UNB launches its first Islamic fund

The fund aims at investing in a balanced portfolio compliant with the Shariah creating a growth in the capital both in the short and long term.

The Fund will focus on Islamic equities in addition to other Shariah investment instruments that are compliant with the Shariah methodology.

The fund is an Open-Ended Fund with Weekly Liquidity.

The minimum subscription to the Fund is Dhs10,000 and thereafter in multiples of Dhs1,000.

Investment in units is open to all individuals without restrictions. The subscription will start on 18/5/2008 till 11/6/2008.

The subscription and redemption forms for the fund will be available at all UNB branches all over the UAE.

The fund will have weekly liquidity and its Net Asset Value (NAV) will be calculated and posted on a weekly basis.

'The idea of the fund emerged from the high liquidity in the local market and the low interest rates. In addition to the promising quarter results of the listed companies which led to the substantial increase in the stock market deals. All reflect the return of trust to the local market', said Galal Khadr, Head of Private Banking & Wealth Management Division at UNB.

'At UNB we are always keen to offer our clients distinguished services that meet their various requirements and we expect the Fund to be met with enthusiasm from a wide range of investors and for it to be our flagship entering into the Islamic products arena'. Khadr said 'We also see new opportunities every day and are confident that the market can yield higher returns in the near and long term', added Khadr

The Fund is approved by the UAE Central Bank and will be managed by a highly qualified team that will serve clients and offer them the latest investment solutions to address their investment needs.

Mr Galal Khadr further commented 'The region continues to attract new funds and the UAE in particular has enjoyed continuous improvement in the investment environment which creates ideal opportunities for investment. On the macro-economic level, the region is being driven by a continuous surge in oil prices with the real estate and banking sector leading the economy. With the expectations of an increase in the organizations' profits in 2008 the stock market is expected to grow positively in the future'.