The bank is hoping to be able to generate returns of 12 per cent over the four-year life of the fund. The fund will be dollar denominated and open to retail and institutional investors.

“We believe much of the panic selling in this market is unjustified, but it means these fundamentally strong assets are available at extremely attractive valuations,” says Jamal bin Ghalaita, general manager of consumer banking and wealth management at Emirates NBD.

The bank said the fund offered retail investors the possibilities of participating in the sukuk market at lower investment levels than direct investment in the market.