London firm launches Sharia-based equity fund

LONDON: London-based Amiri Capital has launched the Amiri Equity Alternative Strategies (AEAS) fund.

AEAS is the maiden fund from the Sharia-compliant alternative investment management group and the first Islamic alternative investment product to offer a fund of fund manager long/short equity strategy.

Coronation, the London-based multi-manager, will oversee the AEAS fund, which will employ 10 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 fund has been certified as Sharia-compliant by a five-member Sharia supervisory committee chaired by Shaikh Hussain Hassan.

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.

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.

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