IslamicFinance.de

The hedge fund platform Al Safi set up by Barclays Capital is planning Private Equity funds, reported Pratima Desai and Cecilia Valente on Reuters.

Bursa Malaysia’s regulated platform has not finalised the precise structure yet. But according to Bursa Malaysia CEO Yusli Mohamed Yusoff Short-selling is perceived as an essential ingredient for capital markets to perform efficiently.

Cecilia Valente reported on 9 March on Reuters that Amiri Capital, the Islamic asset manager backed by investment firm Olivant, has teamed up with broker Newedge to launch an Islamic fund of long/short hedge funds to be marketed in the Middle East. The Amiri Equity Alternative Strategies Fund (AEAS) will operate under the same Sharia-compliant structure agreed with original prime broker Lehman Brothers to replicate short selling, which involves profiting as a stock price falls.

Amiri co-founder Richard Ellis told Reuters that Gulf-based investors have pledged assets to the fund of funds but investments will be made when the market shows signs of improvement. Philippe Teilhard de Chardin, global head of prime brokerage at Newedge, told Reuters that the market segment is small but developing.

Reuters reported on 7 January that the Dubai Multi Commodities Centre Authority (DMCC) and Shariah Capital launched an index tracking the performance of Islamic hedge funds investing in commodities.The index performance will be calculated and reported by Thomson Reuters (TRI.TO). The index is based on four hedge funds, part of the DSAM Kauthar Commodity Fund and investing in gold, energy, natural resources and mining. Each fund has received start capital of $50 million from the DMCC.

Devon Maylie reported on 5 January in Barron`s magazine, that commodity-focused companies and hedge funds are introducing special products that comply with Islamic law, either equity based or as direct exposure to commodities. Ian MacDonald, executive director for gold and precious metals at Dubai Multi Commodities Center is cited to claim that there are not enough effort spent on Sharia compliant commodity products so far. The DMCC is seed financing with USD 50 mn each a range of commodity oriented equity funds managed by BlackRock Capital Management, Tocqueville Asset Management, Zweig-DiMenna International Managers and Lucas Capital Management on its platform in partnership with US based Shariah Capital. London-based ETF Securities last year launched an exchange-traded fund for precious metals that is being marketed to Sharia investors. The World Gold Council is also partnering with DMCC to launch a similar product in March.

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Prohibited Nations according to US legislation or government, Shari'ah Law, Landmines and Cluster Bombs, Animal Testing/Welfare

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Source: Northern Trust, http://biz.yahoo.com/prnews/080318/aqtu043.html?.v=54