KUWAIT: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, announced the Capital Markets Authority (CMA) has approved the establishment and public offering of its KAMCO Islamic Equity Fund (KIEF). The Fund has a targeted size ranging from $ 18 million to $ 550 million.
In light of obtaining CMA’s approval, KAMCO has initiated the first round of subscriptions into the Fund for individual investors and corporates who are targeting attractive risk-adjusted returns in the long-term. The Fund seeks to outperform the stated benchmark by investing in equity securities of companies worldwide that comply with Sharia guidelines.
The Fund, managed by KAMCO in collaboration with an international investment service provider, Wellington Management International Limited, provides investors with the opportunity to participate in the Fund with a minimum initial subscription of 1,000 units at a per unit value of $10 at establishment.
Salah Al-Wuheib, KAMCO Chief Assets Officer, said, “The newly launched Fund is in line with the Company’s strategy focusing on providing our valued clients with innovative products and outstanding service to achieve their investment targets. Our team of professionals is highly qualified in managing equity funds through extensive years of experience. In addition to that, we believe that the Fund will serve the local market’s need for distinctive investment products with diversified returns on investment.”
Al-Wuheib continued to explain that the decision to invest, on an international scale, in Islamic equity is driven by multiple persuasive factors. These factors include positive investment feasibility analyses, the strength of the sector, the attractiveness of international and regional markets, in addition to the growing demand for investment vehicles abiding by the provisions of the Islamic Sharia guidelines.
KIEF is an international Islamic equity fund with weekly subscription and redemption windows, making it more convenient for subscribers and investors.