Saudi property investment and manager NCB Capital said that it has set up the world's first shariah-compliant property fund. The Alahli Global Real Estate Fund (GREF) will invest in companies whose activities are in real estate development across the world. The new fund will be active in a market that experts value at $1.5 tln, and that doubled in size between 2006 and 2007.
Saudi property investment and manager NCB Capital said that it has set up the world's first shariah-compliant property fund. The Alahli Global Real Estate Fund (GREF) will invest in companies whose activities are in real estate development across the world. The new fund will be active in a market that experts value at $1.5 tln, and that doubled in size between 2006 and 2007.
'Within this large market, the fund trades in the stocks of the most prominent publicly listed companies around the globe whose activities are shariah-compliant and related to real estate business such as the rental, maintenance, management and development of offices, hospitals, shopping malls, stores, restaurants and hotels', said Sami Abdo, head of NCB Capital Investment Services.
Investors are required a minimum subscription of $2,000, NCB Capital said. The fund has been approved by the Capital Market Authority, the NCB Shariah board, and the Kingdom's Shariah Governing Body.