QInvest offers sharia-compliant India equity fund
Doha, December 9, 2010
QInvest, Qatar’s leading Investment bank, in collaboration with India’s premier financial services partner Ambit, has launched an open-ended sharia’a compliant Indian equities fund.
The Ambit QInvest India Fund is the region’s first and India’s largest sharia’a compliant equity fund with an investment strategy that will combine dynamic equity allocation to generate returns.
The Ambit QInvest India Fund further strengthens QInvest’s position as the leading investment bank in developing sharia’a compliant innovative solutions to satisfy its Qatari and regional clients’ appetite towards investing in growth markets, said a statement.
Leveraging Ambit’s expertise and consistent track record, the fund offers an attractive entry point for investors to leverage the potential for long term price appreciation underpinned by strong growth drivers in the Indian market, it said.
QInvest’s CEO, Shahzad Shahbaz, said: “ The Indian equity market provides investors with a highly attractive opportunity to invest in a diversified range of sharia’a compliant equities. The market capitalization of sharia'a compliant companies within the Nifty, stock market index is nearly 60 per cent”.
“The Fund’s performance in the last three months, since inception, is 10.4 per cent” Shahbaz added.
QInvest and Ambit recently organized a professional workshop entitled “Invest in India” at the Four Seasons hotel in Doha, Qatar.
“Key sharia’a compliant growth sectors in the Indian economy are likely to witness significant activity including power, roads, automotive, pharmaceutical and consumer staple and non-staple products,” said Andrew Holland, equities CEO at Ambit Capital Pvt Ltd.
With many global pension funds increasing their India weightage, a re-rating of the market is probably warranted. “We see the Sensex, Indian stock market index, at 23,000 by March 2011,” added Holland.
To further strengthen its access to the Indian market, QInvest made an important strategic investment by taking a stake of 25 per cent in Ambit Corporate Finance Pvt Ltd, giving clients access to this high growth market in which many investors have expressed keen interest.
Recently, QInvest had acquired a 28 per cent stake in Asian Business Exhibition & Conferences Ltd (ABECL), India’s leading exhibitions and conferences organizer, to further expand ABECL’s operations within India and internationally. – TradeArabia News Service