Mayfair Wealth Management, a financial and investment advisory services provider based in the Cayman Islands, has launched a Shariah-compliant distressed property fund worth $50 million in the UAE.

Real Estate Musharakah Notes is designed to exploit undervalued properties in the UAE, the firm said. The fund is hoping to deliver an annual return of 12 to 15 per cent by way of steady leasing or rental income throughout the tenure of the notes, at their best prices.

Funds will be invested on the recommendation of E-valuations Chartered Surveyors, a Dubai-based valuation firm and Mayfair International, a UK-based global property consultancy firm.

The new product is part of a continuing trend of firms launching Shariah-compliant investment and banking products, designed to tap into the growing wealth of Muslims around the world.