UAE-based Noor Bank has teamed up with European asset manager Azimut to launch a US dollar sharia-compliant fixed maturity plan.
The US dollar-denominated debt fund will be domiciled in the Dubai International Financial Centre.
It has a four-year maturity and is aiming to provide annual returns at 5%. The two firms have so far raised $136 million.
Noor Bank will distribute the fund through its wealth management arm while Azimut (DIFC) will manage the fund via investment in a sukuk portfolio.
The launch of the new fund continues Azimut’s expansion in the region, following the opening of an Abu Dhabi office earlier this year, adding to its existing presence in Istanbul and Dubai.
“The launch of this four-year FMP reaffirms our commitment to creating diverse investment opportunities for our high-net-worth customers,” said Mufazzal Kajiji, head of retail banking at Noor Bank.
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