London bank launches key Sharia fund

London: 10 hours and 4 minutes ago

Bank of London and the Middle East (BLME) has announced the launch of a Sharia-compliant fund which targets institutional and high net-worth investors in Gulf countries.

The BLME High Yield Fund targets a net return of three-month US dollar Libor (London Interbank Offered Rate) in addition to a five per cent return p.a. by investing 85 per cent in sukuk and 15 per cent in Ijara, said a statement from the London bank.

The sukuk market has become more liquid and diversified, and provides the fund with the opportunity for strong returns, it added.

Read the rest of this article on: Al Hilal Publishing