Salama ties up with CAAM Group to provide bouquet of Sharia compliant funds

The funds are based on the CAAM Group's extensive experience and invest exclusively in Sharia compliant instruments or products, giving investors the opportunity to diversify their equity asset allocation thanks to the different investment processes (quantitative, active and multi-management) or country exposure (BRIC, Asia ex-Japan, Global Equities).

For oversight on the Sharia compliance of the SICAV sub-funds, CAAM has set up a dedicated Sharia Supervisory Board.

The Board is comprised of reputable Islamic scholars and its goal is to advise CAAM investment managers on Sharia matters and to ensure the products are compliant with Sharia rules.

Salama is one of the leading providers of Takaful products in the UAE market pleased to provide its customers with Sharia compliant Takaful solutions with value added Sharia compliant investment funds that can cater to clients long term investment needs.

Salama has a suite of assembly of diverse Sharia compliant unit linked insurance products to its clients and with CAAM Group's asset management services it is possible to offer the best class of Sharia compliant investment opportunities.

In his commentary, Mr. Noel D'Mello, General Manager-Family Takaful, Salama, said:

"With this partnership, Salama has demonstrated, yet again, its commitment to bring the Best Fund Managers and Funds available in the Islamic space from all across the globe to the doorstep of the UAE residents. I am particularly delighted with this partnership as it is for the first time that Salama will be offering a Sharia compliant BRIC fund. Through the simple and affordable savings and protection plans, Salama is able to offer these CAAM funds to the ordinary investor for as low as Dhs200 per month regular savings or Dhs30,000 single contribution."

On the occasion also, Mr. Jean-Michel Bourgoin, Deputy Head of International Client Development at CAAM Group, commented, "CAAM Group through a long-standing relationship with Middle-East investors has been managing for over 15 years Sharia compliant solutions. We are very pleased to cooperate with Salama, the largest Takaful and Re- Takaful player in the region. We believe that our strong commitment to the Sharia asset management combined with our product expertise will suit Salama clients' needs of diversification and returns."

Salama has a solid business profile in their traditional territories - Far East, Africa, Middle East and Central Asia, which is further improving with geographical expansion, business growth and introduction of new life lines. The company was nominated for the Best Takaful Operator and Best Banca Takaful Operator at the 'Islamic Business & Finance Awards 2008 by CPI Financial. It has a paid-up capital of $300m and is listed at the Dubai Financial Market.