Ibdar launches Shari’ah Trade Finance Fund
Manama : Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the launch of the Barak Ibdar Shari’ah Trade Finance Fund, a parallel fund of the highly successful Barak Trade Finance Fund.
Commenting on the announcement, Ahmed Al Rayes, Acting Chief Executive Officer of Ibdar Bank said: “We have launched this Fund, a parallel Shari’ah fund of the Barak Trade Finance Fund, which since its inception in 2009 has had a straight 7-year positive record with 168 per cent total return and an average of 13pc return to investors per year, in response to our clients request for a liquid investment product with high returns.”
The open-ended monthly subscription USD fund with quarterly redemption, will invest in African commodities and general trade finance transactions such as import, export or general merchandising related investments, is targeting a 10pc return net-of-fees for investors.
Co-Founder and Joint-Chief Investment Officer for Barak, Prieur Du Plessis added: “We are excited to be working alongside Ibdar Bank and look forward to a successful relationship on both the fund management and investor relations side of the Barak Ibdar Shari’ah Fund.”
Hasan Juma, Director Asset Management for Ibdar Bank, said: “The Barak Ibdar Shari’ah Trade Finance Fund provides an alternative investment product that will allow Shari’ah conscious investors throughout the GCC access to short-term liquidity with relatively higher returns.”
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