Amiri introduces first Shariah-compliant long/short product.Summary: Amiri Capital LLP LLP - Lower Layer Protocol , the London-based Shariah-compliant alternative investment management group, is launching the Amiri Equity Alternative Strategies (AEAS AEAS Automated Exercise and Assessment System AEAS Animal Emotion Analysis System AEAS Air Expeditionary Advisory Squadron (US Air Force) AEAS ASW Environmental Acoustic Support (US Navy) ) fund, with trading beginning on 3rd September, during the first week of Ramadan. Amiri introduces first Shariah-compliant long/short productAmiri Capital LLP, the London-based Shariah-compliant alternative investment management group, is launching the Amiri Equity Alternative Strategies (AEAS) fund, with trading beginning on 3rd September, during the first week of Ramadan. AEAS is the maiden fund from Amiri and the first Islamic alternative investment product to offer a fund of fund manager long/short equity Long/Short Equity A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either. strategy. Coronation, the London-based multi-manager, will oversee the AEAS fund, which will employ ten underlying managers by year end, providing full diversification across investment geographies and currencies. The fund is ideal for investors who believe equity markets are currently fairly priced but want protection from the volatility they are presently exhibiting. The AEAS fund has been certified as Shariah-compliant by a five-member Shariah Supervisory Committee chaired by Sheikh sheikh or shaykh Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. Hussain Hassan. Islamic law Noun 1. Islamic law - the code of law derived from the Koran and from the teachings and example of Mohammed; "sharia is only applicable to Muslims"; "under Islamic law there is no separation of church and state" sharia, sharia law, shariah, shariah law prohibits conventional shorting, hence the fund will use a promissory-based contract system that will replicate the economic effects of shorting without compromising Islamic principles. This methodology works at the individual stock level and will be implemented by Lehman Brothers as the principal prime brokers to the fund. In addition, Amiri has developed a proprietary system to screen equities for inclusion in the funds. The system, S3, scrutinises over 36,000 stocks worldwide to determine their suitability for inclusion in an Islamic fund. Equities held by the AEAS sub-funds will meet the criteria prescribed by the AAOIFI AAOIFI Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI Accounting and Auditing Organisation for Islamic Financial Institutions (Accounting and Auditing Organization for Islamic Financial Institutions), ensuring AEAS managers have access to the widest possible universe of acceptable equities. The AEAS fund is targeting $1 billion in assets, to be achieved in two to three years from Middle Eastern and Asian institutional investors. ABN Amro has developed a structured product with 100% capital-protection and will be developing further structured products ideas. Richard Ellis, a partner and founder of Amiri Capital, said: "We estimate that over the next few years there will be up to $90 billion available to the Islamic alternative investment market. In spite of this, there is a dearth of good quality Shariah-compliant products, particularly in the alternative space. The AEAS fund has been rigorously structured to meet the requirements of Shariah law, but at the same time it is commercially robust with no compromise on performance. The AEAS fund will go a long way to meeting the demands of Islamic investors for transparent, high-return Shariah-compliant alternative investment funds." Gunner Burkhart, Head of Prime Services, Europe and Middle East, Lehman Brothers, commented: "We are very excited to assist in the launch of this Shariah-compliant alternative product. Islamic investors are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to diversify into global markets: this product gives investors the ability to invest across the global equity markets. We are looking forward to working with Amiri on this innovative investment fund and strengthening our position in the Islamic finance industry". The AEAS fund's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma track record has resulted in returns with an average circa 13-16% per annum Per annum Yearly. over a period of 5 years with downside protection Downside Protection Generally used in connection with covered call writing, this is the cushion against loss, in case of a price decline by the underlying security, that is afforded by the written call option. and low levels of volatility. 2008 Al Bawaba (www.albawaba.com) 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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