ID :
39496
Thu, 01/08/2009 - 12:45
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Shortlink :
http://m.oananews.org//node/39496
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Dubai leads in Islamic Finance with new Sharia Hedge Fund Index
Dubai, Jan 8, 2009 (WAM) - The Dubai Multi Commodities Centre Authority (DMCCA) and Sharia Capital, Inc. (SCAP.L) yesterday announced the Dubai Sharia Hedge Fund Index, the first internationally-recognised index comprised exclusively of Sharia compliant hedge funds. The Dubai Sharia Hedge Fund Index will be calculated and reported by Thomson Reuters (NYSE:TRI), the global news and financial information organisation.
The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ("DKCF"). DKCF is an equally-weighted fund-of-funds comprised initially of four single- strategy, commodity-focused funds that invest exclusively in Sharia compliant long/short equity hedge funds on the Al Safi Trust platform. The Al Safi Trust is a comprehensive Sharia compliant platform designed specifically for hedge funds and launched recently by Barclays Capital and Sharia Capital. Distributed under the DSAM Kauthar label, the four funds underlying the index have been seeded with USUS$50 million each by DMCCA. They are: 25% DSAM Kauthar Gold Fund, Ltd 25% DSAM Kauthar Energy Fund, Ltd.
25% DSAM Kauthar Natural Resources Fund, Ltd 25% DSAM Kauthar Global Resources '&' Mining Fund, Ltd.
100% Dubai Sharia Hedge Fund Index = DSAM Kauthar Commodity Fund, Ltd., (DKCF) The Dubai Sharia Hedge Fund Index itself is not an investable vehicle. However, it mirrors the returns of the DSAM Kauthar Commodity Fund (DKCF) which is open to institutional and individual investors on a monthly basis.
The Dubai Sharia Hedge Fund Index is accessible on Thomson Reuters under the RIC code .DUBSHF for those subscribers using the 3000 Xtra system, including a description page on DUBSHF1. For those using the Bridge system, the RIC code is us'&'DUSHF. The index will be disseminated to over 300,000 traders and investors throughout the world who subscribe to news and market information from Thomson Reuters. For the first time, Islamic investors can use the index to compare the performance of their other professionally-managed absolute return investments and to determine strategies that include diversification into commodities such as those covered by the index.
DSAM, or Dubai Sharia Asset Management, is a joint venture between Dubai Commodity Asset Management (DCAM), a wholly-owned subsidiary of DMCCA, and Sharia Capital, a publicly-traded company that creates and customises Sharia compliant products and platforms. DSAM develops and brands commodity-linked investment products under the DSAM Kauthar name and distributes them in the UAE through DCAM, a UAE-licensed financial investment company.
"The purpose of the Dubai Sharia Hedge Fund index is two-fold," explained Ahmed Bin Sulayem, Executive Chairman of DMCCA. "First, it provides a benchmark for investors in Sharia compliant hedge funds who are looking for absolute investment returns, particularly in commodities, during periods of market volatility. Secondly, it reconfirms Dubai's leadership role in Islamic Finance by its support of innovative solutions for those interested in Sharia compliant investment products, like the DSAM Kauthar funds. The Dubai Sharia Hedge Fund Index represents another significant step for Islamic finance into the mainstream of global investing." Basil Moftah, senior company officer for Middle East and Africa, Thomson Reuters, commented: "Thomson Reuters is proud to be first in providing access to the Dubai Sharia Hedge Fund Index to hundreds of thousands of traders and investors around the globe.
The launch of this unique index to our clients in one more example of the importance Thomson Reuters is placing on accommodating those who wish to invest within the parameters of Sharia compliance." Eric Meyer, Chairman and CEO of Sharia Capital, expressed his enthusiasm for DMCCA's initiative and highlighted the opportunity for investment managers within Sharia: "The Dubai Multi Commodities Centre Authority and DSAM have established the gold standard for Islamic hedge funds with this index. Under Ahmed Bin Sulayem's leadership, DMCCA has selected and seeded prominent hedge fund managers with established track records who have accepted our Sharia guidelines and who are committed to superior absolute returns. We expect that more conventional hedge fund managers will now explore the opportunity of managing within Sharia and make their skills available to the growing number of Islamic investors." Shaykh Yusuf Talal Delorenzo, Chief Sharia Officer and Board Member of Sharia Capital, reiterated the discipline of the index's underlying funds within Sharia: "We have taken exhaustive steps to insure that each company within the funds' portfolios passes our Sharia screens and that all trading is executed within the strict parameters established by the Al Safi Trust Sharia Supervisory Board." "Moreover, in addition to the transparency afforded to Islamic investors by Al Safi through segregated, separately managed accounts, independent custodial oversight and Sharia Board access to daily trading activity, this index provides a second level of comfort to investors. Information about the index and its constituent hedge funds is publicly disclosed and distributed on a regular basis to reporting agencies and specialised fund data bases around the globe."
The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ("DKCF"). DKCF is an equally-weighted fund-of-funds comprised initially of four single- strategy, commodity-focused funds that invest exclusively in Sharia compliant long/short equity hedge funds on the Al Safi Trust platform. The Al Safi Trust is a comprehensive Sharia compliant platform designed specifically for hedge funds and launched recently by Barclays Capital and Sharia Capital. Distributed under the DSAM Kauthar label, the four funds underlying the index have been seeded with USUS$50 million each by DMCCA. They are: 25% DSAM Kauthar Gold Fund, Ltd 25% DSAM Kauthar Energy Fund, Ltd.
25% DSAM Kauthar Natural Resources Fund, Ltd 25% DSAM Kauthar Global Resources '&' Mining Fund, Ltd.
100% Dubai Sharia Hedge Fund Index = DSAM Kauthar Commodity Fund, Ltd., (DKCF) The Dubai Sharia Hedge Fund Index itself is not an investable vehicle. However, it mirrors the returns of the DSAM Kauthar Commodity Fund (DKCF) which is open to institutional and individual investors on a monthly basis.
The Dubai Sharia Hedge Fund Index is accessible on Thomson Reuters under the RIC code .DUBSHF for those subscribers using the 3000 Xtra system, including a description page on DUBSHF1. For those using the Bridge system, the RIC code is us'&'DUSHF. The index will be disseminated to over 300,000 traders and investors throughout the world who subscribe to news and market information from Thomson Reuters. For the first time, Islamic investors can use the index to compare the performance of their other professionally-managed absolute return investments and to determine strategies that include diversification into commodities such as those covered by the index.
DSAM, or Dubai Sharia Asset Management, is a joint venture between Dubai Commodity Asset Management (DCAM), a wholly-owned subsidiary of DMCCA, and Sharia Capital, a publicly-traded company that creates and customises Sharia compliant products and platforms. DSAM develops and brands commodity-linked investment products under the DSAM Kauthar name and distributes them in the UAE through DCAM, a UAE-licensed financial investment company.
"The purpose of the Dubai Sharia Hedge Fund index is two-fold," explained Ahmed Bin Sulayem, Executive Chairman of DMCCA. "First, it provides a benchmark for investors in Sharia compliant hedge funds who are looking for absolute investment returns, particularly in commodities, during periods of market volatility. Secondly, it reconfirms Dubai's leadership role in Islamic Finance by its support of innovative solutions for those interested in Sharia compliant investment products, like the DSAM Kauthar funds. The Dubai Sharia Hedge Fund Index represents another significant step for Islamic finance into the mainstream of global investing." Basil Moftah, senior company officer for Middle East and Africa, Thomson Reuters, commented: "Thomson Reuters is proud to be first in providing access to the Dubai Sharia Hedge Fund Index to hundreds of thousands of traders and investors around the globe.
The launch of this unique index to our clients in one more example of the importance Thomson Reuters is placing on accommodating those who wish to invest within the parameters of Sharia compliance." Eric Meyer, Chairman and CEO of Sharia Capital, expressed his enthusiasm for DMCCA's initiative and highlighted the opportunity for investment managers within Sharia: "The Dubai Multi Commodities Centre Authority and DSAM have established the gold standard for Islamic hedge funds with this index. Under Ahmed Bin Sulayem's leadership, DMCCA has selected and seeded prominent hedge fund managers with established track records who have accepted our Sharia guidelines and who are committed to superior absolute returns. We expect that more conventional hedge fund managers will now explore the opportunity of managing within Sharia and make their skills available to the growing number of Islamic investors." Shaykh Yusuf Talal Delorenzo, Chief Sharia Officer and Board Member of Sharia Capital, reiterated the discipline of the index's underlying funds within Sharia: "We have taken exhaustive steps to insure that each company within the funds' portfolios passes our Sharia screens and that all trading is executed within the strict parameters established by the Al Safi Trust Sharia Supervisory Board." "Moreover, in addition to the transparency afforded to Islamic investors by Al Safi through segregated, separately managed accounts, independent custodial oversight and Sharia Board access to daily trading activity, this index provides a second level of comfort to investors. Information about the index and its constituent hedge funds is publicly disclosed and distributed on a regular basis to reporting agencies and specialised fund data bases around the globe."
