Bahrain's Family Shari'ah set for new investment launch 

(MENAFN - Bahrain Tribune) Family Shari'ah Fund announced yesterday that it has completed the closing of a $31.5 million placing undertaken by The Family Office Company, a Kingdom-based wealth management multi-family office.

The capital raised will be used to launch the company, which will have a new multi-asset class investment fund and will provide exposure to a variety of Shari'ah compliant investments.

The fund will be managed by Family Office to generate stable long-term capital appreciation across a market cycle through a diversified pool of investments, in strict accordance with Sharia principles. The company said it had instructed its nominated adviser in London, Blomfield Corporate Finance, to proceed with its application for admission to the AIM market of the London Stock Exchange. It is anticipated that trading on AIM of 31.5 million ordinary shares at a placing price of $1 per share is expected to commence on July 25 under the symbol FSF.

This will be the first Shari'ah compliant multi-asset class fund to gain admission to the AIM and will provide investors with a diversified pool of Shari'ah compliant assets including Shari'ah compliant hedge fund offerings, real estate, private equity and Sukuk options.

The initial members of the funds Sharia supervisory board will be Shaikh Nizam Muhammed Saleh Yaquby and Shaikh Abdul Sattar Abdul Karim Abu Ghuddah, both of whom are internationally renowned scholars in the field of Islamic finance. "I am pleased to announce the completion of our successful private placement and the admission of the Family Sharia Fund to AIM," said Family Office Chief Executive Officer Abdulmohsin Al Omran.

"The quotation on AIM will allow investors to participate in the rapidly growing market of Islamic finance. The fund provides investors with an opportunity to invest in multiple asset classes in accordance with the Sharia. This offering also highlights Family Office's ability to provide investors with Sharia-compliant hedge fund offerings, real estate, private equity and sukuks."

Sheikh Nizam Muhammed Saleh Yaquby, SSB member of the company, said: "The Family Office is committed to becoming a leader in modern Islamic finance and Islamic asset management by developing competitive and innovative multi-asset class Shari'ah compliant economic alternatives to conventional investments."

"Our intention is to use the funds raised to concentrate our investments on the geographic areas outside of the GCC and to maintain a broad scope, moderate risk investment strategy."