DIB unveils Asia Pacific equity fund
Dubai, June 27, 2011
Dubai Islamic Bank (DIB) said it has launched a new equity fund that aims to invest in Sharia-compliant equities in firms across Asia Pacific (APAC) region excluding Japan.
The Sharia-compliant Asia Pacific Equity Fund offers a new opportunity for regional investors to participate in the rapidly growing economy of Asia, said a DIB statement.
The Prudential Shariah Opportunities - Asia Pacific Equity Fund (the Fund), endeavors to provide medium to long-term capital appreciation by investing in Sharia-compliant companies within the APAC region excluding Japan.
Capitalising on the sustained economic growth and increasing wealth across the Asia region, the fund is offered by Prudential Asset Management Limited, based at DIFC. The Fund will seek to invest in Sharia-compliant companies in the APAC region, excluding Japan.
Benchmarked against the Dow Jones Islamic Market Asia Pacific ex-Japan Index, participation in the Fund allows investors to gain exposure across a range of growth countries and industries through a single platform.
Dr Adnan Chilwan, deputy CEO and chief of Consumer and Wholesale Banking, DIB, said the APAC has emerged as an anchor for the global economic recovery and, driven by consumption and investment, is poised for further growth.
'This new product is in line with DIB’s commitment to introduce pioneering, high quality financial products. It is designed for our valued high net worth customers who understand the opportunities presented by the Asia Pacific equities markets, and would like to capitalise on the same,' he added.
According to estimates by brokerage firm Credit Lyonnais Securities Asia, Asia’s rapidly expanding middle-class population is forecast to reach the 1 billion mark by 2015.
Meanwhile, Asian consumer spending is estimated to grow from $4.3 trillion in 2008 to $32 trillion by 2030, representing roughly 43 per cent of global consumption.-TradeArabia News Service