Flemings launches Islamic investment fund

09 February 1996

Flemings, the London-based investment bank will launch an open-ended Islamic fund on 9 February that will give Muslim investors the opportunity to invest in international equities in accordance with sharia law.

Flemings will be advised by a specially appointed sharia supervisory board, who will ensure all investments comply with the Islamic code (MEED 27:10:95).

The Luxembourg-listed Oasis fund will be structured as an umbrella fund, under which a range of sub-funds will be developed. The first sub-fund to be launched will invest in international equities, and will target some of the world's largest listed companies. This subfund is expected to raise between $100 million - 150 million in the medium-term. This will be followed by an emerging markets fund.

The minimum initial investment in the international equity fund is $50,000, most of which is expected to come from institutional investors and other Islamic funds in the Gulf and Far East. However, Flemings says other sub-funds may be launched in the future to target the retail investor.

Flemings is also in talks with a major Middle East institution to set up an Arab markets fund, reviving a plan which the investment bank first announced in 1994.

However, the bank says it is at a very early stage of negotiations with the Middle Eastern partner.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications