ABU DHABI 31 August 2020: Waha Capital, a investment company in Abu Dhabi, has announced the launch of a new income-focused Islamic fund, adding to its three existing funds within its asset management business.
The new fund, to be called “Waha Islamic Income Fund SP”, will invest in Sharia compliant assets across the sukuk and equity markets, and will have a global outreach for investments. The fund is to be open-ended, and is expected to have a capacity in excess of US$500 million.
Amr AlMenhali, CEO of Waha Capital, said, “While our existing funds have some Sharia compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund. We are confident that the new fund will be well received because it avoids investment in prohibited or controversial activities or assets and business sectors that may be considered as particularly risky or potentially volatile. It will also only invest in entities that have relatively low gearing.”
Waha Capital’s investors represent a diversified mix of institutions (pension funds, endowments, SWFs, and family offices) from North America, Europe and the GCC. Waha Capital also invests in its own funds.
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