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Sun 27 Sep 2009 01:20 AM

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NBK launches third KD Ijara fund

Third version of Sharia compliant fund, on offer to investors through October 11, set to run for 5 years.

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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