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"We are very happy to be launching and managing The Sukuk Fund, and on working with Elaf Bank. This will be the second fund managed by Algebra Capital in its fixed income line of business,"
commented Ziad Makkawi, Founder & CEO of Algebra Capital.
"The Sukuk Fund reflects both our constructive view of the region's fixed income markets; as well as the importance of the Shari'a compliant space to us."
Dr. Jamil Jaroudi, CEO of Elaf Bank, added that "The Sukuk Fund is an attractive vehicle to gain exposure to and benefit from the rapidly evolving and attractive Sukuk asset class capitalizing on Elaf Bank's access to and expertise in Islamic finance and benefiting from Algebra Capital's investment process and extensive MENA research capability".
"The global Sukuk market now exceeds $100bn and the MENA region's contribution to it is expected to continue," commented Mohieddine Kronfol, Managing Director, Algebra Capital and the Portfolio Manager for the fund. "MENA Sukuk now represents 33% of the global Sukuk market and a little more than 33% of MENA corporate fixed income issues. Strong economic fundamentals, large infrastructure projects and increasing capital market activity support and advance prospects for the Sukuk market in our region."
"By launching The Sukuk Fund, we hope that it will be considered by investors as a unique financial product providing diversification for their portfolios through the addition of Shari'a compliant income generating issues such as Sukuk."
said Ahmad Tayara, General Manager for Investment Banking at Elaf Bank.
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Posted by Ehab Al-Abbadi
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