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Wed 30 May 2007 02:01 AM

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Dubai Islamic launches $47m US fund

DIB's Sharia-compliant fund invests in eight retail properties in the United States.

Dubai Islamic Bank has launched a $47m US real estate fund, which invests in eight retail properties in the United States, Gulf News says today.

The Sharia-compliant fund requires a minimum investment of $25,000. It will utilise Ijara, a Sharia-compliant master leasehold, and offer semi-annual coupon payments with an anticipated yield of 8.25% per year.

Properties are located across a range of US markets in areas with positive demographic trends, strong daytime populations and moderate to strong average household incomes.

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