Arqaam Capital Launches Fixed Maturity Sukuk Fund: Noor Bank raises 130 million USD
Sunday, November 11, 2018
Arqaam Capital, a DIFC based fund manager, recently launched the Arqaam Islamic Current Income Fund 2022, a new Sub-Fund of Arqaam Islamic Funds (OEIC) Limited, a DIFC based umbrella Shari’ah compliant fund. Noor Bank, a leading UAE based Shari’ah-compliant bank, raised circa $ 130 mm in subscriptions for the fund during the three week offering period between September 17th and October 11th 2018.
Arqaam Islamic Current Income Fund 2022 has a final maturity of October 2022 and aims to provide income through investments predominantly in global sukuks and offers a targeted annual income of 5 per cent.
Speaking for Arqaam, its Head of Fixed Income Asset Management, Abdul Kadir Hussain, said: “Combining our strong track record in Sukuk Fund management, with Noor’s excellent distribution team has resulted in this very successful outcome”.
Speaking on the Fixed Maturity Fund (FMF), Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: “We are delighted with the overwhelming response to the FMF with Arqaam Capital – reflecting the strong demand for products that offer stable and assured returns. Fixed Maturity Products such as this one further strengthens the Noor Wealth product suite – making our product offering more holistic and helping us build our investor mix through creating added value.”
Arqaam Capital Limited
Level 27, Index Tower
Dubai International Financial Centre
PO Box 506687 Dubai
United Arab Emirates
Tel: +971 (0)4 507 1700