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| 4Q07 |
The Fund Is Closed For New Investors | |
Fund Objective:
The investment objective of the Fund is to provide investors with reliable and attractive monthly returns by participating in the WRIIF, which invests selectively in Ijara transactions that satisfy the requirements of the Islamic Shariah and which are approved by the Shariah Board. As described above, the Fund expects to repay Principles at the end of the Fund Term, and to provide "varying" yields.
Investment Strategy:
The Fund seeks to invest all its assets in 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. 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 with the principles of Islamic Sharia and overseen by a board of Local and International Sharia scholars.
Fund Facts |
| Legal Structure: |
Un-incorporated investment fund that invests in the Wafra Reliable Income Ijara Fund Ltd. (WRIIF). |
| Fund Term: |
5 years |
| Offering Period: |
December 10, 2006 to December 28, 2006. |
| Subscription price: |
US$ 10 per unit. |
| Minimum Investment: |
US$ 175,000 with multiples of US$ 10,000 thereafter. |
| Closing Date: |
December 28, 2006, or such other date as NBK shall deem necessary in its sole discretion. |
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| Distributions: |
• 60 monthly lease distribution starting from the Closing Date.
• Initial rate is 2.50% over the average yield of 3 year US Treasury Note.
• 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 7.50% per annum throughout the life of the Fund.
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| Sales Charge: |
A one-time fee of up to 2% upon subscription. |
| Annual Management Fee: |
1% p.a. on the Fund's capital payable quarterly. |
| Investment Advisor: |
Wafra Investment Advisory Group, Inc., New York. |
| Fund Manager: |
Wafra Capital Partners L.P Cayman Islands |
| Shariah Advisor: |
A Shariah Board headed by Dr. Mohamed A.Elgari, Sheikh Yusuf Talal Delorenzo and Sheikh Nizam Yaquby. |
| Local Shariah Board: |
Dr. Khaled Al Mathkoor, Dr. Essa Zaki and Dr.Abdulaziz Al Qassar. |
| Distributor: |
National Bank of Kuwait S.A.K. |
| Auditor: |
McGladrey & Pullen LLP. New York |
| Reporting: |
Semi-annual customer statements and annual audited financial statements.
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Money Market Funds