Dubai, United Arab Emirates: Daman Investments PSC, one of the leading non-banking financial services institutions in the UAE, launched its first Islamic Fixed Maturity Fund in November 2020 which has set new performance benchmarks in the region. In less than a year, the fund has Grossed _77.59__ Million USD in Assets under Management making it one of the largest Islamic Fixed Maturity Funds not just in UAE but in the entire MENA region. The Shari’a Compliant Fund has a final maturity in December 2024 and aims to provide income by investing mainly in global Sukuks, while offering a targeted annual income of 7.33% with a consistent monthly pay out distribution.
The fund that seeks to generate an attractive risk-adjusted total return through a Shari’a Compliant Salam mechanism has delivered a total return of 9.75% since its inception nine months ago. This includes a dividend distribution of 5.50% since inception and a monthly payout of 0.63%.
The Islamic FMF has attracted significant interest from high net-worth individuals across the market as well as several key institutional investors.
Speaking about the First Islamic Fixed Maturity Fund and its performance, Nabil Al Rantisi, Managing Director of Daman Wealth Management stated: “The successful launch of the first Islamic FMP aligns with Daman Investment’s strategy to continually leverage product innovation in order to provide diversified investment solution offering sustainable, risk adjusted returns to our customers. Through this product, Daman Investments confirms its commitment to being a key strategic player providing Islamic investment solutions for institutions and high net worth clients in the region.”
Speaking about the fund, Ali El Adou, Head of Asset Management, Daman Investments, said “
We are committed to deliver innovative investment solutions that cater to the requirements of our institutional and high net worth client base. The performance of the FMP reflects the strength and depth of the investment management team at Daman and reaffirms our commitment towards creating value and delivering consistent returns to investors.
Demand for Islamic Fixed Maturity products has grown significantly in the recent years and we are delighted with the overwhelming response of the first Shari’a Compliant FMP by Daman Investments which is a testimony of the investor confidence we enjoy in the market.”