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UAE’s ADCorp, US Sands Capital partner to offer sharia-compliant funds

UAE’s ADCorp, US Sands Capital partner to offer sharia-compliant funds
The two parties will work jointly to provide sharia-compliant portfolios and funds

UAE – Mubasher: ADCorp Ltd, the first and only ADGM-based Islamic financial institution, announced entering a new partnership with the US-based independent investment manager Sands Capital Management LLC.

The two parties will work jointly to provide sharia-compliant portfolios and funds, with Sands Capital acting as an advisor on exclusive products for ADCorp’s clients, according to a press release.

The partnership will represent the accelerating demand for sharia-compliant financial products and solutions in the region and beyond.

Under this collaboration, ADCorp’s clients will benefit from Sands Capital’s subtle capabilities in investment management and a long legacy of outstanding performance, ADCorp noted.

Mohammed Al Khaja, CEO of ADCorp, said: “This new partnership brings together ADCorp’s unparalleled access to the growing Islamic asset management market from our base in ADGM with Sands Capital’s track record of delivering enviable returns.”

“Together, we will be able to build on our combined capabilities to provide products and portfolios which bridge the increasing demand for Shariah-compliant products from east to west,” Al Khaja added.

The global growth in Islamic funds is expected to jump to $325 billion by 2023 from $110 billion in 2017, according to research by Thomson Reuters.