Specialized Islamic financial services provider, IslamiQ, has completed the Shari’ah advisory and structuring of Asia’s first Islamic private equity fund. The CIMB Muamalat Fund (CMF) is a closed-end offshore limited partnership, established in parallel with the Navis Asia Fund III (NAF) by Navis Capital Partners (Navis).
CMF is expected to receive capital commitments of up to $150 million, with initial funding from CIMB, Bank Muamalat and Navis Capital Partners, will co-invest on equal terms with NAF in all investments that are Shari’ah compliant. The interim closing of CMF will take place between March and April of 2002, and the final closing will take place no later than October 2002, stated a press release.
“CMF’s objective is to generate capital gains on its investments, so that investors will receive a multiple of two to three times their initial investment over four or five years,” explained Director of Navis, Nicholas Bloy.
Navis’ current portfolio has an average age of 18 months during which time it has increased in value by over 100 percent. One small, partial portfolio realization has been made, generating 2.46 times the initial investment over ten months, an IRR of 195 percent over ten months.
IslamiQ was launched in March 2000. The site offers information on and access to investment products that are in line with the principles of Shari'ah law. It is guided by a Shari’ah board, which includes three internationally renowned Shari'ah scholars. The company has offices in Dubai and Kuala Lumpur. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
