Islamic equity fund boosted by single investor

16 August 1996

The Oasis Islamic equity fund, launched by London-based merchant bank Robert Fleming, has been boosted by the investment of $9 million by a single Middle Eastern investor. Fleming says that the investment brings the total raised by the international equity sub-fund to $17 million.

The bank sees the investment as boosting the fund's credibility and is now optimistic of achieving its target of $50 million by the end of 1996. Fleming is looking at the pos sibility or launching a second sub-fund in early 1997. The sub-fund is likely to focus on emerging markets.

Another Islamic fund, the Al-Meezan commodity fund, launched by Kleinwort Benson and Bahrain-based Islamic Investment Company of the Gulf, started trading at the end of July. The fund raised its targeted $25 million in the initial offer period.

Kleinwort Benson says that it hopes the fund will reach about $50 million before the end of the year.

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