nbk launches its third islamic kd ijara fund
Maroof: “NBK continues its Ijara funds’ success story with the launch of Islamic KD Ijara Fund III, offering reliable monthly distributions in Kuwaiti Dinars”
National Bank of Kuwait announced today the launch of its “Islamic KD Ijara Fund III”. This Fund is the third edition of its Islamic Ijara KD series and is offered due to the over-whelming success of the Islamic KD Ijara Funds I & II, which were fully subscribed within days.
The Fund offers Private Banking clients an investment product that generates reliable monthly income throughout the Fund’s term and will continue to boost NBK’s status as a leading financial institution that offers Islamic investment solutions in the local and regional markets.
NBK Capital's Managing Director of Asset Management, Nabil Maroof, said that, “the Islamic KD Ijara Fund III was launched owing to the success of previous NBK Ijara funds, and specifically the Islamic KD Ijara Fund I & II, which provide reliable monthly returns and relatively low risk. The Fund was created to grant NBK Private Banking clients the opportunity to invest in a diversified portfolio of leasing contracts that are structured according to the principles of Islamic Shariah.” These contracts involve the leasing of various types of mission critical equipment including manufacturing, IT hardware, construction materials, telecommunication equipment, networking equipment, material handling and other types of equipment to credit-worthy companies.
The Fund is entirely compliant with the laws of Islamic Shariah as approved by the independent Shariah Board for Islamic funds marketed by NBK in Kuwait, comprised of Sheikh Dr. Khalid Mathkor Al-Mathkor, Sheikh Dr. Essa Zaki Shakra and Sheikh Dr. Abdul Aziz Khalifa Al-Qassar.
The Fund is denominated in Kuwaiti Dinars; the minimum investment in the Fund is KD30,000 with multiples of KD10,000. “The Fund’s Term is 5 years with a possible two, one year extensions”, stated Maroof. The Offering Period starts on 27 September 2009 and ends on 11 October 2009. Investors can subscribe only during this period as the Fund will be closed afterwards.