Dubai Islamic Bank closes Al Islami Shipping Fund

DUBAI — Dubai Islamic Bank (DIB) yesterday announced the closure of its recently launched Al Islami Shipping Fund. The fund opened for subscription on July 3, 2006.

By A Staff Reporter

Published: Wed 30 Aug 2006, 8:38 AM

Last updated: Sat 4 Apr 2015, 1:04 PM

Al Islami Shipping Fund is a Shariah-compliant investment fund that will invest in selected shipping assets through Musharka joint ventures. The fund has a target of $32 million and is intended to offer profit distribution on a quarterly basis.

Saeed Al Qattami, Senior Vice-President, Head of Wealth Management, DIB, said, "We are delighted by the response to Al Islami Shipping Fund, especially since it was launched during the summer months when the customer response to investment products is historically slow. This success has reaffirmed the interest shown by our retail banking customers for our innovative investment products. "

The Al Islami Shipping Fund has a locked-in four-year maturity and will provide investors with the opportunity to enter into an investment product that can provide a predictable return derived from pre-determined charter hire rates for the entire period of the term. The minimum investment amount was $25,000 and the fund is targeting an estimated profit rate of 8.5 per cent per annum with a quarterly distribution.

More news from Business