Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Sunday, June 1, 2008

Atlas Asset to launch Islamic Income Fund

KARACHI: Atlas Asset Management Limited (AAML) will launch Atlas Islamic Income Fund (AIIF) soon. According to a company’s statement, AIIF will be AAML’s fourth open-end mutual fund and fifth overall.

It said, “the main objective of AIIF would be to offer investors Shariah compliant investment avenues, which would provide a consistent stream of income with long-term capital preservation.”

He said that the Fund would realise objectives by investing in Shariah compliant debt instruments of entities with minimum rating of A minus (A-). These debt instruments will include certificate of investments, bank deposits, placement of funds under Mudarabah, Musharikah and Murabahah Shariah-Compliant instruments, Sukuks and contracts, securities, issued by companies, organisations and establishments. staff report
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