"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 US$ 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," a statement said.
"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.
HCL will be responsible for the investment decisions, trading strategies and administration of the Fund. Incorporated in Sri Lanka, HCL is licensed and regulated by the SEC. It is a wholly-owned subsidiary of Heraymila Investments Limited, a company registered in the Dubai International Financial Centre. HCL also manages a growth fund worth over LKR 1 billion.
ACL will scrutinize all Shariah-compliant aspects of the Fund. ACL is part of the Amana Group, which pioneered Islamic financial services in Sri Lanka and is a fully owned subsidiary of Amana Global Limited. ACL is licensed by the SEC and co-partnered in Sri Lanka’s first Shariah compliant equity fund."
The initial unit offer period is from 12 November 2012 till 4.30 p.m. on 28 November 2012, and a unit is priced at Rs. 10 during this period. The minimum investment in the Fund is Rs. 10,000.