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"The Fund has been designed to meet the current demand for Shari'a compliant term investment products with a high profit rate and relatively low minimum investment requirements. The primary investment objective of the Emirates Sukuk Fund is to achieve a maximum total return over its tenure. The Fund aims to offer attractive risk adjusted returns due to temporary anomalies in the Sukuk market. Offering it at this period of time is mainly to provide our priority banking customers a promising opportunity of investment through a well thought out product."
commented Mr. Faisal Aqil, General Manager of Retail Banking at Emirates Islamic Bank.
In addition to seeking a promising total return, the Fund will distribute income on a semi-annual basis throughout the life of the Fund beginning in mid-2009. The distributions will be derived from income generated by the underlying Sukuks, maturity proceeds and any Sukuk sold that are not sought to be reinvested by the portfolio manager.
The Fund will be open for subscription until 26th February 2009 and will be due to mature in 2013, but may be called prior to maturity.
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Posted by Nadeen El Ajou
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