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| Sunday, 11 August 2002 |
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Amana in collaboration with Pakistan company Amana Securities Limited (ASL), a fully owned subsidiary of Amana Investments Limited, the provider of Islamic financial services in Sri Lanka, recently entered a collaboration with Jahangir Siddiqui and Co. Ltd. (JSCL), a brokerage house in Pakistan. The joint venture will soon launch the 'UTP-Amana Sharia'a Compliant Fund,' an open-ended fund that will invest in Sharia'a - compliant products in Pakistan. ASL will be the technical adviser to the fund while ABAMCO Ltd., a subsidiary of JSCL, will be the fund manager. ABAMCO Ltd. is the first private sector asset management licence holder in Pakistan. In addition to the services provided by the technical adviser, the Sharia'a Compliant Fund will utilise the advisory services of JSCL. JSCL is the largest publicly quoted brokerage house in Pakistan with an equity base of 699 million Pakistan rupees (as of December 31, 2001) and consolidated group assets of over 3.2 billion Pakistan rupees. The company was a former joint venture partner of Bear Stearns, a leading international investment banking and brokerage company. It had won the 'Euromoney Award for Excellence 2000' for the 'Best Domestic Brokerage House' in Pakistan and the 'KSE Top 25 Companies Award in 1998.'JSCL has received a high long-term credit rating of AA-(minus) and a short-term rating of A1 plus from Pakistan Credit Rating Agency (Pvt.) Ltd. |
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| Editorial | Security Produced by Lake House |
