Barwa Bank, Qatar’s fastest growing Shari’ah compliant bank, has launched its first fund, “The First Investor GCC Equity Opportunities Fund” (the “Fund”). The Fund is managed by The First Investor, (TFI), the investment banking subsidiary of Barwa Bank Group.
The Fund is a 100% Shari’ah compliant, open-ended collective investment scheme established by Barwa Bank. The objective of the Fund is to achieve long-term capital growth through investments in a broadly diversified portfolio of equities and equity-related securities listed on exchanges within the Gulf Cooperation Council (the “GCC”) countries.
Mr. Robert Pramberger (pictured), The First Investor’s Acting Head of Asset Management commented, “Historically, GCC markets have returned more than c.12% per annum and our selections have consistently outperformed the market. Furthermore, we believe that regional equities are trading at relatively attractive valuations and are offering very compelling dividend yields”.
The Fund offers up to 2,000,000 Units at QAR 1,000 during the Initial Offering Period, thereafter at the net asset value per Unit on each Valuation Day.
Mr. Hussain Al Abdullah, Head of Retail Banking, Barwa Bank commented: “The fund is aligned with our continuous efforts to introduce innovative banking products and services to our customers in line with our strategy to improve the Shari’ah compliant banking experience in Qatar”.
The fund is targeted at Qatari Institutions as well as Qatari individuals and can be subscribed to at any of the five Barwa Bank branches, located on Grand Hamad Street, Alfardan Towers West Bay, Prestige Branch on C-ring Road, Al Rayan and Al Saad. The one month subscription period for the Fund begins on October 1, 2012. For further queries please call Barwa Bank any time, 24 hours a day, 7 days a week by phoning 800 8555.
Mr. Steve Troop, CEO, Barwa Bank Group concluded: “As an integrated Shari’ah compliant banking group, we look to leverage our capabilities across the Group to provide a unique offering to our customers. The launch of TFI GCC Equity Opportunities Fund provides our customers with an investment opportunity that is delivered seamlessly through our branches and other delivery channels and we will continue to build out similar proposition in future”.
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