Ahlibank to launch Sharia compliant MENA fund

Muscat - 

Ahlibank will launch Sharia-compliant Al Hilal MENA Fund (AHMF), an open-ended fund based on Mudaraba structure, on May 22. The initial subscription period will continue up to June 20.

AHMF will be the first Sharia complaint fund to be launched by an Omani bank. With the launch of this fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles.

According to a press release, the fund will open for subscription at RO1.020 per unit, which includes 20bz for issue expenses. Post closure of the subscription period all investors will be able subscribe at the prevalent net asset value (NAV) published on a daily basis.

Commenting on the launch of the fund, ahlibank’s CEO Abdulaziz al Balushi said, “We are very proud to be the first Omani bank to launch a Sharia compliant fund, initiatives such as this will facilitate the faster growth of the Islamic finance landscape in the Sultanate.”

He added “The fund will be raised from Oman and other GCC countries using the network of our group institutions. The open-ended nature of the fund will enable investors with access to immediate liquidity, whilst simultaneously enabling participation in the region’s economic growth.”

Investors can take comfort in the value proposition of the fund, owing to its low fee structure ,which bodes well to enhance investor returns. The fund is available for subscription via the Al Hilal branch network that spans across five cities of Oman.

The value proposition continues with expertise of the ahlibank Asset Management; with its wide investment expertise being appointed as the fund manager. The dedicated team of investment personnel associated with the fund are seasoned professionals with in-depth market acumen and specialist expertise in aspects of Islamic investments and fund management.

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