upon the initial closing is set at $10 million to be raised from institutional investors in the GCC.
The fund will also be offered to retail investors within six months from the initial closing which is scheduled during mid-November this year.
