Tharawat fund posts 5pc profit return for H2
Manama, January 31, 2013
Tharawat Investment House (Tharawat), an Islamic investment institution based in Bahrain, yesterday announced 5.06 per cent profit return on its Tharawat Sukuk Fund for the second half of 2012.
It achieved a total return of 9.44 per cent for the year, according to a report in our sister publication, the Gulf Daily News.
That represents a cumulative return of 21.98 per cent since its inception in February 2010.
Tharawat will be distributing 4 per cent for the period from July to December 2012, making it the sixth distribution.
Tharawat Sukuk Fund is the company's first open-ended Sharia-compliant investment product based in Bahrain.
It invests over 70 per cent of its liquidity in government issued sukuk and in well-established firms in the GCC and Middle East, North Africa, and Southeast Asia (Menasa) region.
"Despite all the unusual conditions experienced by the global and regional markets throughout the last four years, Tharawat announced the distribution of 4 per cent profits out of the second-half performance," said Tharawat chief executive Arif Mohammad Al Alawi.
"Such profit reflects the strong performances of both, Tharawat and the portfolio.
"This further reflects the sound strategy pursued by the portfolio to preserve capital and to generate high returns for investors by means of buying sukuk on the primary and secondary capital markets.
"We anticipate achieving higher profits in 2013, particularly as the Tharawat Sukuk Fund returns outperformed most of the competitors in the region," he added.
The Sukuk Fund targets high net worth individuals and corporate investors who seek higher yield investments than low and medium risk bank deposits.
It is considered a unique investment opportunity since sukuk is highly efficient, fast-growing, and ideal for fixed income and secure assets.
"Tharawat Sukuk Fund pursues a conservative and effective risk management and investment policy as the fund assets are carefully selected by international investment experts, and are adequately audited by the Sharia supervisory board," Al Alawi added. – TradeArabia News Service
More Finance & Capital Market Stories
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award