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The Al Jazi Money Market Fund is designed to offer superior return rates to other short to medium term Shariah compliant financial and money market instruments. Highly flexible, the fund offers weekly liquidity options with initial lock-up period of three months.
Al Jazi may invest in Islamic financial money market instruments, either in Kuwaiti Dinars or other foreign currencies, issued by local and international financial institutions, banks, investment companies and governments.
The fund capital is variable between KD5m to KD100m and the duration of its tenure is set at 15 years from establishment, with the option to renew for a similar period thereafter. The subscription period for investment applications is open from 11 November to 11 December 2007.
KAMCO Chairman Mr. Masaud Hayat said:
"KAMCO is well positioned to service this increasingly popular market segment in the Middle East given our longstanding financial services experience and regional investment market experience. We are delighted to be jointly managing this fund with Manafae Investment Co., whose management skills and market knowledge complement those of KAMCO."
Money market investments have been a popular means for investors to maximise their returns on short-term investment funds for more than 35 years in the developed financial market. Over $2 trillion were invested in such funds in 2007 alone. A Shariah compliant money market fund is a type of mutual fund that invests in short-term Islamic financial and monetary instruments providing an attractive alternative to the returns offered through conventional banking solution.
Ziad Al Qaissi - Assistant General Manager of KAMCO's Investment Advisory & Research Division added: "This is an attractive investment opportunity for investors in this region who are looking for a very flexible yet low-risk investment option that also addresses their Islamic principles. We are very fortunate to be working with Bayt Al Mashoura, as they are respected Shariah law consultants who excel in the investment sector operations."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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