National Bank of Kuwait launches its first US$ money market fund according to Islamic Shariah principles

This comes after the big success and the ongoing enthusiasm for the Watani KD Money Market Fund According to Islamic Shariah Principles that was launched in February 2007.

Salah Yousef Al-Fulaij, General Manager of Investment Services and Treasury Group, explained that the Fund aims to achieve returns in excess of the USD fixed deposit rate, through investing in high quality money market instruments such as murabaha transactions and Ijara according to Islamic Shariah Principles and which suits our clients' needs. Furthermore, the Fund will seek to increase its Net Asset Value while achieving a high level of liquidity by investing in high quality instruments. The Fund is denominated in US$, with a minimum investment of US$5,000 and additional investments of US$1,000. The Fund is open-ended with weekly subscriptions and redemptions.

Al-Fulaij also noted that the Watani USD Money Market Fund According to Islamic Shariah Principles, along with other NBK Islamic Funds, is under the supervision and guidance of the independent Shariah Advisory Committee, which guarantees that all operations and procedures are according to Islamic Shariah Principles. In addition, the Fund enjoys an independent financial credibility.

The Independent Shariah Advisory Committee consists of Dr. Khaled Al Mathkour, Dr. Essa Zaki Shakra, and Dr. Abdul Aziz Al Qassar.