3iC Group launches Enmaa', a US$100 million Shariah-compliant Public Fund through Emirates Islamic Bank

Enmaa' is a shariah-compliant open-ended public fund with a total size of US$100,000,000. The minimum investment amount per customer is US$1000.

Enmaa' is the first of the three classes of shares that is part of the AED 1 billion Dubai Growth Fund announced by the group last quarter during the GCC stock market conference in Dubai.

Emirates Islamic Bank PJSC, a leading Islamic bank of the UAE, has been appointed as the receiving bank and also to process subscriptions and redemptions for the fund. HSBC Bank Middle East Ltd has been appointed as custodian and administrator of the fund. The National Investor (TNI), a leading UAE asset manager, has been retained by Enmaa' to become the portfolio manager.

3iC Group, an international investment firm licensed by the Financial Services Commission of the British Virgin Islands with operations in Malaysia and the United States, is the sponsor and manager of Enmaa'. The fund will primarily invest in high growth equities and pre-IPO opportunities in the Middle East and selected international markets and shall be following the Dow Jones Islamic Indexes criteria.

"This is a unique shariah-compliant fund as it is the first to involve that many world-class financial institutions and individuals under one flag to service all types of investors in the region," said Dr. Akram Yosri, managing partner of 3iC Group.

"We are honored to have H.E. Anwar Ibrahim, former Deputy Prime Minister and Minister of Finance of Malaysia as the Head of advisory committee and also to have Dr. Daud Bakar, one of the world's leading Shariah scholar of Dow Jones Islamic Indexes, as Enmaa's shariah advisor. We are also so honored to have H.E. Ms. Raja Easa Al Gurg, managing director and member of the board of directors of Easa Saleh Al Gurg Group, and president of Dubai Business Women Council along with Mr. Saeed Saif Al Ghurair on our board," added Mr. Fauzi Saad, head of 3iC's Asian operations.

Mr. Faisal Aqil, General Manager - Retail Banking, Emirates Islamic Bank, said, 'We are pleased to extend our support to the launch of Enmaa which should help contribute to the regional economy and provide customers with an alternate Shariah compliant investment opportunity. As such, we are happy to be associated with this initiative.'

Mr. Sumitha De Silva, manager, Institutional Banking and HSBC Securities Services, HSBC Bank Middle East Limited, Qatar, said, "We are very pleased to provide the custody and administration services to Enmaa'.'