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This strategic distribution relationship is the first for Dubai Islamic Bank - Wealth Management and represents the efforts to provide its customers with a diversified range of Islamic investment products. Each of the three investment products will have a minimum investment of US$ 10,000 per fund for individuals and US$25,000 per fund for institutions.
DWS Noor Precious Metals Securities Fund: will invest in companies engaged in activities related to gold, platinum, silver and other precious metals.
DWS Noor Japan Equity Fund: will invest in listed Japanese companies thereby providing access to Japan's rising economic opportunities.
DWS Noor Asia Pacific Equity Fund: will provide access to the outstanding growth opportunities in Asia Pacific's emerging economies.
The funds are strictly supervised by its Shari'a advisor, Dar Al Istithmar, whose Shari'a board comprises five of the world's leading Shari'a scholars who continually monitor the entire investment and reporting process.
Saeed Al Qatami, Senior Vice President, Head of Wealth Management, DIB, said:
"We are pleased to announce the distribution relationship with Deutsche Bank and the launch of three mutual funds. It is in line with our commitment to become a leading provider for investment solutions within Islamic Banking. We believe we have the brand equity, know-how, and a solid platform that includes the certification of our investment advisers. Liquidity is high in the region and every individual would like to diversify savings across a broad spectrum of investment opportunities."
Naveed Ahmad, Head of Investments - Wealth Management, DIB, said: "DIB's wealth management team's endeavour is to provide exceptional value to investors. With the latest three products we have began the process of providing our customers with an `open architecture' platform for investment products. We believe in providing our customers with the best investment products from around the world. We have initially chosen these three funds as they compliment our in-house offering of existing mutual funds - Al Islami GCC Equity Fund and the Al Islami Savings Scheme. "
Scott Jaffray, Chief Investment Officer for DWS Investment in MENA and architect of the DWS Noor Islamic Funds range explained, "We have had a very positive response to the launch of our DWS Noor Islamic Funds in December 2006, and are delighted to attract distribution partners of the caliber of Dubai Islamic Bank."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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