Union National Bank launches first Islamic mutual fund

The minimum subscription to the Fund is AED 10,000 ($2722) and thereafter in multiples of AED 1,000. Investment in units is open to all individuals without restrictions. The subscription will start on 18 May until 11 June 2008.Union National Bank (UNB) is launching the Al Samaha Islamic Fund, a Shari’ah compliant fund which will invest mainly in the UAE, although it will have the flexibility to seek opportunities in other GCC, MENA and other emerging equity markets. The banks said that the fund will aim to invest in a balanced portfolio compliant with the Shari’ah creating a growth in the capital both in the short and long term.The fund will focus on Islamic equities in addition to other Shari’ah investment instruments that are compliant with the Shari’ah methodology. The fund is an open-ended fund with weekly liquidity.The minimum subscription to the Fund is AED 10,000 ($2722) and thereafter in multiples of AED 1,000. Investment in units is open to all individuals without restrictions. The subscription will start on 18 May until 11 June 2008. The subscription and redemption forms for the fund will be available at all UNB branches across the UAE. The fund will have weekly liquidity and its Net Asset Value (NAV) will be calculated and posted on a weekly basis.