 Money Market Funds
Equity Funds
Ijara Funds
Alternative Funds
Multi Asset Funds
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FAQs | 4Q07 |
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The Fund is closed for new Investors |
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Fund Objective & Strategy:
The Fund seeks to invest all its assets in direct purchase of equipment or portfolios of equipment which, in turn, will be leased to diversified lessees, who are usually credit worthy companies. The Fund will ensure high quality leases focused on "fortune 1000" companies. The equipment portfolios of the Fund will also be diverse as to leases and equipment types, thus, reducing risk. The entire portfolio is invested in accordance with the principals of the Islamic Shariah.
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Fund Facts
| Fund Structure: |
A close-ended Fund |
| Fund Term: |
5 years (including a 6- months investment period) |
| Inception Date: |
7-12-2004 |
| Maturity Date: |
30-11-2009 |
| Minimum Investment: |
US$250,000 with multiples of US$10,000 |
| Distributions: |
On each Payment Date during the Investment Period, the Fund expects to make a payment to Investors equal to the six-month Murabaha yield on uninvested capital in lease transactions, plus 50% of returns from lease transactions generated during the Investment Period.Monthly income after the end of the 6-month Investment Period (the 7th month). Capital is expected to be distributed at maturity at the end of fifty-four (54) months from the end of the Investment Period (i.e., sixty (60) months from the end of the Offering Period). However, there are no guarantees that all the initial capital will be paid back at maturity. The Original Rate is calculated for the first twelve (12) months after the end of the Investment Period at 3.00% over the yield on US Treasury Notes. The Original Rate will not be less than 6.25% per annum. After that, this yield will increase on an annual basis by 30% of any increase in the yield on US Treasury Notes over the preceeding twelve (12) months. Similarly, the yield may decrease annually by 30% of any decrease in US Treasury Notes yield, but the yield can never be less than the Original Rate. |
| Management Fee: |
1.00% p.a. |
| Investment Manager: |
Wafra Investment Advisory Group Inc. |
| Shariah Advisor: |
A Shariah board composed of Dr. Mohamed A. Elgari, Shiekh Nizam Yaquby and Sheikh Yusuf Talal Delorenzo. |
| Distributor: |
National Bank of Kuwait S.A.K. |
| Auditor: |
PricewaterhouseCoopers |
| Reporting: |
Semi-annual customer statements and annual audited financial statements | |
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