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Central Bank of Bahrain sees success for its new CIU regulatory framework
MANAMA — The Central Bank of Bahrain (CBB) is seeing early success, following the introduction of a new regulatory framework to govern the collective investment undertakings (CIU) industry.
Three 'Exempt' CIUs, the first of their kind in Bahrain, have been registered with the CBB within three weeks since the new CIU rules came into effect from June 1, 2007. The new rules provide for the full range of investment funds, from the lower risk funds aimed at retail investors to the higher risk alternative investment vehicles. The new 'Exempt' CIUs are sponsored by Global Investment House, National Bank of Kuwait (NBK) and Naeem Holding Company for Investments.
Global's Global Real Estate Ijara Fund is a close-ended Islamic real estate fund; NBK's NBK Institutional Access GCC Equity Fund is a conventional, open-ended private equity fund; while the Naeem MENA Growth Fund is a conventional open-ended fund which will invest in listed equities.
"The new registrations are consistent with our expectations with regard to market appetite for investment funds targeting very high net worth individuals or institutional investors," said Mohammed Ayman Al Tajer, director, financial institutions supervision, at the CBB.
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