HSBC launches its first Islamic Principal Protected Fund
HSBC Amanah Finance recently launched the first fund in a series of investment funds in compliance with Islamic law (Shariah). The HSBC Amanah Principal Protected Funds (APPF) have been developed in consultation with, and approved by the HSBC Shariah Supervisory Board, stated a press release.
The first fund in the APPF series is the Amanah European Basket Protected Fund, which opened for subscription on 15 November 2001, coinciding with the beginning of Ramadan. Subscriptions will close on January 15, 2002 with a minimum investment of five thousand dollars.
The Fund is designed to achieve medium-term capital growth, offering a 100 percent principal protection at maturity regardless of the performance of the equity markets. Capital growth will derive from exposure to a basket of leading European companies that have been approved by the HSBC Shariah Supervisory Board. The Fund is available from HSBC branches in selected Gulf Cooperation Council (GCC) markets.
The UK-based HSBC Amanah Finance is a division of HSBC Investment Bank. HSBC Investment Bank plc, providing value added Islamic financial products and services. The HSBC Group is one of the largest banking and financial services organisations in the world. The HSBC Group network comprises some 6,500 offices in 78 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. — (menareport.com)
© 2002 Mena Report (www.menareport.com)