#Dubai's Shuaa unveils 3 shariah funds, secures $75mln in commitments | ZAWYA MENA Edition

Dubai's Shuaa unveils 3 shariah funds, secures $75mln in commitments | ZAWYA MENA Edition:

Dubai-based Shuaa Capital has launched three new shariah-compliant funds and secured commitments worth $75 million.

The open-ended products, expected to be the largest of their kind, will be domiciled in Abu Dhabi Global Market (ADGM), the UAE capital’s international financial centre and free zone, the asset management and investment firm said in a bourse filing on Sunday.

One of the funds, the Shuaa High Yield Sukuk Fund, will invest in a diversified portfolio of sukuk instruments, including high-yield sukuk, shariah-compliant fixed income investments and other collective investment funds.

The other two funds, the Nujoom Aggressive Fund and the Nujoom Balanced Fund, will invest in a global portfolio of shariah-compliant equities, fixed income investments and money market instruments.

“With the three funds, Shuaa’s aim is to serve institutional clients and its partners in the insurance industry,” Shuaa, which has $13 billion assets under management (AUM), said.