Commerzbank and Abu Dhabi Commercial Bank launch new Islamic fund in the UAE
Company Press Release:
The Islamic fund is offered by the Abu Dhabi Commercial Bank (ADCB) starting today, February 5. The bank is the exclusive distributor of the fund in the United Arab Emirates. The fund's volume target for the end of 2001 is 100 million euros. Currently the fund has approximately 35 billion euros under management worldwide. In 2000, the fund has outperformed the European stock index (MSCI Europe ex Financials) by more than 15 percent.
The AlSukoor Fund will be managed by Commerzbank Asset Management, Germany. Commerzbank has been active in the Mideast region for more than four decades. It has representative offices in Bahrain, Beirut, Cairo and Teheran. It also has strategic links with Misr International Bank in Cairo, Banque Marocaine du Commerce Exterieur in Marocco and Majan International Bank in Oman. Commerzbank ranked third in league tables for loans to the Middle East and Gulf regions.
Abu Dhabi Commercial Bank is the largest bank in the United Arab Emirates with 34 branches in the region and two in India (Mumbai and Bangalore). The Public Joint Stock Shareholding Company, founded in 1985, is a universal bank that also offers investment services to its clients.
The Fund's investment objective is to outperform the designated benchmark by investing in European equities, which abide by restrictions imposed by Islamic guidelines. This allows investors to gain exposure to European markets, which offer attractive opportunities relative to many other regional markets. The base currency is the Euro. The stock selection is made based on the strict restrictions provided by the fund's Sharia Board in order to eliminate unacceptable investments such as in companies producing tobacco, armaments, or alcoholic beverages.
© 2001 Mena Report (www.menareport.com)