NBAD launches sharia-compliant version of dividend fund

NBAD buildingThe asset management division of the National Bank of Abu Dhabi (NBAD) has launched a sharia-compliant version of an existing MENA dividend fund.

The NBAD Shariah MENA Dividend Leader Fund will invest in dividend-paying companies listed on the main stock exchanges of the region.

The fund is domiciled in Ireland and is compliant with Europe’s Ucits regime, meaning it can be distributed across Europe and elsewhere. Northern Trust is the administrator and custodian.

Saleem Khokhar, head of equities at NBAD Asset Management, says the new fund “allows investors to tap into the best opportunities across several markets and it is another vehicle of diversification for clients”.

©2014 funds global mena

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