IslamicFinance.de

SAIB Sukuk Fund will be accepting subscriptions from investors starting February 1 2011. The Fund is an openended public Fund under the supervision of the Capital Market Authority of Saudi Arabia. The minimum amosaunt to subscribe into the fund is SAR 100,000 and will provide twice-monthly liquidity.
SAIB BNP Paribas Asset Management Co. Ltd. is one of the premier Asset Management firm operating as a Joint venture between the Saudi Investment Bank and BNP Paribas Investment Partners, a preeminent global financial institution.

BNP Paribas Investment Partners currently manages about half a billion USD in Sharia compliant assets and targets according to the chief executive MENA Tariq Al Samahiji to multiply this amount. The bank currently offers equity Sharia management and has recently started marketing its first Islamic bond or sukuk fund.
Al Samahiji expected the sukuk fund to attract investments from institutions and wealthy individuals, but stressed BNP would not market the fund to the retail market.