Mondial to offer Shariah Compliant Dsam Kauthar Funds
- United Arab Emirates: Sunday, December 19 - 2010 at 12:09
- PRESS RELEASE
Dubai Shariah Asset Management (DSAM), and financial investment consultant Mondial (Dubai) L.L.C. (part of the Financial Partners Affiliation) today announced a Memorandum of Understanding where Mondial will offer the DSAM Kauthar Funds in seven countries, including the UAE, as part of a developing strategy to provide Shariah compliant products to investors. The first two funds available to investors will be the DSAM Kauthar Gold Fund, Ltd., winner of the 2010 MENA Fund Manager Award for Outstanding Performance & Innovation and the DSAM Kauthar Energy Fund. DSAM is a joint venture between Dubai Multi Commodity Centre Authority (DMCC)and Shariah Capital.
Recognizing the growing demand from clients in the Middle East and Asia for Shariah compliant products, Mondial/Financial Partners recently embarked on a strategy to address the needs of Islamic investors in the UAE, Indonesia, Malaysia, Singapore, Hong Kong, Australia, and India. This effort not only involves educating and training its personal advisors but also requires researching and selecting high quality investment products for those advisors. Mondial's announcement today is one of several steps to build a platform of disciplined, strategy-specific funds that will enable it to attract Shariah compliant investors to Mondial, expand its global brand to Muslim communities, and replicate the success it has enjoyed with conventional investment clients.
Originally geared to institutional investors, the DSAM Kauthar Funds will revise their investment terms to accommodate Mondial's clients. The DSAM Kauthar Gold Fund, for example, will allow a lower investment contribution and provide weekly liquidity. These terms, competitive with those of similar funds, will allow investors access to some of the world's most successful fund managers. DSAM's transformation to a retail-focused business model will be accompanied by the addition of a senior takaful industry veteran to its staff and more initiatives with firms like Mondial.
Commenting on the announcement Ahmed Bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre Authority, said, "The DMCC continues to play a leading role in the evolution of the financial industry in the region. Our Shariah-compliant commodity funds have an outstanding performance record and we are pleased to now be able to offer these exciting and innovative products to Mondial."
Mondial CEO, Sean Kelleher said, "Proven Islamic investment products are an important part of our investment consultancy business as we launch our initiatives in this area. We are delighted to partner with DMCC and utilize the DSAM Kauthar Funds."
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