Bank of London and The Middle East, a bank specialising in providing Shariah-compliant financial services to groups such as wealthy individuals, has rolled out the BLME High Yield Fund.

The BLME High Yield Fund targets a net return of 3 month US$ Libor +5 per cent by investing up to 85 per cent in Sukuk – Shariah-compliant bonds - and 15 per cent in Ijara (a lease contract on an asset).

The fund is an open-ended vehicle, requiring investors to commit at least $250,000. Sterling and euro share classes are also available; the fund is part of an existing SICAV range that is domiciled in Luxembourg.