Dubai: Stanlib, the $45 billion Johannesburg-based asset management operation of the Standard Bank of South Africa, has launched an Africa-focused Sharia equity fund.The fund currently on a road show in the Gulf countries is targeting to raise $250 million. The open-ended fund registered in Ireland will invest in Sharia-compliant equities from across Africa except South Africa.
"There is a large pool of Sharia-compliant assets in Africa. As Africa is one of the last frontiers of assets with low correlation to the Western markets, it provides great opportunities for Gulf investors," said Ashraf Mohammad, portfolio manager of the fund.
The new fund targets a return of 15 to 20 per cent and will not charge a performance fee. While it offers twice monthly repurchase option, the net asset value denominated in dollars is published every day. The Fund House said yesterday that although the net asset value will be published in the dollar, the funds underlying investments would be in equities denominated in various African currencies.
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