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Mashreq launches Islamic equity fund

Mashreq Al Islami, the Islamic banking division of Mashreq, launched on Tuesday its Sharia-compliant equity fund. Called the Al Islami Arab Tigers Fund, it will allow customers to invest in a diversified portfolio of growth and dividend stocks in the Middle East and North Africa (Mena) region.

The Al Islami Arab Tigers Fund will invest in listed equities of companies that meet Sharia values. Investing in the Mena equity markets offer significant opportunities for investors due to the strength of the Mena economic market and potential for growth of the region.

Mashreq Arab Tigers fund has been operating as a conventional Mena Equity fund domiciled in Dublin. Since its launch in August 2008, the fund has achieved significant performance. It has returned 87.71 per cent against the benchmark (S & P Pan Arab Index) return of -19.12 per cent since then as at end of February 2014. Its 2013 return was 23.84 per cent vs. benchmark return of 21.90 per cent.

“Mashreq is confident about the exceptional growth and potential of the Mena region and we are geared up towards capitalising on the economic growth,” said Abdul Kadir Hussain, CEO Mashreq Capital. “As one of the older asset managers in the region, we have a strong track record in managing Mena equities and also managing Sharia Compliant investments which we now extend to manage an Islamic Mena Equity Fund.”