Dubai – Mubasher: EIIB- Rasmala , a leading asset management and financing group, announced the first closing of its Rasmala Leasing Fund 2, with a target of $125 million in capital commitments, according to the group’s statement.

The launch of the fund follows significant investor appetite for Rasmala Leasing Fund 1 and will offer investors the same stable, low-risk and attractive return profile through a diversified portfolio of Sharia'a-compliant, asset-backed equipment leases with predominately US-domiciled high quality corporate credit lessees, Rasmala added.

The fund targets an IRR of 6% to 7%, net of fees and expenses, and a minimum targeted annual cash distribution of approximately 8.5%.

It focuses on low-obsolescence equipment leases, including a variety of long-life items such as rail, manufacturing, material handling, mining, construction, logging, machine tools and trailers.