Heraymila and Amana Capital launch investment fund

Heraymila Capital (Pvt) Ltd. (HCL) and Amana Capital Ltd. (ACL) launched the Amana-Heraymila Shariah Fund, a balanced unit trust fund that will invest in Shariah-compliant listed equity and income securities. The initial unit offer is from November 12 till 4.30 p.m. on November 28. A unit is priced at Rs 10 during this period. The minimum investment in the Fund is Rs 10,000.

A spokesman for HCL said, "The Fund will offer easy accessibility, diversification, liquidity and stringent Shariah compliance to local and foreign investors. The Islamic financial services industry is gathering momentum in Sri Lanka in line with its growing popularity overseas."

"Global Islamic financial assets are expected to reach $ 5 trillion in 2012. The Amana-Heraymila Shariah Fund is therefore timely in its ability to cater to a growing need for Shariah-compliant financial products."

"Investors will benefit from a qualified and experienced team of investment managers at Heraymila; Shariah compliance expertise by Amana; a trustee framework provided by Deutsche Bank; regulation by the SEC; access to a suite of Shariah compliant securities; the open ended nature of the Fund, enabling investors to come in to or exit the Fund at any time; and transparency and regular reporting on investments," he said.

"HCL will be responsible for the investment decisions, trading strategies and administration of the Fund, while ACL will scrutinise all Shariah-compliant aspects of the Fund", a spokesman said.