Dubai, 04 October, 2010: Award-winning Shariah product developer and advisor, Shariah Capital, announced today that Shaykh Yusuf Talal DeLorenzo, internationally-renowned Shariah scholar, Chief Shariah Officer and Board Member of Shariah Capital, has relocated to the Dubai office in order to lead the Company’s growing Gulf initiatives.
In addition to assuming responsibilities for Shariah Capital’s Dubai’s office, Shaykh Yusuf has been named the General Manager of Dubai Shariah Asset Management (DSAM), Shariah Capital’s joint venture company with the Dubai government’s Dubai Commodity Asset Management (DCAM), a wholly-owned subsidiary of the Dubai Multi Commodities Centre (DMCC).
In 2008, DMCC seeded four Shariah compliant, commodity-linked alternative investment funds now distributed by DSAM under the DSAM Kauthar brand name. The DSAM Kauthar Gold Fund and the DSAM Kauthar Commodity Fund, a fund equally allocated to the four composite strategies, won numerous asset management and Islamic finance awards for their performance in 2009.
Along with his DSAM duties, Shaykh Yusuf will lead new Shariah compliant product initiatives that intend to focus on retail investors, including takaful investment platforms, where professionally-managed, innovative financial products are finding increased demand from investors and distributing institutions alike. Following exploratory discussions with Islamic jurists and business heads in the region, Shaykh Yusuf will research opportunities both for the DSAM Kauthar funds as well for new products that enable Islamic investors to invest on par with conventional investors. Given the focus of DMCC on commodities, Shaykh Yusuf will be available to collaborate directly on a number of commodity-related products based on assets in Dubai that comply with Shariah.
Ahmed Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre, commented: “We are delighted that Shaykh Yusuf has joined us in Dubai. The advice and counsel of a distinguished Shariah scholar like Shaykh Yusuf will have a positive impact and an added value on our DSAM and DCAM products and we will look to him to generate new ideas for growing our commodity asset management business.”
Eric Meyer, Chairman & CEO of Shariah Capital, added: “Shaykh Yusuf’s move demonstrates our commitment to leverage the vitality of Dubai during a time when the global economy remains uncertain. Similar to the successful launch of our DSAM Kauthar Funds two years ago, DMCC and Shariah Capital are committing to a plan of innovation, this time in the retail and takaful space, where investor appetite for creative Shariah products is growing.”
Shaykh Yusuf, reacting to the widespread support for his move to Dubai, thanked Ahmed Bin Sulayem for his unwavering support of Islamic finance and suggested other institutions join their initiative. “We’ve outlined a roadmap that includes expansion to the Islamic retail and takaful investor, beyond our success in the institutional market,” said Shaykh Yusuf. “I will be privileged to work with those financial institutions and investor groups to explain the precepts underlying our Islamic product initiatives and guide them to success both in terms of profitability and in complying with Shariah.”
