Abu Dhabi's Waha Capital launches Islamic fund amid growing investor demand

Waha Capital launched a new Sharia-compliant fund to meet growing investor demand and expects it to attract more than $500 million (Dh1.83 billion).

The open-ended Waha Islamic Income Fund will invest in assets in sukuk and equity markets around the world, the company said yesterday.

“While our existing funds have some Sharia-compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund,” said Amr Al Menhali, chief executive officer of Waha Capital.

The $2.4 trillion Sharia-compliant finance industry is expected to register “low to mid-single-digit growth” this year and in 2021, according to S&P Global Ratings.

The industry grew by 11.4 per cent in 2019 on the back of total sukuk issuance that was higher than expected.

The volume of Islamic bond issuances is expected to drop to $100bn this year, from last year's $162bn when Turkey, GCC issuers, Malaysia and Indonesia supported the market.

Saudi Arabia will remain the world’s largest Islamic banking market, with the sector expected to expand rapidly in Malaysia, according to Moody’s Investors Service.

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Waha Capital’s new actively managed Islamic fund is the fourth within its asset management business.

“We are confident that the new fund will be well-received because it avoids investment in prohibited or controversial activities or assets and business sectors that may be considered as particularly risky or potentially volatile,” Mr Al Menhali said.

“It will also only invest in entities that have relatively low gearing.”

The Abu Dhabi-listed company, which counts Mubadala Investment Company as one of its shareholders, plans to develop a full portfolio of Sharia-compliant offerings to meet investor demand.

“We are positioning this new fund as a focal point around which we can build a whole Sharia-compliant offering,” Mr Al Menhali said.

Waha Capital swung to a profit in the second quarter on the back of higher operating income. Net profit attributable to the owners of the company for the period ending June 30 reached Dh267.2m, compared with a loss of Dh124.3m during the same period last year.

Its private investment business recorded a net profit of Dh3.2m, compared with a loss of Dh186.1m in 2019.

The company manages assets across sectors such as health care, financial services, energy, infrastructure, industrial property and capital markets.

It said earlier this month that it planned to invest $120m in a number of US-listed healthcare, technology and telecoms companies. The company invested Dh184m in New York-listed online travel company Despegar.com this month.

Waha Capital has invested in companies such as Dubai FinTech company Channel VAS, Deem Finance, National Energy Services Reunited and Petronash Holdings. It sold its stake in New York aircraft leasing company AerCap last year in a deal that generated net cash proceeds of Dh933m.

Total assets at the end of June stood at Dh9.49bn, up 2 per cent since the end of last year.

Waha Capital’s investors include pension funds, endowments, sovereign wealth funds and family offices from North America, Europe and the Gulf. The company also invests in its own funds.

Among its three existing funds is the Waha Central and Eastern Europe, Middle East and Africa Credit Fund, which invests in emerging markets and has generated a cumulative return of more than 180 per cent from the time it was formed in 2012 up to the end of 2019.

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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Specialist robotics and science laboratories
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Disruption Lab and Research Centre for developing entrepreneurial skills

Sole survivors

Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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The Bio

Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them

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Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results

During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks

Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy

Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

The specs

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Results

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60kg quarter-finals

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63.5kg quarter-finals

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67kg quarter-finals

Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.

71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family

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Mortgages with better interest rates, faster approval times and reduced fees
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The specs: 2017 Porsche 718 Cayman

Price, base / as tested Dh222,500 / Dh296,870

Engine 2.0L, flat four-cylinder

Transmission Seven-speed PDK

Power 300hp @ 6,500rpm

Torque 380hp @ 1,950rpm

Fuel economy, combined 6.9L / 100km

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Portsmouth 0

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What it means to be a conservationist

Who is Enric Sala?

Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.

What is biodiversity?

According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.