The Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund have been launched in the Abu Dhabi Global Market (ADGM). The funds platform is expected to be the largest of its kind to be domiciled in ADGM, the company said in a statement. Shuaa Capital, the Dubai-based asset management and investment banking firm, has launched three Sharia compliant funds, with $75 million of commitments already secured. The funds would help fill the gap between the number of Sharia funds available to investors and the growing demand for Islamic finance products across the world.
The Shuaa High Yield Sukuk Fund will invest in a diversified portfolio of sukuk instruments, including high yield sukuk, Sharia-compliant fixed income investments and other collective investment funds approved by the Sharia advisors. The Nujoom Aggressive Fund and the Nujoom Balanced Fund will invest in a global portfolio of Sharia-compliant equities, fixed income investments and money market instruments. Shuaa said the funds aim to serve institutional clients and its partners in the insurance industry. The current climate of uncertainty amid the Covid-19 pandemic has created disruption in the global markets, presenting our funds with investment opportunities that would not have been available under normal market conditions. Our pioneering funds… are designed to give insurance and pension institutional investors more options while also supporting the Islamic investment industry.