Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • M&A Deals
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Square Mile Research
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

BLME launching shariah-compliant money market Sicav for professional investors

By International Adviser, 27 Jun 11

Bank of London and the Middle East (BLME) has launched what it says is Europe’s first Shariah-compliant money market fund.

Bank of London and the Middle East (BLME) has launched what it says is Europe's first Shariah-compliant money market fund.

Bank of London and the Middle East (BLME) has launched what it says is Europe’s first Shariah-compliant money market fund.

The Luxembourg-domiciled Sicav-Sif is managed by Jason Kabel and available to institutional and professional investors in the UK, Europe and the Middle East. It already has $50m (£29.4m, €34.7m) in assets under management.

BLME said the fund aims to provide a competitive level of income and security by investing in a diverse portfolio of high quality Islamic money market instruments, and sukuk, or Islamic “bonds”. 

Head of asset management at BLME Nigel Denison said the fund had been launched in response to market demand.

Such products appeal in particular to Muslim investors, for whom Islamic compliance is a necessity. 

First fund for BLME
The BLME Shariah Dollar Income Fund has been up and running on a seed portfolio basis since 17 March and is currently generating a yield of 4.71%. It is the first fund to be launched by BLME, an independent, London-based wholesale bank founded in 2007 by a team of international financiers and Islamic finance experts.

Kabel joined BLME in 2008 from F&C Asset Management, where he had been a manager of money market funds within the firm’s credit team, and looked after approximately £6bn in Oeics, Sicavs, collateral funds and segregated client mandates.

——————————

IA FUND FACTS:

Name: BLME Shariah Dollar Income Fund
Domicile: Luxembourg
Minimum investment: €125,000
Type of fund: Open-ended Sicav-Sif
Launch date: 17 March 2009
Manager: Jason Kabel
Managed against: 3-month Libor
AUM: $50m 

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Industry

    II Connect 2025: Video highlights

    Europe

    Pre-II Connect Q&A: Isle of Man’s Simon Pickering and Michael Crowe

  • Companies

    IA Global Financial Services Awards 2025 shortlist revealed

    Asia

    MAS imposes six year ban on Singapore adviser for forgery and cheating


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.