Kuwait: KAMCO Unveils New Shariah Compliant Money Market Fund

Click here: Zawya.com –  Kuwait: KAMCO Unveils New Shariah Compliant Money Market Fund

KIPCO Asset Management Company has announced the launch of a specialised Shariah compliant money market fund, Al Jazi Money Market Fund. This targeted investment solution offers mutual fund style benefits of high-liquidity, low risk and competitive yields investors looking for investment opportunities that are regulated on the basis of Islamic principles.

The Al Jazi Money Market Fund is designed to offer superior return rates to other short to medium term Shariah compliant financial and money market instruments. Highly flexible, the fund offers weekly liquidity options with initial lock-up period of three months.

Al Jazi may invest in Islamic financial money market instruments, either in Kuwaiti Dinars or other foreign currencies, issued by local and international financial institutions, banks, investment companies and governments.

The fund capital is variable between KD 5 million to KD 100 million and the duration of its tenure is set at 15 years from establishment, with the option to renew for a similar period thereafter. The subscription period for investment applications is open from 11 November to 11 December 2007.

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