Fund Objective:

The investment objective of the Fund is to provide investors with reliable and attractive monthly returns by participation in the Wafra Equipment Ijara Fund(Series:1308) ("WEIF13"), which invests selectively in Ijara transactions that satisfy the requirements of the Islamic Shari'ah and which are approved by the Shari'ah Board. The Fund expects to repay Principal at the end of the Fund Term, and to provide "varying" yields.


Strategy of the Fund:

The Fund seeks to invest all of its assets in the purchase of equipment or portfolios of equipment which will in turn, be leased to diversified lessees. The Fund will select high quality lessees, with a particular focus on "Fortune 1000" companies and companies that are found to be of high credit quality. The equipment portfolios of the Fund will have a diverse range of leases and equipment types, thus, reducing overall Fund risk. The entire portfolio will be invested in accordance to Islamic Shari'ah principles and overseen by a board of Shari'ah scholars.
 

Fund Facts

Legal Structure:

Unincorporated investment fund that invests in the Wafra Equipment Ijara Fund (Series: 1308) ("WEIF13").

Fund Term:

5 years with a 6 months extension.

Offering Period:

March 9, 2008 to March 27, 2008.

Subscription Price:

US$10.00 per Unit.

Minimum Investment:

US$3,000 with multiples of US$1,000 thereafter.

Closing Date:

March 27, 2008, or such other date as NBK shall deem necessary in its sole discretion.

Investment Period Distributions:

The Fund expects to distribute murabaha returns on the un-invested capital in Ijara contracts on a monthly basis during the Investment Period.

Distributions:

• 57 to 63 monthly lease distributions starting from the end of the Investment Period.

• Capital repayment at maturity or 70% at year 5, and the remainder at the end of year 5 and half if the Fund Term is extended.

• The rate will be revised up or down annually by 30% of the change in the yield of the US Treasury Note.

• The rate will not be below the Initial Rate throughout the life of the Fund.
 

Sales Charge:

A one-time fee of 2.00% upon subscription.

 

Management Fee:

1.25% p.a.

Fund Manager:

Wafra Capital Partners L.P., Cayman Islands.

Shari'ah Advisor:

A Shari'ah Board headed by Dr. Mohamed A. Elgari, Sheikh Yusuf Talal Delorenzo and Sheikh Nizam Yaquby.

Distributor:

National Bank of Kuwait S.A.K.

Auditor:

McGladrey and Pullen LLP, New York.

Reporting:

Semi-annual customer statements and annual audited financial statement.