Dubai investment banking and asset management firm Shuaa Capital launched three funds in the Abu Dhabi Global Market as the company continues to diversify its product portfolio and grow its fee income business.
The Sharia-compliant, open-ended funds were rolled out with initial commitments of $75 million (Dh275.25m), Shuaa said in a statement to the Dubai Financial Market, where its shares trade.
The funds, targeting qualified institutional investors, were launched through the company’s wholly owned subsidiary, Shuaa GMC, which is regulated by the ADGM Financial Services Regulatory Authority.
The three funds – Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund – are part of Shuaa’s fund platform rolled out in Abu Dhabi’s international financial hub. The platform is expected to be the largest of its kind to be domiciled in ADGM, it said.
“The number of Sharia funds available to investors has yet to match the growing demand for Islamic finance products across the world,” Jassim Alseddiqi, chief executive of Shuaa, said. “This is because not enough fund managers offer options in the much sought after Sharia space, and even the funds available either have small AUMs [assets under management] or are close ended.”
The current climate of uncertainty amid the Covid-19 pandemic has created disruption in the global financial markets, opening up investment opportunities that may not have been available under normal market conditions, Mr Alseddiqi said.
The funds “are designed to give insurance and pension institutional investors more [investment] options while also supporting the Islamic investment industry”, he added.
Shuaa said its High Yield Sukuk Fund will invest in a portfolio of Islamic bond instruments, including high yield sukuk, Sharia-compliant fixed income investments and a number of other collective investment funds approved by its Sharia advisors.
The Nujoom Aggressive Fund and the Nujoom Balanced Fund will invest in a global portfolio of equities, fixed income investments and money market instruments that follow Sharia guidance. The funds offered through the Allfunds Bank platform will widen choices for investors with a long-term investment horizon, Shuaa said.
“Our umbrella fund gives investors the option and comfort of investing in a regulated fund structure that is diversified, achieves cost-efficiencies and economies of scale, and creates consistent and long-term value,” Ajit Joshi, Shuaa’s head of public and private markets, said.
Shuaa manages $13 billion in assets and plans to expand its investment banking and asset management businesses to boost AUMS to $20bn.
Shuaa’s expansion strategy involves growing its regional footprint as it looks to grow recurring income through new products, permanent capital vehicles and expanding its fixed income business, the company said in March.
In June, the company strengthened its corporate restructuring arm to help struggling firms access financing during the Covid-19 crisis. In August, Shuaa reported a second quarter net profit of Dh267m and a first-half net income of Dh5m despite the pandemic-related slowdown. There are no comparable figures as Shuaa merged with Abu Dhabi Financial Group last year.
KILLING OF QASSEM SULEIMANI
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Killing of Qassem Suleimani
More on Quran memorisation:
The specs
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The years Ramadan fell in May
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More from Neighbourhood Watch:
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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The years Ramadan fell in May
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The years Ramadan fell in May
