IslamicFinance.de

The Islamic bank said that the open-ended fund will invest in publicly traded stocks of companies that meet strict Sharia law criteria.
Al Hilal Bank has appointed Abu Dhabi-based investment company Invest AD as investment advisor to the new fund and HSBC to provide custodial and administrative services.

In order to recover from the repercussions of the global fiscal crisis, family businesses in Gulf oil producers need foreign financial and technical assistance.
Nazem Al Kudsi, CEO of the government-owned Invest AD, said such a development and the strong demand for private capital make the Gulf one of the best destination for local and foreign capital.