960429

Islamic Equity

Fund attracts

US $7 million

investment

LONDON: An Islamic equity fund, Oasis has attracted investment worth 7 million US dollars in less than three months of its international launch in Luxembourg.

Flemings, a UK-based international investment bank, which launched the Islamic equity fund expects a sizeable investment from Islamic community in Britain also which is estimated between one and half million to two million strong.

A spokesman of the Flemings said on Tuesday that the main emphasis of the fund will be long-term capital growth. He said the Flemings has launched the fund this month in UK also but its main target was Middle East and Fast East regions.

He said a Sharia Board comprising three scholars including Justice Mohammed Taqqi Al-Uthmani from Pakistan will oversee the investment policies of the fund under guidelines laid by it. The Shariat Board he said has agreed an investment universe of upto 1,000 companies largely in the developed countries acceptable under the guidelines.

He said the guidelines include exclusions of companies involved in alcohols, gambling etc. The fund investment he said would be ploughed into manufacture of motor cars ( already made in Toyota cars in Japan) pharmaceuticals, power generation and water sectors.

He said the Sharia Supervisory Board, an independent committee of the three prominent Islamic scholars will both advise the fund on matters of Islamic law and monitor the Fund's adherence to the law. Dr Abdul Sattar Abu Ghuddah and Dr Nazih Hammad both Saudi scholars are other members of the Shariah Board. The minimum subscription in Oasis is $50,000 individually or through pooling arrangements. The shares of the fund are listed on the Luxembourg Stock Exchange.-APP