The government-owned Dubai Sharia Asset Management (DSAM) on Tuesday launched five Sharia-compliant hedge funds with US$200 million (Dh734.6m) in government seed money.
DSAM also offers a platform for third parties seeking to launch their own Sharia-compliant hedge funds.
“No other Shariah-compliant platform has ever been endorsed by a government,” said Eric Meyer, the chief executive of Shariah Capital, a US investment company that owns 49 per cent of DSAM. The Dubai Multi Commodities Centre Authority (DMCCA), which provided the seed money, owns the remaining 51 per cent.
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