Algebra, Elaf Bank launch Islamic fund
by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 07 September 2008
Dubai-based fund manager Algebra Capital and Bahrain's Elaf Bank launched on Sunday an Islamic-compliant fund with an initial size of $100 million to invest in securities in the Middle East, North Africa and Asia.
The Sukuk Fund is an open-ended vehicle offering returns above 8 percent, but will target an initial size of $100 million.
"This will be the second fund managed by Algebra Capital in its fixed income line of business," said Ziad Makkawi, CEO of Algebra Capital said in a statement.
"The Sukuk Fund reflects both our constructive view of the region's fixed income markets, as well as the importance of the sharia-compliant space to us," Makkawi said.
Founded in 2006, Algebra advises on or manages around $1.1 billion in assets. Franklin Resources Inc owns a 25 percent stake in Algebra, which is sub-advisor on a Middle East and North Africa Fund launched by the California-based firm in June.
Elaf, which is seeding the fund, is an Islamic bank founded in Bahrain in 2007, which is targeting the equity and Islamic financing capital market. (Reuters)
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST ISLAMIC FINANCE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST ISLAMIC FINANCE
LATEST MIDDLE EAST BUSINESS NEWS
- Travel & Hospitality: Flexibility key to avoiding the crunch
- Healthcare: MoH to set pay scales for all healthcare staff
- Politics & Economics: Top US military officer travels to India, Pakistan
- Transportation: British Airways, Qantas confirm merger talks
- Transportation: Somali president accuses Islamists of being behind piracy
RELATED STORIES
Algebra Capital
- UAE banks' real estate exposure 'overblown'
11 Nov '08 | News - Franklin launches MENA fund
16 Jun '08 | News




