Friday Nov 15, 2024
Friday Nov 15, 2024
Wednesday, 14 November 2012 00:05 - - {{hitsCtrl.values.hits}}
Heraymila Capital (Pvt.) Ltd. (HCL) and Amana Capital Ltd. (ACL) have jointly launched the Amana-Heraymila Shariah Fund, a balanced unit trust fund that will invest in Shariah-compliant listed equity and income securities. The initial unit offer period is from 12 November 2012 until 4.30 p.m. on 28 November 2012, and a unit is priced at Rs. 10 during this period. The minimum investment in the fund is Rs. 10,000.
The fund will offer easy accessibility, diversification, liquidity and stringent Shariah compliance to local and foreign investors. The Islamic financial services industry is gathering momentum in Sri Lanka in line with its growing popularity overseas.
Global Islamic financial assets are expected to reach US$ 5 trillion in 2012. The Amana–Heraymila Shariah Fund is therefore timely in its ability to cater to a growing need for Shariah-compliant financial products.
Investors will benefit from a qualified and experienced team of investment managers at Heraymila, Shariah compliance expertise by Amana, a trustee framework provided by Deutsche Bank, regulation by the SEC, access to a suite of Shariah compliant securities, the open-ended nature of the fund, enabling investors to come in to or exit the fund at any time, and transparency and regular reporting on investments.
HCL will be responsible for the investment decisions, trading strategies and administration of the fund. Incorporated in Sri Lanka, HCL is licensed and regulated by the SEC. It is a wholly-owned subsidiary of Heraymila Investments Limited, a company registered in the Dubai International Financial Centre. HCL also manages a growth fund worth over Rs. 1 billion.
ACL will scrutinise all Shariah-compliant aspects of the fund. ACL is part of the Amana Group, which pioneered Islamic financial services in Sri Lanka and is a fully owned subsidiary of Amana Global Limited. ACL is licensed by the SEC and co-partnered in Sri Lanka’s first Shariah compliant equity fund.
Individual and institutional investors can obtain the fund’s exploratory memorandum and application form at www.heraymilacapital.com or at www.amanaglobal.com, and can contact HCL on 112359100 or ACL on 117801000.
