NBK launches third KD Ijara fund

NEW FUND: NBK's KD Ijara fund open for business again. (Getty Images)

National Bank of Kuwait (NBK) confirmed on Saturday the launch of the third version of its KD Ijara Fund.

Sharia compliant Islamic KD Ijara Fund III has a minimum investment of KD30,000 (KD10,000 for top-ups) and is set to run for a minimum five years, although provisions exist for it to be extended by a further two years.

Like its predecessors, the fund aims to provide 'reliable' monthly returns based on a 'relatively' low investment risk profile, according to the managers.

Investors will have the opportunity to buy into a diversified portfolio of leasing contracts - structured according to Sharia principles - in the manufacturing, IT hardware, construction materials, telecommunications equipment and similar sectors.

The offer period runs from Sept. 27 through Oct. 11, after which the fund will be closed.

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