Invest JB: Preliminary approval for the establishment of Al-Badr Islamic Gulf Equity Fund
In a move reflecting its ability to diversify its investment products, Gulf Capital Investment (Invest GP), the investment arm of Gulf Bank, announced it has received preliminary approval from the Capital Markets Authority to establish the Al Badr Islamic Gulf Equities Fund. This Sharia-compliant investment fund will have a variable capital ranging from a minimum of 2 million Kuwaiti dinars to a maximum of 500 million dinars.
The Al Badr Islamic Gulf Equities Fund is the third fund launched by Invest GP since its establishment two years ago, following the significant success of the Pearl Money Market Fund in both dinar and dollar denominations. The new fund aims to grow investors’ capital by investing in leading listed companies, or those eligible for listing, on the stock markets of the Gulf Cooperation Council (GCC) countries.
Abdulrahman Ahmed Al-Khabizi, Deputy General Manager of Private Banking – Wealth Management at Gulf Bank, said: “We are pleased that Gulf Bank has been appointed as the underwriting agent for the Al Badr Islamic Gulf Equities Fund. This launch is an extension of our ongoing efforts to expand the range of Sharia-compliant investment solutions available to our clients, complementing our existing wealth management services and enhancing our ability to meet the diverse investment needs of our clients.”
For his part, Talal Jamal Al-Khamis, Head of Equities and Fixed Income at Invest GP, stated: “The launch of the Al Badr Islamic Gulf Equities Fund reflects our commitment to diversifying our investment products and achieving long-term capital growth for our clients.” He noted that the fund uses the S&P GCC Composite Shariah Large Mid 5/10/40 Capped Index (KWD) to track the fund manager’s performance against the index, while all fund investments are subject to review by a Sharia-compliant stock list issued by a specialized Sharia board.
Since its inception, Invest GP has been keen on expanding investment opportunities by launching new products and entering into strategic partnerships with a select group of global investment managers, thereby enhancing its ability to provide innovative, global investment solutions to its clients in Kuwait.
