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Dubai: Union National Bank (UNB) has launched the Al Samaha Islamic Fund, a Sharia-compliant product investing mainly in the UAE with the flexibility to seek opportunities in other Gulf countries, Mena and emerging equity markets.
The fund aims at investing in a balanced portfolio targetted at capital growth both in the short and long term. The open-ended fund with weekly liquidity will focus on Islamic equities in addition to other Sharia-compliant investment instruments.
The minimum subscription to the fund is Dh10,000 and thereafter in multiples of Dh1,000. Investment in units is open to all individuals. The subscription will start on May 18 and end on June 11.
The subscription and redemption forms for the fund will be available at all UNB branches all over the UAE. The fund's net asset value (NAV) will be calculated and posted on a weekly basis.
Galal Khadr, head of private banking and wealth management, UNB, said: "The idea of the fund emerged from the high liquidity in the local market and the low interest rates. In addition to the promising quarter results of the listed companies which led to the substantial increase in the stock market deals. All reflect the return of trust to the local market."
The fund has the approval of the UAE's central bank and will be managed by a highly qualified team.
"The region continues to attract new funds and the UAE in particular has seen continuous improvement in this regard," said Khadr.
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