Dubai – Mubasher: Shuaa Capital has launched three open-ended Sharia-compliant funds, which have secured commitments valued at $75 million, according to a press release on Sunday.
The company has unveiled the SHUAA High Yield Sukuk Fund, Nujoom Aggressive Fund, and Nujoom Balanced Fund, the first Sharia-compliant funds under the ICC to be launched in the Abu Dhabi Global Market (ADGM).
Under the ICC framework, each fund has its own segregated assets and investment strategies and mandates
Expected to be the largest in the ADGM, the funds are part of Shuaa’s fund platform in the ADGM, aiming to serve Shuaa's institutional clients and partners in the insurance industry.
The funds are founded and managed by SHUAA GMC Limited, which is a wholly-owned subsidiary of Shuaa Capital and regulated by the ADGM Financial Services Regulatory Authority (FSRA).
The SHUAA High Yield Sukuk Fund will invest in Sukuk instruments, while the Nujoom Aggressive Fund and the Nujoom Balanced Fund will invest in a global portfolio of Sharia-compliant equities, fixed-income investments, and money market instruments.
The CEO of Shuaa Capital, Jassim Alseddiqi, said: "The current climate of uncertainty amid the COVID-19 pandemic has created disruption in the global markets, presenting our funds with investment opportunities that would not have been available under normal market conditions."
The Head of Public and Private markets at SHUAA Capital, Ajit Joshi, commented: "The ICC funds platform will serve as Qualified Investor Fund primarily targeting insurance and pension institutional investors with a long-term investment horizon."