Dutch national bank ABN AMRO has reported that the bank's first Islamic fund, Al-Diraa Global Protected Equity Fund is proving to be extremely popular among the bank's Islamic customer base in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia.
The fund has been endorsed by prominent Islamic economist Mohamed Elgari and is the result of a partnership that combines the expertise of ABN AMRO Asset Management in international equities and structured investments, and the experience of Saudi Hollandi Bank in Islamic investing.
The Al Diraa Fund provides Islamic investors with an opportunity to invest in a fund which protects the customers' initial capital, whilst also exposing it to growth of the equity markets. To seek capital protection, the fund invests in Murabahah contracts, which are commodity transactions which have the goal to return the investment amount and to seek capital growth the fund invests in an Arboun contract, which are Sharia complaint options approved by the Sharia advisor. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
