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Kuwaiti Firm to Start Islamic Hedge Fund
October 22, 2007, 8:04 am
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- The Ryada Capital Investment Company, a Kuwaiti money manager, is prepping a $100 million Shariah-compliant hedge fund product, hoping to take advantage of the growing demand for investment products that comply with Islamic law.
“There’s huge liquidity in the region, and investors are looking for asset classes that comply with Islamic law, which can be low risk and allow for diversification of risk,” Ryada’s chief, Jamal Al-Saeed, told Reuters.
Last month, Barclays Capital said it also planned hedge funds that comply with Islamic law.
However, the Ryada fund plans to use a limited amount of short-selling, which some argue contravenes Islamic bans on lending on interest and gambling.
“We will do limited short selling … We have it there just in case we need it. Speculation happens, its human nature. But it’s not the essence of the fund,” Mr. Saeed told Reuters.