Emirates Islamic Bank and Jersey-based Belgravia Asset Management have launched a new Shariah-compliant property fund with initial capital o...

Emirates Islamic Bank and Jersey-based Belgravia Asset Management have launched a new Shariah-compliant property fund with initial capital of $65 million. The fund will invest in a wide range of properties focusing on the United Arab Emirates. The Jersey-registered fund will target an income distribution of 7 per cent a year which will be paid bi-annuallly with monthly subscriptions and redemptions. It will also target capital growth and is open to institutional and individual investors with an initial minimum investment amount of $100,000. The new fund is the first local property fund, and also the first Shariah compliant property fund to be launched in the UAE, according to Emirates Islamic Bank