Saleh Ahmed Al-Ateeqi, Acting CEO of Boubyan Capital, said that the Fund aims to offer competitive Shari'a-compliant returns by increasing the value of its assets while offering a high level of liquidity to investors.
Al-Ateeqi added that the Fund which is managed by Boubyan Bank is open to all investors with a minimum subscription of KD30,000 and multiples of KD1,000. The Fund will focus on investing in deposits and high quality securities that have a low risk profile.
Al-Ateeqi further explained that Boubyan's money market fund allows investors to subscribe and redeem on a weekly basis, which makes the fund attractive to investors. "For investors, it offers the flexibility of a savings account with weekly liquidity, and expected returns that are competitive with wakala deposit rates," he added.
Investment Strategy
With regards to the fund's investment strategy, Al-Ateeqi mentioned that the Fund will invest in short and medium-term instruments available in the financial markets such as wakala (deposits) with local banks.
He also mentioned that the Fund will only invest in Shari'a-compliant financial instruments, as approved by the Sharia board whose resolutions will be binding on the Fund's management.
Investors interested in subscribing to the fund can do so at any of Boubyan Bank's branches in Kuwait.
It is worth mentioning that Boubyan Capital, which is a wholly-owned subsidiary of Boubyan Bank, plans to launch a number of investment funds that suit the needs of investors seeking Shari'a-compliant investments.
Boubyan Capital was incorporated in late 2007 however it became fully operational in August 2010 after the Bank decided to activate the company.
Al-Ateeqi mentioned that the Company's activities are focused on two main areas: The first is managing the Bank's investments, which are divided into two parts: Principal Investments and Real Estate Investments; whereas the second area includes Asset Management and online brokerage. For the latest updates PRESS CTR + D or visit Stock Market news Today
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