Qatar Islamic Bank (QIB) is preparing to launch two new funds early next year, says Nadif Jama, the bank's executive for international investment. 'We are looking at establishing a real estate fund that will invest in the UK property market, mainly in London,' says Jama. 'We are also looking to establish a global equity fund at some point in the early months of next year.'

No names have been decided upon for either funds, which are to be the first launched by the bank, says Jama. 'We are looking to offer our customers new Islamically-acceptable investment opportunities.'

The closed-end real estate fund is expected to raise ú30 million ($49.2 million), and QIB sources say it will have a target aggregate income rate between 8-8.5 per cent. It will be incorporated as an offshore company in Gibraltar.

'The fund will initially look for commitments by institutional investors,' says Jama. 'But after that, we will be offering it to our client base. The minimum subscription level will be ú10,000 [$16,410].' He says all the money raised for the fund will be originated in Qatar.