First Sukuk Fund Promising to Beat Bank Returns: Turkey Credit - Bloomberg:
"Turkey’s first global fund dedicated to Islamic investors will beat returns from Shariah-compliant bank deposits and will lure inflows of $1 billion during the next three years, its chief executive officer said.
AZ Global Portfoy Yonetimi, the Istanbul-based unit of Azimut Holding SpA (AZM), has attracted almost $160 million for local and international funds since opening in January, Giorgio Medda, a money manager and CEO of the Turkish operation, said in an interview yesterday. Azimut has assets under management of over $30 billion globally and has operations in 11 countries.
The company is counting on an increasing number of Turkish investors putting their money into Shariah-observant funds as global demand for sukuk is set to increase, with Ernst & Young LLP forecasting a surge to $950 billion by 2017, according to a report a year ago."
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